Just to add another perspective here - I've been using Wise for about 3 years and went through this exact same confusion. The key thing I learned is that you need to look at WHERE each currency is actually held, not just that it's a "foreign" company. I contacted Wise support directly and they provided me with a detailed breakdown of which banks hold each currency. My USD was indeed held at a US bank (Community Federal Savings Bank), so that didn't count toward FBAR. But my EUR and GBP were held at European banks, so those did count. The tricky part is tracking the daily balances throughout the year to find your maximum. I ended up creating a simple spreadsheet to track this since Wise statements don't always make it obvious when you hit peak balances across multiple currencies. One more tip: if you're even remotely close to the $10k threshold, it's probably worth filing the FBAR anyway. The penalties for not filing when required are much worse than over-filing when not required. Better safe than sorry with FinCEN compliance.

Based on what you've described, you likely don't need to file an FBAR for your Wise account this year since your maximum balance across all currencies was only around $800. The FBAR filing requirement only kicks in when the aggregate value of ALL your foreign financial accounts exceeds $10,000 at any point during the calendar year. However, there are a couple of important nuances to consider with Wise accounts: 1. **Location matters more than currency**: As others have mentioned, what determines if an account is "foreign" for FBAR purposes is where the financial institution holding your money is located, not the currency type. Your USD in Wise is likely held at a US bank and wouldn't count toward the threshold. 2. **Keep good records**: Even though you're well below the threshold now, I'd recommend tracking your balances more carefully going forward. If you start using the account more frequently for larger transfers, you could potentially hit the threshold without realizing it. 3. **Consider other accounts**: Make sure you're not forgetting any other foreign accounts - even small investment accounts, savings accounts in other countries, or accounts you have signature authority over (like business accounts) all count toward the aggregate total. Since you're nowhere near the $10k threshold with just this account, you should be fine for this year's filing. But definitely keep documentation of your maximum balances just in case!

Just a heads up - most people don't itemize deductions anymore since the standard deduction got so much bigger after tax reform. Unless your itemized deductions (including mortgage interest, state/local taxes up to $10k, charitable donations, etc.) exceed $13,850 for single filers or $27,700 for married filing jointly in 2024, you're better off taking the standard deduction anyway. So even if part of your registration IS technically deductible, it might not actually benefit you unless you have enough other deductions to make itemizing worthwhile.

Don't worry, you're asking exactly the right questions! Tax filing can be really confusing, especially when you're doing it yourself for the first time. To clarify what TurboTax is asking about: you should only include car registration fees that you actually PAID during 2024 (the tax year you're filing for now). The registration that's due in two months would be for 2025, so it goes on next year's return. But here's the key thing many people miss - not all registration fees are deductible! Only the portion that's based on your car's VALUE (called "ad valorem" tax) can be deducted as a personal property tax. Flat fees that everyone pays regardless of their car's worth aren't deductible. Your registration notice should break this down. Look for terms like "ad valorem," "property tax," or "based on vehicle value." Some states make this really clear, others... not so much. Also keep in mind what GalaxyGlider mentioned above - unless you're itemizing deductions and they exceed the standard deduction ($13,850 for single filers in 2024), this won't actually save you any money anyway. Most people are better off just taking the standard deduction these days.

One more resource that might help - if you had direct deposit during those years, your bank statements could serve as supporting documentation of your income. While they won't replace W2s, having monthly deposit records that match your expected salary can help verify your employment and earnings when you're working with the IRS or your lender. Most banks keep electronic records going back several years, so you should be able to download statements from 2019-2022 through your online banking portal. This documentation, combined with the wage transcripts from the IRS, creates a pretty complete picture of your employment situation for that period. Also, if you contributed to a 401k or other retirement plan through that employer, those account statements might have additional employment verification information that could be helpful.

One thing I haven't seen mentioned yet is checking if your former employer had a third-party benefits administrator like Workday, BambooHR, or UltiPro. Even after a company goes bankrupt, these service providers sometimes maintain employee records for a period of time and may be able to provide W2 copies or at least employment verification. You can try searching your old emails for login credentials to any HR portals you might have used, or contact these companies directly if you remember which one your employer used. They might require some verification of your identity and employment, but it's worth a shot before going through the more complex IRS process. Another angle - if you have any former coworkers you're still in touch with, they might be dealing with the same issue and could have found a solution, or you could coordinate efforts to contact the same resources together.

