I've filed amended returns twice in the past four years and can definitely confirm that the processing times are much longer than regular returns - and unfortunately much longer than what the IRS officially states. My experience: - 2020 amendment (paper filed): 38 weeks (COVID definitely made this worse) - 2023 amendment (e-filed): 22 weeks The difference between paper and e-filing is huge! My paper-filed amendment was a nightmare - nearly 9 months of waiting. The e-filed one was still long at about 5.5 months, but much more reasonable. **A few tips based on my experience:** **Documentation:** Since you mentioned this is your third amendment, make sure you have complete records for that freelance work. Sometimes the IRS requests additional documentation from repeat amenders, which can add weeks to an already long process. **Payment timing:** If the freelance income means you owe additional tax, pay it when you file the 1040-X, not when it's processed. Interest accrues from the original due date (April 15th for 2023), so waiting 5-6 months for processing would cost you significantly more. **Status checking:** Don't drive yourself crazy checking the "Where's My Amended Return" tool. I checked mine obsessively for months and it literally never updated until it suddenly said "completed." Set a reminder to check once a month at most. **Current year filing:** Absolutely file your 2024 return on schedule! I delayed mine once thinking they were connected and it accomplished nothing except delaying my regular refund. The waiting is brutal, but you're doing the right thing by catching and correcting the error. Plan for 5-6 months and try to forget about it until then. Good luck!

I've been through the amended return process twice and can definitely confirm what everyone here is saying about the extended timelines! My experience: - 2022 amendment (e-filed): 19 weeks - 2023 amendment (e-filed): 23 weeks Both took significantly longer than the IRS's official 16-week estimate, but e-filing was definitely faster than the paper horror stories I've heard from friends. **Key insights from my experience:** **About multiple amendments:** Since you mentioned this is your third amendment, I wouldn't worry too much about it. The IRS processes each amendment on its own merits, though having solid documentation is always important. **Payment strategy:** For your freelance income situation, definitely pay any additional tax owed when you submit the 1040-X. Interest starts accruing from April 15, 2024 (the original due date), so waiting 5-6 months for processing would just rack up unnecessary interest charges. **Reality check on timing:** Based on everyone's experiences here, 20-25 weeks seems to be the realistic range for e-filed amendments right now, despite what the official website says. I'd plan for at least 5 months. **Status tool:** The "Where's My Amended Return" tool is pretty much useless for real updates. Mine showed "received" for months, then suddenly jumped to "completed" the same week my refund check arrived. Definitely don't wait to file your 2024 return - they're processed completely separately and there's no benefit to delaying. The waiting is honestly the hardest part, but you're doing the right thing by catching and correcting the error!

Does anyone know the deadline for amending to add Form 8863? I just realized I missed claiming the American Opportunity Tax Credit on my 2021 return and I'm freaking out that it might be too late!

One thing I'd add to all the great advice here - make sure you understand the income limits for the American Opportunity Tax Credit before spending time on the amendment. The credit phases out for single filers with modified AGI between $80,000-$90,000, and for married filing jointly between $160,000-$180,000. If your income was above these limits in 2022, you won't be eligible for the credit. Also, remember that the AOTC is only available for the first four years of post-secondary education, so if you've already claimed it for four years previously, you won't be able to claim it again. You can check your prior year returns or tax transcripts to see if you've used up your eligibility. If you do qualify, the amendment process is definitely worth it - getting back up to $2,500 per eligible student (with up to $1,000 being refundable even if you owe no tax) can make a real difference!

Just wanted to add a practical tip from my experience running a consulting business - whatever deduction method you choose, consistency is key. The IRS gets suspicious if you switch between standard mileage and actual expense methods year to year without good reason. Also, if you do go with the lease option, make sure you keep copies of the lease agreement, all monthly payment receipts, and detailed mileage logs. I use a simple smartphone app to track every business trip with GPS coordinates and purpose. Takes 5 seconds per trip but saved me during an audit last year when I had to prove my 85% business use claim. One more thing - if you're planning to use this vehicle for client meetings, you might want to factor in the professional image aspect too. Sometimes a slightly higher lease payment for a more professional-looking vehicle can indirectly benefit your business beyond just the tax deduction.

