Tip from someone who's been there: make sure you check if your CD interest is simple or compounded. My bank advertised a great rate but buried in the fine print that it was simple interest, not compound. Makes a difference in how much you actually earn and therefore how much tax you'll pay. Just something to double check!

Thanks everyone for all the helpful info! This thread has been super educational. I had no idea about the timing of when interest gets reported vs when CDs are opened. Sounds like I'm in the clear for my 2024 taxes since I just opened these in October. I'm definitely going to keep an eye out for those 1099-INT forms next January. Since I'm already dealing with 1099 contractor stuff, adding another form to track isn't too bad. At least CD interest seems more straightforward than estimated quarterly payments! One quick follow-up question - do credit unions send the 1099-INT forms at the same time as banks? My credit union is pretty small and sometimes they're slower with paperwork compared to the big banks.

Last year my transcript showed code 846 with date 5/15. I checked my account obsessively and noticed a pending deposit on 5/13 that cleared 5/14. This year, same thing happened - 846 date was 3/22 but money was in my account 3/21. I bank with a regional credit union that seems to process these quickly. I've found the 846 date is more like a "no later than" date rather than exact. Just don't tell my wife I check the account 20 times a day during tax season!

I've been tracking this pattern for several years as a tax preparer, and there are a few additional factors that can influence early deposit timing. The ACH processing network (NACHA) has specific rules about when financial institutions can make funds available. Generally, if the IRS initiates the transfer on a Wednesday for a Friday 846 date, your bank receives the "pre-notification" on Thursday and can choose to release funds early. However, I've noticed that taxpayers with direct deposit to the same account used for previous years tend to get faster processing. New accounts or changed banking info often stick closer to the official 846 date for security reasons. Also worth noting - if you have any offsets (past due taxes, student loans, child support), those get processed first and can delay the timeline regardless of your bank's policies.

Don't forget that if you make more than $400 in net earnings from your Uber Eats gig, you HAVE to file taxes on it, even if you don't get a 1099. I learned this the hard way and got a surprise tax bill with penalties 😭 Also keep receipts for EVERYTHING. Gas, phone holder for your car, hot bags, part of your phone bill, anything. The IRS can ask for proof of your deductions.

Don't overlook the Qualified Business Income deduction (Section 199A) when you file your Uber Eats taxes! It lets you deduct up to 20% of your net profit from your delivery gig. My accountant almost missed this last year and it would have cost me several hundred $$.

Has anyone used TurboTax or H&R Block software for a situation like this? Wondering if they handle the 5074 form correctly or if this is really a "see a tax professional" situation?

I've dealt with similar territorial income issues and want to emphasize a few key points that might help: First, regarding the Copy A situation - this is actually more common than you'd think with territorial employers. While Copy B is what taxpayers should receive, having Copy A still allows you to report the income accurately. Just make sure to keep detailed records and consider attaching a brief explanation when you file. Second, since your parents moved mid-year from Guam to Nebraska, pay close attention to the "bona fide resident" test. Your mother, having lived in Guam since early 2021 until June 2023, would likely qualify as a bona fide resident for the portion of 2023 she was there. This affects how the income gets allocated on Form 5074. The key thing to remember is that ALL income (both W-2 and W-2GU) gets reported on the 1040, but Form 5074 determines which portion Guam gets to tax versus the US. Since you're paper filing anyway due to Form 5074, take advantage of this to include any explanatory statements about the Copy A situation or other documentation issues. Given the complexity here, especially with the mid-year move and mixed residency status, this might be worth consulting with a tax professional who has experience with territorial tax issues. The cost could easily pay for itself by avoiding potential errors or missed opportunities for tax savings.

Does anyone know if having a US LLC while living abroad affects this QBI situation? I've got a Wyoming LLC for my consulting business but I live in Germany. My tax person said something about US LLCs being "disregarded entities" for international tax purposes but I'm not sure how that impacts QBI eligibility.

Based on your situation, you should definitely be able to claim QBI on at least a portion of your income. Since all your clients are US-based companies and you're providing services to the US market, your consulting business likely qualifies as "effectively connected with a US trade or business" even though you're physically working from Portugal. The key issue you'll need to navigate is the interaction between FEIE and QBI that others have mentioned. You can't claim both benefits on the same income. Given your $142k earnings, you could potentially exclude up to about $120k with FEIE and then claim QBI on the remaining $22k portion. However, I'd strongly recommend getting professional confirmation before filing. Marketing consulting can sometimes fall under the Specified Service Trade or Business (SSTB) rules, which could limit your QBI deduction based on your income level. The SSTB limitation kicks in around $182k for single filers, so you're likely under that threshold, but it's worth verifying. Also consider whether taking FEIE on the full amount versus claiming QBI on more of your income might be more beneficial overall - sometimes the math works out better to exclude less with FEIE and claim more QBI, depending on your total tax situation.