Just wanted to add my experience as someone who's been trading US stocks through IBKR for about 3 years now. A few practical tips that might help: 1. **Record keeping is crucial** - I created a simple spreadsheet to track all my trades with the AUD/USD exchange rate on each date. This saves so much time at tax time. The ATO accepts RBA rates, so I just pull those. 2. **Quarterly dividend tracking** - US companies often pay quarterly dividends, so you'll get multiple small payments throughout the year. Each one needs to be converted to AUD and reported. IBKR's activity statements make this easier, but you still need to do the currency conversion. 3. **Don't forget about franking credits** - Since you're getting into US shares, remember that you lose the benefit of franking credits that Australian shares provide. This might affect your overall tax strategy, especially if you're in a higher tax bracket. 4. **Consider your CGT discount eligibility** - The 50% CGT discount for assets held over 12 months can make a big difference on your US holdings. Just make sure you're tracking your holding periods correctly. The W-8BEN form is definitely essential - without it, you'll pay 30% withholding instead of 15%. IBKR makes it pretty easy to complete online in your account portal. One last thing - if you're planning to invest more than $50k AUD in foreign assets, you'll need to report this on your tax return even if you don't sell anything. It's called the "foreign investment" question and catches a lot of people off guard.

As someone who's been navigating this exact situation for the past two years, I can confirm most of the advice here is spot on. One additional point that might help - when you're starting out with IBKR and US shares, consider setting up automatic currency conversion within your IBKR account. This can help reduce the number of FX transactions you need to track separately. I made the mistake of manually converting AUD to USD for each trade in my first year, which created dozens of additional FX transactions that I had to account for separately on my tax return. Now I keep a USD balance in my IBKR account and convert larger amounts less frequently, which simplifies the record keeping significantly. Also, regarding the estate tax discussion - it's worth noting that the Australia-US tax treaty does provide some protections, but they're limited. If you're approaching that $60k USD threshold, definitely worth getting specific advice from a cross-border tax specialist rather than trying to navigate it yourself. The consequences of getting it wrong can be significant for your beneficiaries. One last practical tip: IBKR's trade confirmations and monthly statements are your best friends come tax time. Set up a folder system to save these documents as you go - don't wait until March to start hunting for paperwork from the previous July!

Harold, as someone who's helped other young developers navigate this exact situation, I'd strongly recommend getting ahead of this now rather than waiting until tax season hits. Your $17k share definitely puts you in self-employment territory with quarterly payment obligations. One practical tip that's saved my clients headaches: create a simple shared Google Sheet with your partner documenting every ROBLOX payout - date received, total amount, and how you split it (your 65% vs his 35%). This creates a paper trail the IRS will appreciate if they ever have questions about your partnership arrangement. Also, don't sleep on the deductions available to game developers. Beyond the obvious stuff like software subscriptions and equipment, you can potentially deduct things like: - Asset marketplace purchases used in your games - Portion of your internet bill (keep records of business vs personal usage) - Game testing expenses (yes, buying other games for research can be deductible) - Educational content related to game development Since you're earning substantial income from October onward, you'll definitely need to make estimated quarterly payments for 2025. Missing these can result in penalties even if you get a refund when you file. Better to overestimate and get money back than underpay and owe penalties plus interest. Given your success, this probably won't be a one-time thing - consider this an investment in learning proper business practices that'll serve you well as your gamedev career grows!

Harold, you've gotten some excellent advice here! I wanted to add a few practical tips from someone who's been through this process with ROBLOX earnings. First, regarding your 1099-NEC - ROBLOX typically sends these out in late January for the previous tax year. Since you earned $26,300, you'll definitely receive one. However, don't wait for it to arrive before starting your tax prep - you can access your earnings history through the Developer Exchange portal on ROBLOX to get exact figures. For your partnership situation, even though it's informal, I'd recommend drafting a simple partnership agreement document (even just a one-page written agreement) that outlines your 65/35 split and how you'll handle business expenses. This doesn't need to be fancy legal language - just something in writing that shows the IRS your arrangement is legitimate and thought-out. One thing I haven't seen mentioned yet is Developer Exchange timing. Since there's often a delay between when players spend Robux and when you can actually cash out through DevEx, make sure you're reporting income based on when you received the cash payments, not when the Robux was earned in-game. Keep screenshots of your DevEx transactions as backup documentation. Also, consider opening a business credit card for any game development expenses. It makes tracking deductible purchases much easier and further legitimizes your business in the eyes of the IRS. Plus, you'll build business credit history which could be useful if you want to expand your game development business in the future. Good luck with your taxes, and congratulations on your game's success!