Has anyone here set up a retirement account and then regretted the type they chose? Im in a similar situation and worried about making the wrong choice.

I was in almost the exact same boat last year - freelancer, behind on retirement, and my CPA suddenly asking about IRA contributions right before the deadline. It felt overwhelming at first, but I'm so glad she brought it up! The key thing to understand is that you have until April 15, 2025 to make retirement contributions that count for your 2024 taxes. Your CPA is being proactive because this is literally one of the last chances to reduce your 2024 tax burden. That said, definitely explore all your options before deciding. As others mentioned, the Traditional IRA contribution limit is pretty small compared to what you could do with a SEP IRA if your income supports it. I ended up opening both - put the maximum in a Traditional IRA for 2024, then set up a SEP IRA for ongoing contributions going forward. The peace of mind from finally having a retirement strategy in place was huge. Don't let the options paralysis stop you from taking action - even the Traditional IRA is better than nothing, and you can always add other accounts later as you learn more.

Super important piece of advice: make sure you submit your 1040-X ASAP. The longer you wait, the more interest will accrue on any additional tax you owe from using the wrong W-2.

I went through almost the exact same situation last year! My accountant used an old 1099 by mistake and then basically ghosted me when I tried to get it fixed. Super frustrating when you're paying someone to handle this stuff properly. Here's what I learned: definitely file the 1040-X yourself if your accountant won't help. It's really not as scary as it seems, especially if you have tax software to guide you through it. The key things to remember are to clearly label which W-2 was incorrect, include both versions with your amendment, and write a brief explanation of what happened. Also, since you caught this relatively quickly, you're in a much better position than if the IRS had discovered it first. They tend to be more understanding when you're proactively fixing mistakes. Good luck getting this sorted out!

anybody else notice the irs has been super weird this year?? they sent me THREE different amounts and then a letter saying i owe them money?!?!? the whole system is broken smh

This is definitely confusing but you're right to want to figure it out! I'd strongly recommend checking your IRS account transcript online first - it's free and will show you exactly what each payment is for with specific codes and descriptions. The $811.05 could be several things: interest on a delayed refund (which would be taxable next year), a correction to a credit you claimed, or an adjustment they made to your return. Sometimes they catch errors that actually work in your favor. Don't ignore it though - if it truly was sent in error, the IRS will eventually figure it out and you could face penalties for not reporting it. But if it's legitimately yours (which is often the case), then you're good to go. The transcript will give you peace of mind either way. If the transcript codes are confusing, that's when calling the IRS or using one of those services others mentioned might be worth it. But start with the free option first!

This is such a timely question! I'm actually in a similar boat - working in industry while studying for my CPA and dreaming of eventually opening my own practice. One thing I've been wondering about is whether volunteer work would help me get comfortable with tax software beyond what I use at work. Most volunteer programs use different software than what we have in corporate, right? I feel like getting familiar with multiple platforms could be valuable when I eventually need to choose software for my own firm. Also, has anyone found that volunteer work helped them understand the business side of tax preparation? Like client intake processes, documentation requirements, or how to structure initial consultations? I feel pretty confident about the technical tax stuff but the client management aspect seems like it would be a whole different skill set. Really appreciate everyone sharing their experiences here - this thread is giving me the push I need to start looking into VITA opportunities in my area!

I can't recommend volunteer tax work highly enough! I started with VITA about 5 years ago while working in industry and it completely transformed my understanding of practical tax preparation. The hands-on experience with real client situations is invaluable - you'll encounter scenarios that textbooks just don't cover. One thing I'd add to the great advice already here is to look into your state's volunteer tax assistance coordinator. Many states have centralized programs that place volunteers with various organizations beyond just VITA and AARP. I found opportunities through my state program to work with immigrant services organizations and small business development centers, which gave me exposure to more diverse tax situations. The client interaction skills you develop are just as important as the technical knowledge. You'll learn to quickly assess what documents are missing, spot inconsistencies in client information, and explain complex concepts in plain English. These are skills that will absolutely set you apart when you start your own practice. Also, don't underestimate the networking aspect. Other volunteers are often experienced tax professionals, CPAs, or EAs who can become valuable connections as you build your career. I'm still in touch with several people I met through volunteer work, and we refer clients to each other regularly now.

Doesn't this all become moot if you're taking the standard deduction anyway? With the current standard deduction being so high ($13,850 for single filers in 2023), most people aren't itemizing anymore, right? So would the mortgage interest and property tax deductions even matter?

Congrats on your upcoming closing! As someone who went through this exact decision last year, I'd strongly recommend tenancy in common for your situation. Even though you're splitting everything 50/50 now, TIC gives you flexibility if your financial situations change down the road. One thing that really helped us was setting up a separate joint account just for house-related expenses (mortgage, property taxes, insurance, repairs) where we each contribute our percentage monthly. This makes tracking everything for taxes super clean and eliminates any confusion about who paid what. Since you both make similar incomes around $85k, you'll want to run the numbers on whether either of you will be itemizing deductions. With a $430k house, your property taxes and mortgage interest combined might push at least one of you over the standard deduction threshold, especially if you're in a higher tax state. Even if only one of you itemizes, you can still both benefit from the deductions based on your ownership percentages and actual payments. The two-week timeline is tight, but your title company should be able to handle the TIC paperwork without any issues. Just make sure to specify the exact ownership percentages you want on the deed!