Just to add to what others have said about the reporting thresholds - I work in banking compliance and can confirm that banks are required to file information returns (Form 1099-INT) with the IRS for ANY amount of interest paid, regardless of how small. The $10 threshold only determines whether they're required to send YOU a copy. So even if you earned $2 in interest and didn't get a 1099-INT in the mail, the bank still reported that $2 to the IRS. This means their computers will expect to see that income on your tax return. The good news is that for small amounts under $1,500 total, you can just report the total on Line 2b of Form 1040 without having to fill out Schedule B. But definitely don't skip reporting it entirely - the IRS matching system is pretty sophisticated these days and will catch discrepancies, even small ones. For your situation with multiple inactive accounts, I'd recommend calling each bank's customer service line. They can usually provide you with a year-end interest summary over the phone, which will save you from having to dig through months of statements.

Just wanted to share my experience as someone who went through this exact situation last year. I had 8 different bank accounts from rate-chasing and moving money around, most earning under $50 each in interest. I initially tried to ignore the smaller amounts (we're talking $3-15 per account), but after reading about the IRS matching systems, I decided to be thorough. I called each bank and asked for my "total interest earned for tax year 2023" - most representatives knew exactly what I needed and could provide it immediately. What surprised me was that two banks actually HAD issued 1099-INT forms electronically that I never knew about because I hadn't checked their online portals. The amounts were $12 and $18 respectively - just above that $10 threshold. The whole process took me about 2 hours total, and I ended up reporting an additional $127 in interest income that I would have missed otherwise. Not a huge amount, but definitely not worth risking an IRS notice over. Plus, now I know for this tax year to check all my bank portals in January and keep better records throughout the year. My advice: just bite the bullet and track it all down. It's tedious but not as bad as you think, and you'll have peace of mind knowing everything is properly reported.

Hi, I'm a green card holder who had this exact situation for 3 years. I filed every year even with no income to report. When I applied for citizenship, the officer specifically asked for all my tax returns and seemed pleased I had consistently filed, even with zeros. Just my personal experience, but I'd 100% recommend filing.

I went through this exact situation with my brother who's a green card holder. After researching extensively and consulting with an immigration attorney, here's what I learned: Technically, if your spouse truly has zero income and falls below the filing threshold, they're not legally required to file. However, there are several compelling reasons to file anyway: 1. **Immigration benefits**: When applying for citizenship, USCIS often requests tax transcripts as evidence of compliance with U.S. laws. Having a consistent filing history, even with zero income, demonstrates good faith effort to follow tax obligations. 2. **Documentation**: Filing creates an official record that your spouse was present in the U.S. and aware of their tax responsibilities, which can be valuable for future immigration processes. 3. **No penalties**: There's no downside to filing a zero return - it's free using IRS Free File options and takes minimal time. 4. **Peace of mind**: Eliminates any uncertainty about compliance and creates a paper trail showing responsible behavior. My brother filed zero returns for two years before getting work authorization, and during his citizenship interview, the officer specifically asked for tax returns. Having them available made the process much smoother. I'd strongly recommend filing - it's a simple safeguard that protects their immigration status.

Just wanted to add another important consideration for your 529 planning - make sure you understand the "enrolled at least half-time" requirement for room and board expenses. The IRS requires you to be enrolled at least half-time at an eligible institution for housing and food costs to qualify as 529 expenses. Also, regarding your security system question - while utilities like water and electricity are generally accepted as part of housing costs, security systems fall into more of a gray area since they're not essential utilities. I'd be conservative with that one unless you can show it's required by your lease or building management. For meal expenses, stick to reasonable grocery costs and occasional dining out. The key word is "reasonable" - the IRS looks at whether your food expenses align with what a typical student would spend in your area. Keep your receipts organized by month so you can track whether you're staying within your school's meal allowance limits.

The "half-time" enrollment requirement is typically defined by your specific school, but it's usually around 6 credit hours per semester for graduate students (compared to 12 for full-time). I'd recommend checking with your registrar's office or financial aid office to get the exact definition your school uses, as this can vary between institutions. One thing I've learned from my own 529 experience is to be extra careful about summer terms or lighter course loads. If you drop below half-time enrollment during any period when you're paying housing costs with 529 funds, those expenses could become non-qualified for that time period. Also, regarding documentation - I keep a simple spreadsheet that tracks my monthly 529 withdrawals against my qualified expenses (tuition, rent, utilities, groceries) with running totals. It makes tax time much easier and gives me confidence I'm staying within the qualified limits. The key is being able to show that every dollar withdrawn had a corresponding qualified educational expense in the same calendar year.

One thing I haven't seen mentioned yet is the importance of understanding Section 1031 like-kind exchanges for collectibles. If you're treating your trading cards as investments (not inventory), you might be able to defer capital gains by doing exchanges of similar collectibles rather than selling for cash and buying new items. However, this only works if you're truly in the investment category, not if you're classified as a dealer. The rules are pretty strict - you need to work through a qualified intermediary and meet specific timing requirements (45 days to identify replacement property, 180 days to complete the exchange). This could be particularly useful for someone in your situation who wants to "trade up" to higher-value sealed products while deferring the tax hit. For example, exchanging multiple lower-value vintage booster boxes for a single high-value item like a case of Base Set or something similar. Just another angle to consider as you're planning your strategy. The tax implications can really add up over time, especially with the higher collectibles capital gains rates, so any legitimate way to defer taxes while building your collection/investment portfolio is worth exploring.

As someone who's been dealing with collectibles taxation for years, I wanted to add a few practical points that might help with your planning: First, regarding the business vs. investment classification - the IRS has specific factors they look at, and one key element is whether you're buying items primarily for personal enjoyment or profit motive. If you're genuinely interested in the cards themselves (playing the games, appreciating the art, etc.) and holding for appreciation is secondary, that strengthens an investment classification. Second, consider your exit strategy early. If you plan to eventually scale this up significantly, you might actually WANT to be classified as a business from the start. Yes, you'll pay self-employment tax, but you'll also be able to deduct legitimate business expenses like storage, insurance, travel to card shows, even a portion of your home if you dedicate space to inventory. Third, be very careful about the "2-3 year hold" plan. While this sounds like investment behavior, if you're consistently buying with the intent to sell in that timeframe, the IRS might still view it as business activity. True investment behavior typically involves indefinite holding periods. Finally, consider starting small and documenting everything meticulously. Your first year's activity and documentation will set the precedent for how the IRS views your ongoing operations. Better to establish the right classification from day one than try to change it later.

I've been struggling with this exact same issue! After trying everything suggested here, what finally worked for me was a combination approach: downloaded the IRS2Go app, switched to my mobile hotspot instead of home WiFi, and tried accessing it around 6 AM EST. The mobile app was definitely way more stable than the website. Also cleared ALL my browser data (not just cache) before trying the website again. It's ridiculous that we have to do all this just to get our own tax documents, but these workarounds really do help. Don't give up - one of these methods will eventually work!

I've been dealing with this exact same issue! Just wanted to add another potential solution that worked for me after trying everything else mentioned here. I contacted my local IRS Taxpayer Assistance Center and they were able to print my transcripts on the spot - took about 20 minutes total including wait time. You can find your nearest location on the IRS website and they don't require an appointment for transcript requests. It's definitely more effort than the online option should be, but if you need them urgently and none of the tech workarounds are working, it might be worth the trip. The staff there also mentioned they've been seeing a lot of people with the same online issues lately.