Random question - can I use blue ink for the correction or does it have to be black? I know the IRS is picky about some of these details.

Thanks everyone for all the helpful advice! I went ahead and made the correction using the single line method that Paloma mentioned - drew a clean line through the wrong number, wrote the correct amount above it, and initialed with the date. The correction was pretty minor (just a few hundred dollars difference in my totals), so I didn't include an explanatory note. I also ended up checking my work with taxr.ai before submitting, and it confirmed that my correction was done properly and didn't find any other issues. Really glad I found this thread before panicking and ordering a new form! Submitting everything today and feeling much more confident about it.

I'm seeing a lot of complicated answers here but it's actually pretty simple. I've owned 3 homes and here's what I've learned: if you didn't pay it, you don't deduct it. The seller credit on closing is just an adjustment to make the sale fair - it's not income and it's not a deduction. When you actually pay the property taxes in 2025, that's when you deduct them - regardless of what period they cover.

As a first-time homeowner myself, I went through this exact confusion last year! You're absolutely right - since you didn't make any actual property tax payments in 2024, there's nothing to deduct on your 2024 return. The key thing to remember is that property tax deductions are based on the cash basis - meaning you can only deduct what you actually paid out, not what was assessed or owed. That seller credit you received at closing isn't taxable income to you, it's just an adjustment to make the transaction fair since you'll be paying the full year's taxes when they come due. When February 2025 rolls around and your escrow company pays those property taxes, you'll be able to deduct the full amount on your 2025 tax return. Keep your escrow statements and closing documents organized - you'll need them to show exactly what was paid and when. One tip: make sure to review your mortgage servicer's annual escrow analysis statement early next year. It will show exactly when property tax payments were made, which is crucial for determining the correct tax year for your deduction.

Has anyone actually calculated the total difference between employer pretax health insurance vs marketplace plans when considering ALL factors? I'm in similar situation but also wondering about: 1. Quality of network (my employer plan sucks) 2. Premium differences 3. Tax implications 4. Out-of-pocket differences My employer takes $515/month pretax but the deductible is $7000! Marketplace plan is $560/month but deductible only $3500. Trying to figure out total cost including taxes.

One thing to consider that hasn't been mentioned yet is whether your employer offers a Health Savings Account (HSA) option with their high-deductible health plan. If they do, that's another significant tax advantage you'd lose by going to marketplace coverage. HSA contributions are triple tax-advantaged: deductible going in, grow tax-free, and withdrawals for qualified medical expenses are tax-free. For 2025, you can contribute up to $4,300 for individual coverage or $8,550 for family coverage. This could potentially offset some of the higher deductible concerns while maximizing your tax benefits. Also worth checking if your employer contributes anything to an HSA on your behalf - that's essentially free money you'd be giving up. Some employers contribute $500-2000 annually to employee HSAs, which changes the math considerably when comparing total compensation packages. If HSA isn't available with your current plan, that might actually strengthen the case for switching to marketplace coverage, especially if you can find an HSA-eligible high-deductible plan there.

Does anyone know if this same approach works for other types of income? My 14yo son has a small YouTube channel that just started generating ad revenue, but they required my info since he's underage.

This is really helpful information! I had no idea there were specific exemptions for different types of work that minors do. My 17-year-old works as a camp counselor during summers and also does some pet-sitting through a neighborhood app. I'm wondering if there are other exemptions I should know about beyond the domestic service one that was mentioned for babysitting. It sounds like the type of work might make a difference in whether self-employment taxes apply or not. Does anyone know where I can find a comprehensive list of these exemptions for minors? Also, the Roth IRA idea is brilliant - I never thought about starting retirement savings this early but the compound growth potential is amazing. Definitely going to look into setting that up for my daughter once we get her tax situation sorted out.

I completely understand your anxiety about this - the "jeopardy" language is definitely designed to get your attention! Here's what I'd recommend based on your situation: **Don't wait** - even though you're only waiting for one W2, that lien/levy notice means the IRS is ready to take action. A few key points: 1. **Call the IRS immediately** at the number on your notice. Explain you're waiting for a missing W2 and plan to file soon. They can often put a temporary hold (60-90 days) on collection actions. 2. **Request your wage transcript** from IRS.gov while you wait - this shows all reported W2 info and might have enough detail to file without the physical W2. 3. **Set up a minimal payment plan** if you can't reach them by phone. Even $25/month stops collection and shows good faith. Online setup is only $31 vs $107 by phone. The key thing is **communication** - the IRS doesn't know you plan to pay with your refund. From their perspective, you're just ignoring a debt. Once you make contact and explain your situation, they're usually reasonable about working with you. Don't risk a lien on your credit report over $650 - it's not worth the long-term damage for a relatively small amount. Take action today!

I had almost this exact same situation last year - owed about $700 and got that scary "jeopardy" notice while waiting for a delayed 1099 from a freelance gig. The language in those notices is definitely designed to get you moving fast! Here's what worked for me: I called the IRS number on the notice (took about 2 hours on hold, but I got through). The agent was actually really understanding when I explained I was just waiting for tax documents. She put a 90-day collection hold on my account, which gave me plenty of time to get everything sorted out. The key thing they told me is that once you receive that "lien/levy warning," you're basically at the final stage before they take action. They don't know you're planning to use your refund to pay it off - from their system, it just looks like you're ignoring the debt. Don't stress too much about the $650 amount, but definitely don't ignore the timeline. Even setting up a $25/month payment plan online would stop the collection process immediately if you can't get through by phone. You can always pay it off in full once you file and get your refund. The worst thing you can do is nothing - I've seen people end up with liens over tiny amounts just because they thought it wasn't worth dealing with. Take care of it this week!