Remember that there's also the Child Tax Credit to consider. For 2023, it's up to $2,000 per qualifying child under 17. With twins, that's potentially $4,000 in tax credits! This is separate from dependent exemptions (which don't exist anymore) and can significantly reduce tax liability. This credit begins to phase out when income exceeds $200,000 for single filers, which might affect your girlfriend at $230K. You might benefit more from claiming the children for this reason alone.

This is exactly the kind of situation where you need to run the numbers both ways! With your girlfriend at $230K, she's likely hitting some phase-out thresholds that could make it more beneficial for you to claim the twins. A few key things to consider: - Child Tax Credit phases out starting at $200K for single filers, so she might not get the full $4,000 credit for both twins - Your lower income might qualify for better credits and deductions - Since you mentioned rental property, claiming Head of Household could give you better tax brackets for all your income The tricky part is that if she's been claiming them on her W-4 all year, she's gotten bigger paychecks but will owe that back if she doesn't claim them on the return. You'll want to coordinate this so one of you doesn't get stuck with a surprise tax bill. I'd suggest using a tax calculator or software to model both scenarios - her claiming them vs you claiming them - and see which gives you the better combined outcome as a family unit. The difference could be substantial given your income levels and the various credits involved.

Im going againts the grain here but tried FreeTaxUSA Pro Support and wasn't impressed tbh. Asked about my specific situation (remote work for a company in another state) and got pretty generic answers. Felt like they were just reading from a script. Ended up going to a local accountant who specializes in multi-state returns. Cost more but worth it for the personalized help.

I used FreeTaxUSA Pro Support for my multi-state situation this past tax season and had a really positive experience! I live in Texas (no state income tax) but work remotely for a company based in California, so I had to deal with CA nonresident filing. The chat support was incredibly helpful - the tax pro walked me through exactly how to handle my situation step by step. They explained how CA taxes remote workers even if they don't live there, helped me understand which forms I needed (540NR), and made sure I was claiming the proper deductions. The whole chat session took about 25 minutes and I felt much more confident about my filing. For the cost difference compared to other services, I think FreeTaxUSA Pro Support hits the sweet spot - you get knowledgeable help without paying TurboTax prices. For straightforward multi-state situations like yours (living in one state, working in another), their support should definitely be able to help you get it right. Just make sure to have all your documents ready when you chat with them so you can ask specific questions about your exact situation.

The community consensus on late W-2s is pretty clear: always amend, but don't stress too much about it. Most people see their amendments processed within 4-5 months, and the IRS generally doesn't apply penalties when you voluntarily correct your return. Just make sure you're using the latest Form 1040-X (the form was updated in January 2024), and if you e-file the amendment, you can track its status through the Where's My Amended Return tool after about 3 weeks.

I went through this exact situation two years ago with a late W-2 from my graduate assistantship that showed up in May. Here's what I learned: definitely file the amendment, but check if there was any federal tax withheld on that W-2 first. In my case, the university had withheld $340 in federal taxes that I hadn't claimed on my original return, so even though I owed an additional $180 in taxes from the income, I actually got a net refund of $160 from the amendment. The whole process took about 18 weeks from filing to receiving my amended refund check. Also, make sure to keep detailed records of when you received the W-2 versus when you filed originally - this documentation helped when the IRS asked about the timeline during processing.

Just to add some info - the filing requirement with a 1095-A is specifically because of the Premium Tax Credit (PTC). If you received advance payments of the PTC (which appears on your 1095-A), you MUST file Form 8962 with your tax return to reconcile those advance payments, regardless of your income level. Without filing, you risk losing eligibility for the credit in future years.

Something nobody's mentioned - even if you're not required to file, sometimes it's smart to file anyway. It starts the statute of limitations clock running (generally 3 years), after which the IRS can't come back and audit you for that year. Without filing, that clock never starts!

If you're looking for the absolute simplest option and your income isn't super high, don't overlook a traditional IRA. Sure, the contribution limit is lower, but the paperwork is minimal compared to a Solo 401k. I spent 15 minutes opening an IRA online versus the 3 weeks it took to properly set up my Solo 401k with all the required documentation. When I started out with 1099 income around $40k, the IRA was actually enough to make a meaningful tax difference. As my income grew, I eventually switched to the Solo 401k for the higher limits.

Great breakdown everyone! As someone who also went through this decision process recently, I'd add one more consideration: make sure you factor in your state tax situation too. Some states don't tax retirement contributions the same way the feds do. Also, @Emma Morales, with your $85k income level, you'll likely benefit most from the Solo 401k. Quick math: you could potentially contribute the full $23k employee contribution plus around 20% of your net self-employment income as the employer contribution (after accounting for self-employment taxes). That could easily be $35k+ in total tax-deferred savings. One tip that saved me time - many brokerages now have streamlined Solo 401k applications that walk you through everything step-by-step. Fidelity and Schwab both made the process much easier than I expected. The key is just getting started before December 31st if you want to make contributions for the current tax year.