Have you considered what happens if you can't get this resolved before the filing deadline? Like trying to navigate a ship through foggy waters without proper navigation equipment, you might need to file for an extension using Form 4868. This buys you until October 15th, though it's worth noting that any taxes owed are still due by the original deadline - the extension is just for paperwork, not payment. Has your employer given any indication of why they're delaying sending your W-2?

I went through this exact situation two years ago when my former employer merged with another company and their HR department was completely overwhelmed. Here's what worked for me: 1. **Document everything** - Keep records of every email, call, and attempt to contact your employer. The IRS representative will ask for this timeline. 2. **Try the employer one more time** - Send a certified letter requesting your W-2, mentioning the legal requirement (employers must provide by January 31st). Sometimes the formal approach gets results. 3. **Call early and be persistent** - I had success calling the main IRS line at exactly 7:00 AM on a Tuesday. Took about 45 minutes on hold, but I got through. 4. **Have your information ready** - When you do reach someone, have your SSN, employer's EIN (if you know it), last known address of employer, and your final paystub handy. The IRS can initiate contact with your employer, but as others mentioned, you'll likely need Form 4852 to actually file your taxes. Don't wait too long - if you're getting close to the deadline, file the extension and keep working on getting the W-2. The stress isn't worth trying to rush everything at the last minute.

Just FYI, the 1099-K threshold was supposed to drop to $600 for 2023, but the IRS delayed it. For 2023 tax year (filing in 2024), the reporting threshold is still $20,000 and 200 transactions. They announced they're using 2023 as a transition year. However, for 2024 (filing in 2025), the $600 threshold is supposed to take effect. So you might not get a 1099-K this year, but expect one next year if you continue receiving payments through Venmo.

Don't forget you can actually deduct your gambling losses up to the amount of your winnings, but ONLY if you itemize deductions on Schedule A instead of taking the standard deduction. And you need to keep good records of both your winnings AND losses. For most people, the standard deduction ($13,850 for single filers in 2023) is higher than their itemized deductions would be, so it doesn't make sense to itemize just to deduct gambling losses. You'd need enough other deductions like mortgage interest, state taxes, and charitable donations to make itemizing worthwhile.

Let me clear something up about these codes - they're not as scary as they seem! The 570 is just a temporary hold while they review something, and the 971 is just them telling you about it. I had this last year and was panicking like I was being audited by the FBI or something 😂 Turned out they just fixed a math error I made. The letter took about 3 weeks to arrive, and my refund was actually MORE than I expected. Just keep checking your transcript - look for a 571 code (that means the 570 hold was released) and an 846 code (that's your refund date).

I totally feel your stress! I went through this exact same situation about 6 months ago with my first time filing with dependents too. The waiting is honestly the worst part, especially when you're counting on that money for important things like your kids' activities. From my experience, the 570/971 combo usually resolves faster than the 60 days they quote you. Mine took about 25 days total - got the letter around day 18, and then the refund hit my account 7 days later. The letter explained they had corrected a small error with my Child Tax Credit calculation and actually INCREASED my refund by $340! A few tips that helped me stay sane during the wait: 1) Check your transcript on Fridays - that's when they typically update, 2) Don't call again unless it's been over 30 days (saves you the headache of long hold times), and 3) Keep an eye out for codes 571 (hold released) and 846 (refund date) on your transcript. Hang in there - you're still well within the normal timeframe, and chances are good this will work out in your favor! 🤞🏾

Another thing to consider is that there's an annual gift tax exclusion ($17,000 for 2024). Since your I-Bond is only $3,000, it's well under that limit anyway, so you wouldn't have to file a gift tax return even if you had completed the gift. But the other commenters are right that it's not even considered a completed gift yet while it sits in the gift box.

I think everyone is overlooking that I-Bond interest is exempt from state income tax! That's a huge benefit in California with our high state tax rates. Make sure you're accounting for that when deciding if/when to transfer the bond to your child.

Quick question - I'm dealing with similar issue but my employer is claiming I'm "partially an employee and partially a contractor" for different duties. Is that even legal?

I went through almost the exact same situation two years ago! My employer had me as 1099 for 8 months then switched to W-2. I was also worried about creating workplace drama since I liked my job. Here's what I learned: approach it as helping them fix an administrative error rather than accusing them of wrongdoing. I scheduled a meeting with HR and said something like "I noticed I received both a 1099 and W-2 for 2024, and I want to make sure we handle this correctly for both the company and my tax filing." Most employers actually appreciate when you bring this to their attention because misclassification can create bigger problems for them down the road with the Department of Labor or state agencies. My HR department was grateful I flagged it and immediately worked with payroll to issue a corrected W-2 covering my full year's income and voided the 1099. The key is framing it as "let's fix this together" rather than "you messed up." In my experience, reasonable employers want to do the right thing - they just need to understand what that is.