Just to clarify the confusion here - you absolutely DO need to file taxes for your first year of working if you meet the income requirements! Don't wait until your second year. Here's the timeline: If you started working in January 2024, you'll file your 2024 tax return by April 15, 2025. Your AGI for that return will be whatever you earned in 2024 (minus any adjustments like student loan interest, etc.) - it won't be zero if you had income. The "prior year AGI" confusion comes from the e-filing verification process. When you file electronically, the system might ask for your prior year AGI to verify your identity. Since you've never filed before, you would enter 0 for that verification question only. Think of it this way: Your current year AGI = your actual income minus adjustments. Prior year AGI for verification = 0 if you've never filed before. Two completely different things!

I went through this exact same confusion last year! The key thing to remember is that filing taxes is based on the tax year (January-December), not when you started working. So if you worked any part of 2024, you'll file those taxes in early 2025. Your AGI will definitely NOT be zero - it's calculated from your actual earnings minus any qualifying adjustments. The zero only comes into play if tax software asks for your "prior year AGI" during the e-filing process for identity verification purposes. One thing that really helped me was keeping track of all my tax documents (W-2, any 1099s, etc.) as I received them. Also, don't stress too much - most first-time filers with just W-2 income have pretty straightforward returns. You've got this!

This is really helpful information! I've been putting off dealing with my FBAR requirements because I wasn't sure if my small foreign accounts even mattered. Reading through all these responses clarifies a lot - especially the point about aggregating ALL foreign accounts to hit that $10,000 threshold. I have a similar situation with a Revolut account (also UK-based) where I keep some Euros and GBP for travel. Never more than $2,000 total, but good to know I need to track the combined balances with any other foreign accounts I might open. The automatic October extension is also news to me - takes some pressure off since I'm always scrambling to get my regular taxes done by April 15th. Thanks everyone for sharing your experiences with both the tools and actually getting through to the IRS. This community is incredibly valuable for navigating these complex international tax requirements!

Just wanted to add a practical tip for anyone tracking their foreign account balances throughout the year - I set up monthly calendar reminders to screenshot my account balances and save them in a dedicated folder. This way I don't have to scramble at tax time trying to remember what my highest balances were. For Wise specifically, their monthly statements show the balance on the last day of each month, but you might hit your peak balance mid-month. I learned this when I transferred $8,000 through my Wise account in March but only kept it there for 3 days before sending it overseas. That brief spike still counted toward my FBAR threshold calculation even though my month-end statement showed a much lower balance. Also, don't forget that joint accounts count too! If you have signature authority over your spouse's foreign accounts or any business accounts, those balances get included in your $10,000 threshold calculation as well.

Here's exactly what you need to do with your cycle code situation: 1. First, understand that 20250705 breaks down as: 2025 (IRS fiscal year) + 07 (7th week of processing) + 05 (Thursday processing day) 2. Next, check your account transcript for TC 846 code - this is your refund code 3. If you see TC 846, note the date next to it - that's your scheduled deposit date 4. If no TC 846 yet but you see TC 150 (return filed), you're in normal processing 5. Check again next Thursday morning as Thursday cycle codes typically update weekly Your W2 information is on a separate transcript and doesn't affect refund timing. With tuition due May 15th, you should have your refund well before then based on current processing times.

I understand your anxiety about the timing with tuition due May 15th! The good news is that cycle code 20250705 is actually a positive indicator - it means your return has been processed and assigned to the Thursday update cycle (that's what the "05" means). Since you filed March 1st and are seeing this update on April 12th, you're well within normal processing timeframes. The missing W2 information you mentioned is likely on your Wage & Income transcript rather than your Account transcript - these are separate documents that update at different times. I'd recommend checking your transcript again next Thursday morning, as that's when Thursday cycle codes typically get their next update. Based on the timing patterns others have shared here, you should definitely have your refund well before your May 15th tuition deadline. Hang in there!

Does anyone know if there's a penalty for submitting the W-8BEN late? I'm in a similar situation with Chase and just realized I never responded to their letter from 2 months ago...

For students on F-1 visas, this is actually a really common mixup! Banks often don't train their staff well on the different tax forms for international students vs other account holders. Since you mentioned you opened the account in mid-March and are on a student visa, you're most likely a non-resident alien for tax purposes (assuming you've been in the US for less than 5 years). This means the W-8BEN was probably the correct form, but there might have been an error in how it was filled out. The good news is that for such a small amount of interest, any withholding issues are minimal. I'd recommend calling BOA's international banking department directly - they're usually much more knowledgeable about these forms than regular branch staff. Ask them specifically what was wrong with your original W-8BEN submission and whether you need to provide additional documentation beyond the passport copy. Don't stress too much about the timing - while 30 days is preferred, banks deal with late submissions all the time, especially for international students who might not be familiar with US banking requirements.

As a newcomer to this community, I really appreciate how comprehensive and helpful this discussion has been! I'm dealing with a very similar situation - I earned $6.34 in interest from a high-yield savings account last year and was completely unsure whether such a small amount needed to be reported. Reading through everyone's explanations has made it absolutely clear that ALL interest income is taxable, regardless of amount. The key insight that helped me most was understanding that the $10 threshold only applies to banks' reporting requirements, not to our tax obligations as individuals. These are completely separate things that I was mistakenly linking together. What really convinced me was the point several people made about there being no "de minimis" exception in the tax code for small interest amounts. If lawmakers wanted to exempt tiny amounts, they would have written that into the law explicitly - but they didn't. The rule is simply that all taxable income must be reported, period. I also appreciated hearing about everyone's personal experiences with similar small amounts. It's reassuring to know that reporting these on Line 2b of Form 1040 is straightforward and that the peace of mind from complete compliance far outweighs the minimal tax impact (probably less than $2 in my case). This discussion perfectly shows why this community is so valuable - turning what seemed like a confusing gray area into a clear, confident path forward. I'll definitely be reporting my $6.34 and establishing good habits for proper tax compliance from the start!

As a newcomer to this community, I want to thank everyone for such a thorough and helpful discussion! I'm in the exact same situation with $8.73 from my Vanguard account, and this thread has completely cleared up my confusion. What really helped me understand this was the distinction everyone made between the bank's $10 reporting threshold (purely administrative) and our actual tax obligations as taxpayers (report ALL taxable income). I was incorrectly thinking these were connected, but they're completely separate requirements. The point about there being no "de minimis" exception in the tax code really resonated with me. If Congress wanted to exempt small interest amounts, they would have written that explicitly into the law - but they didn't. The rule is simply that all interest income is taxable, regardless of amount. I also appreciate everyone sharing their personal experiences with similar small amounts. It's reassuring to know that reporting this on Line 2b of Form 1040 is straightforward (no Schedule B needed under $1,500) and that the peace of mind from complete compliance is worth far more than the extra $2 or so in taxes. This discussion perfectly demonstrates why this community is so valuable - taking what seemed like a confusing gray area and providing clear guidance through shared knowledge and experience. I'm definitely reporting my $8.73 and establishing good tax compliance habits from the start!