Has anyone actually tried putting only PART of their distribution into a Roth? My situation is I can't afford to make up the withheld taxes for a full rollover, but maybe I could rollover just what I received? Would I still owe the 10% penalty on the part that was withheld for taxes?

Another important consideration - make sure you understand the difference between a "rollover" and a "transfer" when dealing with your distribution. What you received is considered an "indirect rollover" (also called a 60-day rollover) because the check was made out to you personally. The 60-day clock starts ticking from when you received the distribution, not when you cash the check. And you only get ONE indirect rollover per 12-month period across all your IRAs, so if you've done any other rollovers recently, this could be an issue. If you're feeling overwhelmed by the timeline, consider calling your intended IRA provider ASAP. Many can help walk you through the process and some will even accept the deposit over the phone with overnight delivery of paperwork to beat the 60-day deadline. Don't wait until the last minute - financial institutions can sometimes take a few days to process these transactions properly.

Has anyone used TurboTax Self-Employed for reporting content creation income? I'm in a somewhat similar situation and wondering if standard tax software can handle these more complex arrangements or if I need to hire a specialized accountant.

Given your 2-day deadline, I'd strongly recommend using your existing art business account as the immediate solution. This keeps everything under your business umbrella rather than your personal name, and since you already consider this artistic work, it's a legitimate business categorization. For the W-9 concern - it won't appear on background checks. W-9s are internal tax documents between you and the platform, not public records. Regarding joint accounts: typically both parties must provide tax info, but you can often designate one primary account for payments. However, the platform will likely issue 1099s to both names on the account, so you'll both have tax obligations regardless of where the money flows. Long-term, forming an LLC with your partner would provide better liability protection and privacy structure, but that's not feasible in your current timeframe. You can always transition to an LLC later and update your payment information with the platform. The key is meeting their deadline first with your art business account, then optimizing your structure afterward when you have more time to plan properly.

I had the exact same confusion when I first started looking at tax forms online! What helped me understand this better was learning that the IRS website forms are essentially "master templates" that show every possible field that could appear on a tax document. Your employer's payroll system takes this master template and creates a cleaner, more compact version that only includes the fields relevant to your specific situation. It's kind of like how a software developer might see the full code behind a website, but regular users only see the clean interface. The weird spacing and layout you're seeing is actually functional - it allows different payroll systems to format the information in ways that work best for their processing while still meeting all IRS requirements. If you're trying to estimate your 2024 tax situation, I'd recommend looking at your most recent pay stub instead. It will have year-to-date totals for earnings, federal taxes withheld, state taxes, Social Security, and Medicare - basically all the key numbers that will appear on your actual W-2 in January, just in a more readable format!

This is such a common source of confusion! I work in tax preparation and see this question all the time. The key thing to understand is that there are actually multiple versions of the W-2 floating around: 1. The IRS reference form (what you're seeing) - this is basically a technical specification document 2. The actual forms employers generate through payroll software - these look much cleaner and more compact 3. Sample forms in tax software - these usually look more like what you'll actually receive The weird formatting on the IRS site isn't a bug - it's designed that way to accommodate all the different ways employers might need to present the information while still meeting federal requirements. Think of it like a recipe that includes every possible ingredient, even though most people only use a subset. For estimating your 2024 taxes, definitely use your final December paystub instead. It'll have all the year-to-date totals you need in a much more readable format. The actual W-2 your employer sends will be somewhere between your paystub layout and that confusing IRS template - more professional looking than the paystub but much cleaner than the reference form.

Has anyone else noticed that different brokers handle commission reporting differently? I use two different brokers and one includes the commissions in the 1099-B cost basis while the other doesn't.

This is a really common misconception about trading expenses. As others have mentioned, the key point is that your commissions and fees aren't separately deductible - they're built into your cost basis calculations automatically. Here's a simple example: If you buy 100 shares of XYZ for $50/share and pay a $5 commission, your cost basis becomes $5,005 total ($5,000 + $5). When you sell those shares for $55/share and pay another $5 commission, your proceeds are $5,495 ($5,500 - $5). Your gain is then $5,495 - $5,005 = $490. This method actually ensures you get the full tax benefit of your trading costs, whether you have gains or losses for the year. The commissions reduce your taxable gains (or increase your deductible losses) dollar-for-dollar. Since you mentioned you're trying to keep things simple, just make sure your broker is properly including commissions in the cost basis they report on your 1099-B. Most major brokers do this automatically now, but it's worth double-checking your statements.

I just want to clarify something important here - having credit codes without a 570 code is actually a GOOD sign! I was so relieved when I learned this. It means your return is processing normally without any holds. The IRS is just moving slower than usual this year, especially with returns filed in early February. Many of us are seeing 6-8 week processing times even for simple returns. My transcript updated last week after 7 weeks of waiting with no explanation for the delay.

I'm in almost the exact same situation! Filed February 8th, transcript updated last Wednesday with credit codes but still no 846. This is my second year filing in the US and I was panicking thinking something was wrong. Reading everyone's responses here is so reassuring - sounds like this timeline is actually normal this year, just frustrating when you're waiting. I've been checking my transcript obsessively every day but I guess I should focus on those Wednesday/Thursday night updates mentioned above. Thanks for posting this question, you're definitely not alone in this waiting game!