I'm sort of curious - do you maybe need this for a specific purpose? Sometimes you don't actually need the full tax return but just certain information from it, which might be easier to get in other ways. For example, if it's for income verification, sometimes a W-2 or 1099 might be sufficient?

I'd definitely recommend starting with the IRS online transcript service at irs.gov/transcripts - it's usually the fastest option if you can get through their identity verification. As a small business owner myself, I know how hectic things can get and record-keeping sometimes falls by the wayside! If you filed electronically, there's also a chance your tax software provider (TurboTax, H&R Block, etc.) might still have a copy in your online account. Also worth checking if you emailed it to yourself or saved it in cloud storage. The transcript is usually sufficient for most purposes, but if you specifically need the actual 1040 form with all attachments, you'll need to use Form 4506 with the $43 fee. What do you need it for? That might help determine which option would work best for your situation.

Just a heads up - if your parents are claiming you as a dependent, make sure you select the box that says "Someone can claim me as a dependent" on your federal W-4. This is super important! My son messed this up last year and it caused his withholding to be calculated incorrectly. The form assumes you're taking the standard deduction for a single independent person unless you check that box.

As someone who works in tax preparation, I want to emphasize something that might help clarify the confusion here. The W-4 form has two main purposes: 1) telling your employer your filing status and dependency situation, and 2) calculating how much federal income tax to withhold from each paycheck. For your specific situation as a part-time college student working 16 hours/week and claimed as a dependent, here's what you should do: 1. Make sure to check the box that says "Someone can claim me as a dependent" (as Miguel mentioned - this is crucial!) 2. Put "0.00" in the additional withholding amount box 3. Don't claim exempt from withholding unless you had zero tax liability last year AND expect zero this year The "0.00" doesn't mean zero taxes will be withheld - it means zero ADDITIONAL withholding beyond what the form calculates based on your pay and dependency status. Given your low hours and dependent status, this should result in appropriate withholding that covers any tax you might owe without taking too much from your small paychecks. If you end up working more hours (like summer full-time), you can always submit a new W-4 to adjust your withholding.

Does anyone know if OP would have to pay the employer portion of payroll taxes too for 2023? That's an extra 7.65% the business would owe on top of the employee portion that would be withheld from their reasonable compensation, right?

I went through this exact situation last year and can share some practical insights. First, don't panic - late S corp elections are more common than you think and the IRS has established procedures for this. Here's what worked for me: I filed Form 2553 with a detailed reasonable cause statement explaining that as a first-time business owner, I misunderstood the filing deadline. The key is being honest and providing documentation of when you originally intended to make the election (emails to CPAs, research you did, etc.). For the payroll mess, yes you'll need to establish a reasonable salary and file quarterly 941s retroactively. I used a payroll service to help calculate everything properly - trying to do it manually was a nightmare. The penalties were significant but not business-ending, and I was able to get first-time penalty abatement on some of them. The math worked out in my favor - even with penalties, I saved about $4,000 in self-employment taxes compared to staying as an LLC. Just make sure you run the numbers before committing because every situation is different. One tip: when you submit your reasonable cause statement, be specific about your research efforts and include any documentation showing you were actively trying to comply. The IRS likes to see good faith effort, not just "I didn't know.

Just want to add that if you're a "small business taxpayer" under the tax law (meaning under $26 million in gross receipts), you have ADDITIONAL inventory simplifications available. You can treat inventory as "non-incidental materials and supplies" which means you deduct them when used or consumed, not through formal COGS calculations. Publication 538 doesn't explain this super clearly, but the guidance in Revenue Procedure 2018-40 does.

This is exactly the kind of situation where the simplified rules for small businesses really shine! Since you're clearly under the $26 million threshold, you have several advantages that larger businesses don't get. One thing I'd add to the great advice already given - when you switch back to cash method, you might also want to consider the "materials and supplies" election under Section 1.162-3. This lets you deduct the cost of your wood, hardware, and finishing materials when you actually use them in projects, rather than having to track them as formal inventory with COGS calculations. The combination of cash method + materials/supplies treatment could be perfect for a custom furniture business. You'd record income when customers actually pay you, and you'd deduct material costs as you use them in projects. Much simpler bookkeeping than accrual with full inventory tracking! Just make sure when you file Form 3115 that you're clear about both changes - the accounting method change AND any inventory method changes. The IRS likes transparency about exactly what you're switching from and to.

I had this exact issue last year! My company's payroll system should have stopped my contributions automatically when I hit the limit but didn't. Here's what worked for me: I called the 401k provider (Fidelity in my case) directly rather than going through HR. They were actually super helpful and processed the return of excess for me. The 1099-R I received had the excess contribution amount plus some earnings. Yes, I had to pay taxes on that amount but it was way better than the alternative penalties. Don't stress too much - this is pretty common and fixable!

I went through this same situation two years ago when I switched jobs mid-year. One important detail that hasn't been mentioned yet - make sure you get the corrective distribution processed before December 31st of the year following your over-contribution if possible. While you technically have until April 15th to request the return of excess, getting it done in the same calendar year can simplify your tax situation. The earnings on the excess contribution will be taxable in the year the distribution actually occurs, not necessarily when you originally made the over-contribution. Also, keep detailed records of all your communications with your plan administrator. I had to follow up multiple times before mine actually processed my request. Don't let them brush you off - you have the right to correct this error and they're required to help you do it properly. The good news is this won't trigger an audit as long as you handle it correctly. The IRS sees these corrective distributions all the time, especially during job change seasons.