Great discussion here! As someone who's been dealing with vehicle deductions for my landscaping business, I wanted to share a few additional considerations that might help with your decision. First, don't forget about the maintenance and insurance costs when comparing lease vs. buy. With a lease, maintenance is often covered under warranty, but you'll still need business insurance. If you buy, you can deduct maintenance, repairs, insurance, registration fees, etc. as part of your actual expense method. Second, consider your cash flow situation. Leasing typically requires less money upfront (just first payment, security deposit, etc.) compared to buying where you might need a larger down payment. This can be important for newer businesses that need to preserve working capital. Finally, think about your long-term plans. If you're in a business where you put a lot of miles on vehicles (like I do driving between job sites), buying might make more sense since you won't have to worry about excess mileage penalties that come with most leases. Whatever you choose, definitely start tracking your business mileage from day one. Even if you're 95% sure it's business use, having detailed records will save you headaches later. The IRS loves documentation when it comes to vehicle deductions!

I'm in almost the exact same situation as you! Multiple W-2s from one employer, trying to squeeze out every dollar for 401k contributions. After reading through this thread, I realize I've been approaching this all wrong by trying to find ways around the FICA taxes. The strategies that seem most promising are: 1) Moving other pre-tax deductions (like health insurance) from your smaller W-2 to the larger one to free up cash flow, 2) If you're anywhere close to the $168,600 Social Security wage base limit, calculating exactly when that 6.2% tax stops so you can boost contributions in those final paychecks, and 3) Adjusting your contribution percentages between the two W-2s rather than trying to eliminate mandatory taxes. I'm definitely going to try the spreadsheet approach that @71c79734e414 mentioned to track my projected Social Security wage base timing. Even if I don't hit the limit this year, having that visibility into my total earnings across both W-2s will help me plan better for next year. Thanks to everyone who shared their experiences - this thread has been incredibly helpful for understanding what's actually possible vs. what we wish was possible with W-2 tax withholdings!

Reading through this entire thread has been incredibly educational! I'm in a similar situation with multiple W-2s from the same employer and was also hoping there might be some way to temporarily pause FICA withholdings - but clearly that's not an option. What strikes me most is how many creative workarounds people have found that actually work within the tax system rather than trying to circumvent it. The idea of strategically timing when different pre-tax deductions come out of which paycheck is something I never would have thought of, but it makes perfect sense for optimizing cash flow. I'm particularly interested in the Social Security wage base limit strategy that several people mentioned. Even though I probably won't hit $168,600 this year, understanding exactly when that relief would kick in seems like crucial information for anyone with a complex pay structure like this. One question for the group: has anyone had success negotiating with their employer to change the fundamental structure of how the W-2s are split? Or is that typically set in stone due to how their payroll/benefits systems are configured? I'm wondering if there might be even more direct solutions at the source rather than working around the current setup. Thanks to everyone who shared their real experiences - this is exactly the kind of practical advice you can't find in most tax guides!

Just adding more confirmation that losses in an IRA don't have the same wash sale concerns as taxable accounts. I did this exact move last tax season, selling tech in my IRA at a loss and buying similar (but not identical) ETFs in my brokerage account. My tax software didn't flag anything and my accountant confirmed it was fine. Just be careful if you're selling at a GAIN in your IRA and then repurchasing elsewhere. That's not a wash sale issue, but you'd be realizing gains inside the IRA that you don't get to offset with losses, which isn't optimal from a tax perspective.

Great question! I went through something similar with my tech holdings a few years back. The key thing to remember is that wash sale rules only apply when you're trying to claim a tax loss, but since IRA losses aren't tax-deductible anyway, you're in the clear. One thing I'd add to the excellent advice already given - when you do move those investments to your taxable account, consider whether you want to buy the exact same stocks or use this as an opportunity to diversify a bit. You could look into broader tech ETFs or even mix in some other sectors while still maintaining exposure to the companies you believe in long-term. Also, since you're 30-40 years from retirement, you might not need to swing all the way to "safe" investments in your IRA. Maybe consider a middle ground approach where you reduce risk but still maintain some growth potential. Time is still very much on your side! The silver lining with those ARKK losses is that they're giving you a valuable lesson in portfolio management relatively early in your investing journey. Better to learn these lessons now than closer to retirement.