Pro tip: Keep checking your transcript every Tuesday and Friday morning. Thats when they usually update the system

Just went through this exact same situation last year. Filed my amendment in August and the "Where's My Amended Return" tool showed that same "currently unavailable" message until January. What really helped me was setting up alerts on my IRS account to get notified when anything changed on my transcript. Also, if you have a local Taxpayer Advocate Service office, they can sometimes help if you're past the 16-week mark and experiencing hardship. The wait is brutal but hang in there - it will eventually get processed!

Just went through this exact situation a few months ago! One thing I'd add to all the great advice here is to make sure you both update your W-4s at roughly the same time. My spouse updated theirs first in January, but I didn't get around to mine until March. During those two months, our withholding was completely out of whack because only one of us was using the married filing jointly rate while the other was still on single. It created this weird period where we were under-withholding significantly. Also, if either of you gets a raise or bonus during the year, revisit your W-4s immediately. We learned this the hard way when my husband got a promotion in August and suddenly our carefully calculated withholding was off again. The checkbox method in Step 2(c) really is the easiest for most people in your situation. Don't overthink it - you can always adjust if your first few paystubs show you're way off track. Better to start somewhere reasonable than to get paralyzed trying to get it perfect from day one!

As someone who just went through this exact situation last year, I wanted to share what worked for us! My spouse and I have very similar incomes to yours ($60k and $55k), and we were also terrified of owing a huge amount at tax time. Here's what we did that worked perfectly: **First month approach:** We both checked the box in Step 2(c) as a starting point, just to get something reasonable in place quickly. This immediately fixed the major under-withholding issue we would have had if we'd kept our single withholding rates. **Fine-tuning after 2 paychecks:** Once we could see how much was actually being withheld, we used the IRS withholding estimator to get more precise. Based on that, we added a small additional amount ($45) in Step 4(c) on just one of our W-4s. **The result:** We ended up with a $150 refund, which was almost exactly what we were aiming for. The key thing I learned is that the Step 2(c) checkbox method is designed specifically for situations like yours where both spouses have similar incomes. It might withhold slightly more than necessary, but that's way better than owing thousands. Don't let perfect be the enemy of good - start with the checkbox method now, then you can always fine-tune in a month or two once you see how your first few paychecks look!

Random question - has anyone used the new safe harbor for small rental activities? I think if your adjusted basis in the property is under a certain amount, you can potentially avoid some of the passive activity loss limitations. Worth looking into maybe?

One thing that might help clarify your situation - since you mentioned this is through an LLC partnership, make sure you understand your ownership percentage and how that affects the losses flowing through to you personally. If you're not a 100% owner, your K-1 will only show your proportionate share of the $38,000 in renovation expenses. Also, keep detailed records of any time you spend managing this rental property (even during renovation phase) - hours spent coordinating contractors, researching materials, visiting the property, etc. This documentation becomes crucial if you want to qualify for the active participation exception or potentially the real estate professional status in future years. The fact that you haven't had tenants yet doesn't disqualify you from the rental activity treatment, but it does mean you'll want to be extra careful about demonstrating that this is indeed intended as a rental business and not just a personal investment that might be reclassified by the IRS.

As someone who's dealt with both unfiled returns and PTO payouts, I'd strongly recommend getting those back tax filings sorted out ASAP before making any decisions about the PTO timing. The IRS has different rules and potential penalties for late filing that could affect your overall tax strategy. For the PTO itself, one thing to consider is your state's tax situation too - some states have different withholding rules for lump sum payments that could impact your decision. Also, if you're planning to use any of that $10k for major purchases or debt payoff, the timing of when you actually receive the cash (after withholding) vs. when you get it back as a refund could matter for your financial planning. Given the complexity with the health insurance subsidies, unfiled returns, and potential salary increase, this might be worth a consultation with a tax professional who can run the numbers for your specific situation rather than trying to figure it all out on your own.

I've been through something very similar with a large PTO payout and unfiled returns. Here's what I learned that might help: First, regarding the withholding vs actual tax liability - you're absolutely right that it evens out when you file. However, there's a cash flow consideration many people miss. If you take the lump sum now, you'll likely have 22% federal plus state withholding taken out immediately, but you won't see that money back until you file your return (which could be months away if you're still catching up on prior years). For the health insurance subsidies, this is actually the biggest factor in your decision. The ACA subsidy cliffs are steep - you could lose thousands in premium tax credits by going just a few hundred dollars over the income threshold. Since you mentioned expecting a salary increase next year, splitting the PTO between December and January might be worth it just to manage your annual income in each tax year. One thing I don't see mentioned yet - since you haven't filed for 3 years, you should know that the IRS stops processing refunds after 3 years. So if you had refunds coming for 2021 or earlier years, you may have lost them permanently. This makes it even more important to get caught up on those filings before worrying about optimizing this PTO payout. My suggestion: handle the unfiled returns first, then use those actual income figures to model out how the PTO timing affects your taxes and subsidies for both this year and next year.

Don't forget about currency conversion fees! When I transferred my savings from Europe, my bank charged me an outrageous amount. Check if your bank has a partner bank in the US - sometimes they offer better rates. Or use a service like Wise or OFX for better exchange rates. I ended up losing almost $800 in fees and bad exchange rates because I didn't look into this first!!

One thing I haven't seen mentioned yet is the timing of when you transfer the money. If you're planning to transfer a large amount, consider spreading it across multiple smaller transfers over a few months rather than one big lump sum. This can help avoid triggering automated bank reporting systems that might flag large international transfers. Also, make sure to keep records of the exchange rates on the day you transfer - you might need this information for tax purposes later. The IRS uses specific exchange rates for different dates, and having your own documentation can save headaches if there are any questions about the USD equivalent value of your foreign earnings. Finally, if you haven't already, consider opening your US bank account first and letting it "season" with smaller deposits before doing the big transfer. Some banks are more comfortable with large international transfers when they already have a relationship with you.