Has anyone used TaxSlayer as a non-resident? My university offers it for free but I'm not sure if it has all the international student forms.

As a tax professional who works with many international students, I want to emphasize something important that hasn't been fully addressed here: the potential immigration consequences of incorrect tax filing for F-1 students. While some of you have had success with general tax software, the risk isn't just about getting audited by the IRS. USCIS can review your tax compliance when you apply for OPT, change status, or apply for other immigration benefits. If they find discrepancies - like using resident tax forms when you should have filed as a non-resident alien - it could complicate your immigration case. The substantial presence test is crucial here. Most F-1 students in their first 5 years are considered non-resident aliens for tax purposes, regardless of how long they've been in the US. This means you should be filing Form 1040-NR, not the standard 1040 that most consumer tax software defaults to. I'd strongly recommend sticking with software specifically designed for non-resident aliens, or at minimum, consulting with a tax professional who understands the intersection of tax and immigration law before filing. The small savings from using general software isn't worth the potential complications down the road.

This whole thread has been eye-opening! I'm dealing with a similar situation where I had very little income last year and assumed I didn't need to file. Reading through everyone's experiences, it's clear that filing a zero or low-income return can actually be beneficial in ways I never considered. The point about creating an official record with the IRS makes a lot of sense, especially for future reference. And I had no idea about refundable credits being available even without owing taxes - that seems like something the IRS should make more widely known! I'm definitely going to check out some of the tools mentioned here, particularly for analyzing what credits I might be eligible for. It sounds like there could be money on the table that I'm just leaving behind by not filing. Thanks everyone for sharing your experiences - this community is incredibly helpful for navigating these confusing tax situations that don't fit the "normal" scenarios most tax advice covers.

This thread is incredibly informative! I had a similar situation last year where I was between jobs for most of the year and only had about $800 in unemployment benefits. I initially thought "why bother filing?" but after reading everyone's experiences here, I realize I probably missed out on some benefits. The point about unemployment benefits being taxable income is something I completely overlooked - I just assumed since it was government assistance, it wouldn't count as "real" income for tax purposes. And the mention of refundable credits is fascinating - I had no idea you could potentially get money back even when you barely made anything. I'm particularly interested in the tools people have mentioned for analyzing these non-standard situations. It sounds like there are resources specifically designed for people in our boat, which is refreshing since most mainstream tax advice assumes you have a regular paycheck. One question for those who have filed zero or low-income returns - did you run into any issues with the IRS questioning such a low income filing? I'm always worried about triggering some kind of audit flag, even when doing everything correctly.

I've been following this discussion and wanted to share my experience as someone who made a similar mistake last year. The advice about removing the SEP-IRA contributions is spot on - I had to do the exact same thing. When I called my custodian to request the excess contribution removal, I specifically said "I need to remove excess contributions due to having multiple employer-sponsored retirement plans for the same business." They knew exactly what I was talking about and had a standard form for this situation. The key thing that helped me was getting everything in writing from the custodian before they processed the removal. They sent me a letter confirming that the distribution would be coded as an excess contribution removal on the 1099-R (code P), not as a regular distribution. This documentation was crucial when I filed my taxes. One more tip: when you call, ask them to calculate any earnings on the excess contributions that also need to be removed. The IRS requires that both the excess contributions AND any earnings attributable to those contributions be distributed. The earnings portion will be taxable, but removing everything properly avoids the ongoing 6% penalty. You're definitely on the right track focusing on the Solo 401k going forward. It really is the better option for self-employed folks who want to maximize their retirement savings in one account.

I've been through this exact situation and want to echo what the CPA and others have said - you're definitely fixable, but you need to act quickly! The key insight that helped me was understanding that as a self-employed person, you can't split employer contributions between two different retirement plans for the same business. Your $23,000 Solo 401k employee contribution is totally fine - that's a separate bucket. But the $28,500 SEP-IRA contribution is competing with any employer contributions you might have made to your Solo 401k. I'd recommend calling your SEP-IRA custodian tomorrow and requesting a complete "excess contribution removal" for the entire $28,500 plus any earnings. Use that exact phrase - they'll know what you're talking about. Get the removal processed ASAP so you have documentation before filing your taxes. Going forward, just stick with the Solo 401k. You can actually contribute MORE with just that one account ($23,000 employee + up to 25% of net self-employment income as employer contributions) without all the complexity of managing two different account types. You caught this early enough to fix it properly - don't stress too much about penalties as long as you get the excess removed before your filing deadline!

