Did you have to do anything special when submitting the amended returns? Like explain why you were changing things or attach any documents? I'm worried I'll mess up the amendment process somehow.

We included a detailed statement explaining exactly what happened - that we discovered our previous preparer had included false deductions without our knowledge, and we were voluntarily correcting the error as soon as we discovered it. Our CPA advised us to be completely transparent about the situation. We attached documentation showing the correct information for each modified item. The most important part was being clear and thorough about what was being changed and why. Our CPA said this approach often helps avoid deeper scrutiny since it shows good faith. Just make sure your EA documents everything properly and includes a clear explanation of the circumstances.

I filed an amended return in January and it took almost 5 months to get processed. The IRS website says 16 weeks but that seems optimistic based on what I've seen in tax forums. You can check the status with the "Where's My Amended Return" tool on the IRS website.

At what income level does S-Corp election make sense? I've heard different opinions about whether it's worth it when your business makes less than $100k annually. Is there a general rule of thumb?

The general rule of thumb is that S-Corp election starts making financial sense when your net business profit reaches approximately $40,000-$50,000 annually. Below that, the additional costs of running an S-Corp (payroll processing, more complex tax filing, etc.) often outweigh the self-employment tax savings. For ACA subsidy purposes specifically, S-Corp can be beneficial at even lower income levels sometimes, because properly structured salary vs. distributions can optimize your MAGI. But this requires careful planning and consistent profitability, which might be challenging with the variable income described in the original post. Always best to model different scenarios with actual numbers before making this decision.

I thought QSEHRA was only for businesses with employees? Can you really set one up if you're a single-member LLC with no employees besides yourself?

Thanks for all the responses everyone! I finally heard back from my company's HR person. Turns out the "\" was indeed a software glitch in their payroll system. They're sending corrected W2s, but she confirmed it doesn't affect any of the tax calculations since there wasn't an amount associated with it. I feel much better now knowing it won't delay my refund. Appreciate all the help!

Is there a deadline for requesting a W-2c? I think I might have an error on mine from last year but never followed up on it.

That's really helpful, I didn't even think about state-specific requirements. Do you happen to know if most tax software handles this automatically, or is it something I need to specifically look for?

Most major tax software should prompt you about state-specific gambling income forms if you indicate you have gambling/fantasy winnings, but it's not guaranteed. It depends on the software and how thorough their questionnaires are. I'd recommend specifically looking for gambling/fantasy sports sections in your state return once you complete the federal portion. If you're using software like TurboTax or H&R Block, search for terms like "gambling," "fantasy sports," or "other income" in the state section. If nothing comes up, check your state's department of revenue website - they usually have guides for reporting different types of income.

Actually this isn't quite right for fantasy sports/gambling. The threshold for gambling winnings is generally based on the amount of the win and the type of gambling, not a simple $600 threshold. For fantasy sports specifically, platforms typically issue 1099-MISC forms when net profits exceed $600, but some use other criteria.

Thanks for the correction! You're right that it's more complicated than I stated. Fantasy sports sites typically issue 1099-MISC forms for net winnings (winnings minus entry fees) over $600, but even that can vary by platform. Some might use a 1099-K for certain payment thresholds instead. The main point still stands though - just because you didn't get a 1099 doesn't mean you don't have to report the income. Always better to report everything properly rather than risk issues with the IRS later.

16 Did you file yourself or use a professional? I'm trying to decide if I need to hire someone or if I can handle this on my own with tax software.

3 I started with tax software for the most recent year I hadn't filed, since that was the simplest one. I was able to handle it myself pretty easily since I just had W-2 income like you do. For the older years, I ended up using a tax preparer because my situation got more complicated (had some 1099 income and moved states). If your tax situation is straightforward with just W-2 income, you can absolutely do this yourself with tax software. Many of the major tax software companies offer versions for prior years. Just make sure you're filing paper returns for prior years since electronic filing is usually only available for the current tax year.

20 Is there an application process for the payment plan? And do they charge interest while you're paying it off?