Just a quick warning based on my experience with amended returns - make sure you're checking the "Where's My Amended Return" tool regularly. I waited 8 months assuming they were processing my amendment, only to discover they never received it! Apparently it got lost in the mail and I had to resubmit everything. If you don't see your amendment showing up in their system after about 3 weeks, I'd recommend calling to confirm they received it or sending a follow-up copy via certified mail. Better to be paranoid than to find out months later they never got it and you're accruing more interest and penalties!

Great advice from everyone here! I went through a similar situation last year with a filing status error (filed Married Filing Separately when I should have filed Married Filing Jointly). A few additional tips from my experience: 1. Document everything - I kept copies of all correspondence, payment confirmations, and dates. This was crucial when I had to call the IRS later. 2. Consider setting up an online account with the IRS if you haven't already. It makes tracking your amended returns much easier than relying solely on the "Where's My Amended Return" tool. 3. When you do make that payment (which I'd recommend doing sooner rather than later), make sure to include a clear memo indicating which tax years the payment is for. I initially made a payment without specifying and it got applied to the wrong year, creating more confusion. The good news is that the IRS is generally reasonable when you voluntarily correct mistakes. In my case, they waived the accuracy-related penalty entirely since I caught and corrected the error myself. The interest was unavoidable, but stopping it from accruing further by paying early saved me several hundred dollars. Hang in there - the process is slow but you're handling it the right way!

This is such a frustrating situation but you're definitely not alone! I went through something very similar at my first retail job. The combination of improper W-4 setup plus those sneaky uniform and meal plan deductions can really shock you on that first paycheck. Since you've already identified the extra deductions, definitely push back on those - especially the uniform charge. In many states, employers can't legally charge you for required work uniforms. The meal plan should definitely be optional if you didn't explicitly agree to it. For the tax withholding part, the key is getting that W-4 corrected ASAP. When you talk to your manager tomorrow, ask specifically which version of the W-4 form they use. If it's the newer 2020+ version, the IRS Tax Withholding Estimator will be your best friend for figuring out exactly what to put in each section. One thing that might help ease your stress - if you're working part-time and making under about $12,000-$13,000 for the year, you likely won't owe any federal income tax at all. That means everything being withheld for federal taxes will come back to you as a refund. Still worth fixing now though so you can actually use that money for textbooks instead of waiting until next spring! Keep us updated on how the conversation with your manager goes. Most employers are pretty understanding about fixing these new employee W-4 issues once you bring it to their attention.

I'm really glad to see how supportive everyone has been in helping you figure this out! As someone who works in payroll processing, I can confirm that what happened to you is incredibly common with first-time employees. The combination of default W-4 settings plus those automatic deductions can create a real shock. A few additional tips for your conversation with your manager tomorrow: 1. Bring a calculator and your paystub so you can work through the numbers together. Show them that $268 in total deductions on what sounds like a $350 gross pay doesn't make sense for your situation. 2. Ask to see exactly what boxes were checked on your original W-4. Sometimes during busy hiring periods, HR might have filled parts out incorrectly or made assumptions. 3. If your manager seems unsure about the tax withholding calculations, suggest they contact their payroll service provider (if they use one) or the IRS business helpline. Small business owners sometimes aren't experts on payroll tax rules. 4. Definitely push back on any deductions you didn't explicitly agree to. Keep documentation of what they agree to change. The silver lining is that this experience is teaching you to carefully review your paystubs from day one - a habit that will serve you well throughout your career! Most people don't learn to do this until much later. You're already ahead of the game by catching this and taking action.

22 My sister told me that some states aren't following the federal extension and are still requiring taxes to be filed by April 15th. Can anyone confirm if this is true and which states are sticking with the original deadline? I live in Ohio if that helps.

This is such helpful information, thanks for sharing! I've been putting off filing because I wasn't sure about all the different deadlines. One thing I'm still confused about though - if I owe money on my 2020 taxes but can't pay the full amount by May 17th, what are my options? I know the extension covers penalties and interest until May 17th, but what happens if I still can't pay everything by then? Are there payment plan options available, or should I pay whatever I can by the deadline and then deal with penalties on the remainder?

Does anyone know if the component-based depreciation approach (separating appliances, etc.) creates more audit risk? I've heard mixed things and don't want to push my luck with the IRS.

One thing I'd add to this discussion is that you should also consider the Section 199A deduction (QBI deduction) when planning your depreciation strategy. If you're taking large depreciation deductions that reduce your rental income to zero or negative, you might be limiting your ability to claim the 20% QBI deduction on your rental profits. For some investors, it makes sense to take a more moderate approach with bonus depreciation to preserve some rental income that qualifies for the QBI deduction. This is especially relevant if you're planning to hold the property long-term and your rental income would otherwise qualify for the full 20% deduction. It's worth running the numbers both ways - maximum depreciation versus optimizing for QBI - to see which approach gives you the better overall tax benefit. Your tax situation and other income sources will determine the best strategy.

Don't feel foolish - the tax system is complicated! One thing to consider: was this rental income ACTUALLY earned in 2024, or was it payment for the 2023 rental period that just happened to be paid in January? If it was payment for December 2023 rental that was just paid in January, some might argue it actually belongs on 2023 taxes depending on your accounting method (cash vs accrual). Might be worth clarifying this point.

You're definitely not alone in making this mistake! I had a similar situation with some freelance income last year. One thing that really helped me was keeping detailed records of exactly when the income was received versus when it was for. In your case, since you received the rental payment on January 3rd, 2024, it should indeed go on your 2024 return regardless of what rental period it covered (assuming you use cash basis accounting like most individual taxpayers). The 1040-X process is pretty straightforward once you get started. Make sure to clearly explain in Part III that you're removing income that was mistakenly reported in the wrong tax year. I'd also recommend making copies of everything before you mail it in - the IRS has been pretty slow with processing amendments lately. One small tip: if this was a significant amount of income that affected your tax bracket or other deductions, double-check that removing it from 2023 doesn't create any other issues with things like the Earned Income Credit or other income-based calculations.