Small tip that helped me understand this better: think of bank fees like you think of any other service fee you pay - like a Netflix subscription or ATM charge. You don't report those on your taxes and the same goes for savings account withdrawal fees. The only "fees" that matter for taxes are those that are actually penalties for early withdrawals from tax-advantaged accounts or time deposits (CDs), and those will always be on your 1099-INT or other tax forms.

Thanks everyone for all the helpful responses! This makes so much more sense now. I was definitely overthinking it and trying to account for every little fee. Just to make sure I understand correctly - so the only thing I need to worry about from my 1099-INT is what's actually printed on the form itself, and regular banking fees like withdrawal charges, overdrafts, monthly maintenance fees, etc. are just personal expenses that don't affect my taxes at all? I feel so much better about filing now. First time doing taxes is pretty overwhelming but you've all been super helpful!

Another option: if your spouse was from a country that has a tax treaty with the US, check if there are any special provisions that might help. My wife is from Canada and there were specific rules that applied to our situation when she got her green card.

I went through this exact same situation two years ago when my husband got his green card in July. The key thing to understand is that without making the 6013(h) election, your wife would be considered a "dual-status alien" for 2024 - meaning she'd be a non-resident for the months before getting her green card and a resident afterward. This creates a really complicated filing situation where you'd have to file separately, and she'd need to file a dual-status return (which is basically two tax returns stapled together). The 6013(h) election lets you treat her as a US resident for the ENTIRE year, so you can file jointly and simplify everything. A few important things to keep in mind: First, once you make this election, you can't revoke it for that tax year. Second, as others mentioned, ALL of her worldwide income for the full year becomes taxable in the US. Third, you'll need to attach a statement to your return specifically stating you're making the 6013(h) election. We found it was definitely worth it in our case because the tax savings from filing jointly more than offset the additional income inclusion. But definitely run the numbers both ways to be sure!

The two 570 codes with the same date is definitely unusual - I've been following tax stuff for years and typically see just one 570 when there's a hold. This could indicate your return triggered multiple review flags simultaneously. The 971 notice will be key to understanding what specific documentation they need. In my experience, EIC reviews with dependents usually focus on verifying custody/residency requirements. Check your mail daily and respond quickly to any IRS correspondence - that's the fastest way to get these holds released. The April date for your EIC suggests they're planning to process it, they just need to complete their verification first.

I see you have dual 570 codes which is pretty rare - this usually happens when your return hits multiple verification checkpoints at once. With your EIC amount and the fact that you mentioned having 2 kids, the IRS is likely verifying both your income eligibility for EIC and your dependent qualifications. The 971 notice will spell out exactly what they need from you. Don't panic about the duplicate codes - I've seen this before with larger EIC claims and it doesn't necessarily mean there's a problem, just that they're being extra thorough. Keep checking your mail for that notice and respond promptly with whatever documentation they request. Your April 16th EIC date suggests they fully intend to process it once verification is complete.

Another tip - make sure you know which of your grandma's investment accounts have automatic dividend reinvestment. This affects the cost basis on the 1099-B because reinvested dividends increase the basis. My dad's accounts had this feature and we were showing more gains than we should have been because the reinvested dividends weren't being properly tracked in the basis. Had to go through years of statements to correct it!

This is such a helpful thread! I'm dealing with something similar for my elderly aunt. One thing I learned the hard way - make sure to check if any of the 1099-INT forms show tax-exempt interest income in Box 8. My aunt had municipal bond funds across several accounts and we almost reported that income as taxable when it shouldn't have been. Also, when you're organizing everything for the accountant, I found it helpful to create a simple spreadsheet listing each 1099 form, which institution it's from, and the key amounts. It makes the appointment go much smoother when you can quickly reference which form has which information. The accountant will definitely appreciate having everything organized beforehand, especially with multiple investment accounts. Good luck with your appointment next week!

I learned the hard way that if you're self-employed, you're supposed to make estimated tax payments DURING the year (quarterly). If you didn't, then you're already late on those payments and that's why you'll owe penalties even if you pay "on time" by April 15. The deadlines for estimated payments were April, June, September 2024 and January 15, 2025.

Just to add some clarity to what others have mentioned - the key thing to understand is that there are actually two different types of penalties you might face: 1. **Failure to File penalty** - charged if you don't file by April 15 (5% per month) 2. **Underpayment penalty** - charged if you didn't pay enough taxes during 2024 through withholding or estimated payments For your situation with $7,800 owed, filing early vs. April 15 won't save you money on the underpayment penalty since that's already calculated based on what you should have paid quarterly during 2024. However, filing early does protect you from the failure-to-file penalty. One thing I don't see mentioned yet - if this is your first time owing significant penalties, definitely ask about **first-time penalty abatement** when you call the IRS. They can often waive the entire underpayment penalty if you have a clean compliance history for the past 3 years. This could potentially save you hundreds of dollars and is worth a phone call to request. Also, make sure to calculate whether you might qualify for any of the safe harbor rules mentioned earlier - sometimes people think they'll owe penalties when they actually won't!