Don't forget that if you absolutely can't get your W2, you can file Form 4852 (Substitute for W-2) with your tax return. You'll need to estimate your wages and tax withholding as accurately as possible using your last pay stub. Not ideal, but it's there as a last resort if you truly can't get your W2s any other way.

Another option that worked for me was checking if your former employers used a payroll service like ADP or Paychex. Even after leaving on bad terms, you might still be able to access your employee portal if you remember your login credentials. Many people don't realize these accounts often stay active for a while after termination. I was able to download my W2 directly from ADP's website without having to contact my awful former boss at all. Just go to the payroll company's website and try logging in with your old credentials - worst case scenario it doesn't work, but if it does, you can get your W2 immediately.

My tax person said not to worry about blank wages its normal during processing just gotta wait it out

This happened to me last year! My wages were blank for almost a month while everything else updated. Turns out my employer had filed my W-2 late and the IRS was waiting for that info to populate. Once it finally showed up, my refund was approved within a few days. Don't panic - as long as your other info is updating it means they're actively processing your return!

Has anyone actually dealt with form 8965 recently? I thought this was phased out years ago when the individual mandate penalty went to zero. My tax software didn't even include this form when I filed my 2022 taxes.

I had this exact same issue with my 2022 return! The IRS system automatically flagged my return because there was a mismatch between what they expected to see for health coverage reporting and what was actually filed. Here's what worked for me: First, gather all your health insurance documentation - insurance cards, EOB statements, premium payment records, anything that shows continuous coverage through 2022. Then write a clear letter explaining that you maintained qualifying health coverage through your employer for the entire tax year. The key is to be very specific in your response. Include your SSN, the notice number, and tax year at the top of your letter. State clearly: "I maintained qualifying health insurance coverage through my employer [Company Name] for the entire 2022 tax year and respectfully request removal of the individual shared responsibility penalty." Make copies of everything before you send it, and use certified mail to the address on the notice. I got my penalty reversed within about 6 weeks. The IRS computers sometimes miss the electronic reporting from employers or insurance companies, but once a human reviews your documentation, it gets sorted out pretty quickly. Don't stress too much - this is more common than you'd think, especially when employer reporting systems have glitches!

One thing to consider is that MTM doesn't just eliminate long-term capital gains treatment - it also affects wash sale rules. With MTM, wash sale restrictions don't apply to you anymore, which can be a huge advantage for active traders who frequently trade the same securities. Last year, I had significant losses that were disallowed due to wash sales. If I had MTM status, I could have claimed all those losses immediately. Just something else to factor into your decision.

As someone who went through the MTM election process last year, I want to emphasize how important it is to get professional guidance on this decision. The tax implications are complex and can significantly impact your overall tax liability. One critical point that hasn't been fully addressed - if you're considering MTM for 2025, you need to make that election by the due date of your 2024 tax return (including extensions). You can't just decide mid-year in 2025 that you want MTM treatment. Also, regarding your NVDA shares - the previous comment about them being "marked to market" at year-end 2024 is correct. Any unrealized gains on December 31, 2024 would be treated as if you sold and repurchased them on January 1, 2025. This is called the "deemed sale" rule. For your specific situation with substantial NVDA gains, I'd strongly recommend running the numbers both ways - selling in 2024 to lock in long-term capital gains treatment versus keeping them and having them converted to ordinary income under MTM. The difference in tax rates (0%, 15%, or 20% for long-term capital gains versus up to 37% for ordinary income) could be substantial depending on your income level. The entity structure option (LLC/S-Corp) is possible but adds complexity and costs. You'd need to ensure proper business purpose and substance, maintain separate books and records, and the entity would need to qualify for trader status independently.

I think everyone is overthinking this. I've been running my Etsy shop for 7 years and I just put all my material costs under "Supplies" and everything else under "Other expenses" with a note of what they are. Never been audited, never had a problem. The IRS has bigger fish to fry than whether you categorized your shipping costs separately from your Etsy fees.

I've been dealing with this exact same issue for my small business! Based on my experience and what I've learned from my CPA, proper categorization does matter more than some people think. While the IRS won't necessarily flag you for minor miscategorizations, having things in the right buckets helps if you ever get audited and also gives you better insights into your actual business expenses. For your jewelry business, I'd suggest: - Materials (beads, wire, findings) → "Cost of goods sold" if you track inventory, or "Supplies" if using cash method - Shipping costs → "Shipping and delivery" - Platform fees → "Commissions and fees" - Inventory software → "Office expenses" The key is consistency. Pick a reasonable categorization system and stick with it year over year. And definitely keep detailed records - receipts, transaction summaries from Etsy/eBay, etc. That documentation is way more important than perfect categorization. One tip: I create a simple document each year noting which expenses I put in which categories, so I can be consistent if I ever need to reference it later or if my accountant has questions.