Issues Overdubbing (Can record a single track, can't overdub second track)

Hello,

Current Setup:
Microphone into interface
Tascam US122 MkII audio interface via USB
windows 10 laptop
Host is MME with the interface input (stereo currently) and outputs selected as the inputs and outputs in audacity.
Headphones out of interface
Play other tracks while recording – checked
Record on a new track – checked
Detect Drop outs – checked

I can successfully record audio from the microphone via the interface and it generates the first track but as soon as I try to record a new track while playing back the first track, the time cursor turns red and remains stationary. (see photo)
audacity screenshot.png
When I hit stop I get the error: "Recorded audio was lost at the labeled locations. Possible causes:

Other applications are competing with Audacity for processor time

You are saving directly to a slow external storage device."

I have an SSD so I don’t think transfer speed is an issue here.

Additionally, I can play audio through the interface without issue, including the original track I recorded, but I can’t get audacity to record while playing back the original track.

Can someone please help? Thanks!

Open the Windows Sound control panel, and set the “sample rate” for the US122 to “44100” in both the playback tab and the recording tab. Then restart Audacity and try again.