I've been reading through all these responses and I'm struck by how many complex factors are at play here that could significantly impact your outcome. As someone who's been working in tax preparation, I want to add a few practical considerations that might help you make a more informed decision. First, regarding the passive activity loss rules that several people have mentioned - there's actually a middle ground that might apply to your situation. If you actively participate in managing your rental properties (making management decisions, approving tenants, etc.) and your modified adjusted gross income is under $100,000, you can potentially deduct up to $25,000 in rental losses against other income like your 401k withdrawal. This phases out as your income increases, but given your reduced income this year, you might be able to take advantage of this provision. However, I'd strongly echo what others have said about the timing mismatch. Even if you close on properties before December, if they need any work before being rental-ready, you won't be able to claim depreciation until they're actually "placed in service." This could leave you with a significant tax bill this year with limited offsets. One alternative worth considering: if you're set on accessing retirement funds for real estate, look into whether your 401k plan allows for hardship withdrawals or if you could qualify for any penalty exceptions. While these are limited, they might allow you to access some funds without the full 10% penalty. Given the complexity and permanent nature of this decision, I'd really recommend getting specific tax advice based on your exact situation before proceeding. The general strategies discussed here are helpful, but the details matter enormously when dealing with these tax implications.

This is a complex decision with significant long-term implications that go well beyond just the immediate tax consequences. I've been investing in real estate for about 8 years now, and while I understand the appeal of those projected 18% returns, I'd encourage you to carefully consider a few key points that could make or break this strategy. The biggest risk I see is the timing mismatch between your 401k withdrawal (immediate taxable income) and when you can actually claim rental depreciation. Properties need to be "placed in service" - meaning ready for rent - before you can start claiming depreciation. If your properties need any repairs, improvements, or even just time to find tenants, you might end up with most of the tax hit in 2024 but very limited depreciation offsets. I'd also stress-test those 18% return projections with more conservative assumptions. Factor in 10-15% vacancy rates, unexpected major repairs (HVAC, roofing, plumbing), property management costs if you don't want to handle everything yourself, and potential rent collection issues. In my experience, the properties that look best on paper often have the most surprises once you own them. Have you considered starting smaller? Maybe withdraw just enough for one property, see how the actual numbers work out over 12-18 months, and then reassess? This would let you test your investment thesis without risking your entire retirement nest egg on what is essentially a business venture with inherent risks and uncertainties. The permanent loss of that 401k contribution space is something you can't undo later if things don't go as planned.

I'm getting the exact same Transaction 107460787274-1 error! Been trying to access my cycle 5 transcript since around 6 AM and hitting that same "unrecoverable error" message every single time. It's honestly such a relief to find this thread and see I'm not the only one dealing with this frustrating issue. I was genuinely starting to panic thinking something was wrong with my return or that my account got flagged somehow, but seeing everyone getting the identical transaction error code really confirms this is just the IRS servers being completely overwhelmed today. Makes perfect sense since we're all cycle 5 folks frantically trying to check if our refunds processed overnight. The late night strategy that multiple people have mentioned sounds like the smart approach - definitely going to wait until after 11 PM when traffic dies down instead of continuing to refresh every few minutes like I have been all morning. You'd think the IRS would anticipate these predictable traffic spikes by now and beef up their server capacity! Thanks everyone for sharing your experiences and tips. This community is seriously a lifesaver for understanding what's normal IRS system chaos versus actual problems with our returns! 🤞

I'm experiencing the exact same Transaction 107460787274-1 error! Been trying since around 7 AM and keep getting that frustrating "unrecoverable error" message. As a cycle 5 filer, I was really hoping to see if my transcript updated with any refund information today. Reading through all these comments has been such a huge relief - I was genuinely worried something was wrong with my specific account or return. The fact that we're all getting the identical transaction error code really confirms this is just widespread server overload on cycle 5 update day when everyone's checking simultaneously. Really appreciate all the advice about trying late at night when traffic dies down. Makes total sense that 11 PM would have way less users than early morning when we're all frantically refreshing hoping for updates. Going to resist the urge to keep checking constantly and wait until tonight instead. This community is amazing for helping each other understand what's normal IRS system chaos versus actual problems with our returns. Thanks everyone for sharing your experiences! 🙏