One important thing to watch for with multiple W2s - Social Security tax. Each employer withholds 6.2% of your wages for Social Security up to the annual wage limit ($147,000 for 2022). If your combined income from both jobs exceeded that limit, you may have overpaid Social Security tax that you can get back when filing.

Just wantd to mention, when I had 2 w2s I just added the box 1 income from both, added the fed witholding together, and the state witholding together. Enter those on your 1040 and ur good to go! No need to complicate it imo.

I can relate to this frustration! Filed with TurboTax on February 12th and had a similar experience - federal refund came via direct deposit within 10 days, but my Missouri state refund arrived as a paper check last week despite selecting electronic deposit. When I called Missouri DOR, they explained that their system flags certain returns for "enhanced verification" which automatically switches the disbursement method to paper checks. The representative mentioned this happens more frequently during peak filing season when their fraud detection algorithms are more sensitive. Regarding the transcript issue, I'd recommend checking both your Account Transcript AND your Return Transcript on irs.gov - sometimes one updates before the other. Also, make sure you're looking at the 2023 tax year specifically. The IRS phone lines have been swamped, but if you call right at 7am Eastern, you'll have better luck getting through. Don't panic though - this seems to be a common issue this filing season based on what I'm seeing in various tax forums.

I just went through this exact scenario two weeks ago! Filed with H&R Block on February 8th, federal direct deposit worked perfectly, but Missouri sent me a paper check despite selecting electronic deposit. After reading through all these responses, I called Missouri DOR yesterday and got some additional clarity that might help others. The rep told me that their "enhanced verification" system has been particularly aggressive this year due to increased identity theft attempts. She mentioned that even something as simple as using a different browser or device to file compared to last year can trigger their paper check protocol. For the IRS transcript issue - mine took exactly 41 days to show up after filing. What helped me was creating an account on irs.gov and checking both the Account Transcript AND the Wage & Income Transcript. Sometimes the W&I transcript updates first and can give you confidence that they have your information. Also, if you have access to your H&R Block account, check the "Where's My Refund" section - it should show an acceptance confirmation from the IRS even if the transcript isn't updated yet.

Just a heads up from someone who works in payroll - if your goal is truly to break even, be a little conservative with your adjustments. It's generally better to get a small refund than to owe, especially since owing more than $1,000 can sometimes trigger underpayment penalties. Also, if you're paying for school, double check if your parents might be claiming you as a dependent on their taxes. That would affect your ability to claim certain education credits yourself. One last tip - the IRS withholding calculator (mentioned above) is actually really good but you need to have your most recent paystub and tax return handy to get the most accurate results.

As someone who recently went through this exact same process, I'd recommend starting with the IRS Tax Withholding Estimator that others mentioned, but also keeping a few things in mind: First, since you're paying tuition out of pocket, make sure you understand which education benefits you can claim. The American Opportunity Tax Credit can be worth up to $2,500 and is partially refundable, which means it could be contributing to your large refund even if you owe no taxes. Second, when you adjust your W-4, start conservatively. Maybe aim to reduce your refund to $2,000-2,500 this year rather than going straight to breaking even. This gives you a buffer while you learn how the new system works. Finally, consider the timing - if you make changes now, you'll have fewer paychecks left in the year to spread the adjustment across, which means each remaining paycheck will see a bigger change in withholding. You might want to calculate whether that works with your budget or if you should make a smaller adjustment now and fine-tune it for next year. The key is getting comfortable with the process before trying to hit that perfect $0 balance!

Dealing with tax debt is rough! But dont worry, the system is actually designed to only take from federal refunds for state tax debt. Its part of the Treasury Offset Program. I work with tax issues and seriously recommend using taxr.ai to get a clear picture of your situation. It breaks down exactly how offsets will affect your refund and when youll get paid. Its been a game changer for my clients dealing with offset confusion. Shows you everything from processing dates to expected deposit times. Best part is it only costs a dollar!

Just went through this exact situation last month! The good news is they'll only take from your federal refund for state tax debt. I owed about $800 to my state and was worried they'd hit both refunds too, but they only took it from federal. Got my full state refund a few weeks later. The offset letter should tell you exactly how much they're taking - definitely save that for your records!

Has anyone used the "check the box" election (Form 8832) to treat their wholly owned LLC differently? My accountant mentioned this might give us more flexibility than just defaulting to disregarded entity status.

I went through this exact same situation last year when our S-Corp acquired a small IT consulting firm. The confusion about where to report the disregarded entity's EIN on the 1120S is totally understandable - there really isn't a specific line item for it. What I learned from our tax preparer is that the key is in the EIN application process. When you applied for the disregarded entity's EIN (Form SS-4), you should have indicated the "responsible party" and the tax classification. Even though an individual SSN was required as the responsible party, the IRS systems link that EIN to your S-Corp for tax reporting purposes. One thing that helped us was keeping a detailed memo in our tax files explaining the acquisition, the disregarded entity election, and how we're treating the income. This documentation proved valuable when we had questions during our S-Corp examination last year. The IRS examiner appreciated having the clear paper trail showing the business relationship. Also, make sure you're consistent in how you handle the 1099 reporting - if the disregarded entity is receiving 1099s under its EIN, just include those amounts in the appropriate income categories on your 1120S. The IRS computer matching systems are pretty sophisticated at tracking these relationships now.