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Has anyone used TurboTax for handling RSUs? It's giving me fits and I've spent like 3 hours trying to figure out how to enter this correctly.
I used TurboTax last year for my RSUs. When entering the 1099-B information, there should be an option to adjust the cost basis. Look for something like "This sale involves shares where the reported cost basis is incorrect" and it will let you enter the correct amount from your supplemental statement.
This is exactly the situation I'm dealing with right now! My company's HR department told me that the RSU income would be "handled automatically" but they didn't explain that the 1099-B would show zero cost basis. I was panicking thinking I owed taxes on the full sale amount. Just to clarify for anyone else reading - the key thing to remember is that when RSUs vest, you already pay ordinary income tax on their fair market value at that time (shown on your W-2). That fair market value becomes your cost basis for the shares. So when you sell, you only owe capital gains tax on any appreciation above that vesting-day value. The zero cost basis on the 1099-B is just because many brokers don't track the correct basis for employee stock compensation. Always keep those supplemental statements they send you - you'll need them every year you have stock sales!
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Has anyone had the IRS apply their overpayment to a state tax debt? I heard they can do that but not sure if its automatic or if you have to request it?
The IRS doesn't automatically apply federal tax overpayments to state tax debts. Federal and state tax systems are separate. However, if you owe other federal debts (including federal student loans), the Treasury Offset Program might intercept your federal refund to pay those debts.
I went through something very similar last year with back taxes from 2021. The IRS will definitely refund any overpayment automatically - no special forms needed. What helped me was creating an online account at irs.gov so I could track the status of my payment and see exactly how they calculated the penalties and interest. One thing to keep in mind: if you made the payment recently, it can take up to 6-8 weeks for them to fully process everything and issue the refund. They have to apply your payment, calculate the exact amount owed as of the payment date, and then process the overpayment. You should receive a notice explaining their calculations before the refund arrives. Also, double-check that you don't have any other outstanding federal debts (like student loans) because they might offset your refund against those before sending you the money. Good luck!
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Quick question - am I the only one who thinks its weird that the IRS doesn't just automatically do your taxes for you if they already know how much you made? Like they send those letters saying "hey you made this much" so obviously they know! Why do we even have to file???
It's because of the tax prep industry lobby. Companies like TurboTax and H&R Block literally spend millions lobbying Congress to keep tax filing complicated so they can sell their services. Many other countries do exactly what you're suggesting - the government just sends you a completed tax form and you verify it.
Hey Ryder! I totally get the panic - I was in a similar situation a few years ago and it felt overwhelming. But honestly, you're taking the right step by addressing this now rather than continuing to put it off. A few things that might help ease your mind: First, if you've been working regular jobs, your employers were likely withholding taxes from your paychecks, which means you probably won't owe as much as you think (and might even be due refunds for some years). Second, the IRS has programs specifically for people in your situation - the First Time Penalty Abatement can waive many late fees if you qualify. For your immediate apartment application problem, you might be able to get wage transcripts from the IRS that show your income history even without filed returns. This could at least help with the rental application while you work on getting caught up. I'd recommend starting by gathering whatever documents you can find (W-2s, 1099s, bank statements) and then deciding whether to tackle this yourself or get help. The peace of mind of having it resolved is honestly worth whatever effort or cost it takes. You've got this!
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pro tip: call ur bank and ask if theres any pending deposits. sometimes they can see it b4 it posts
good idea! gonna try that tomorrow
Ava Martinez
Anyone know if there's a penalty for not reporting this in previous years? I've been working in Brazil for 5 years and never included my FGTS in my FBAR calculations... 😬
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Miguel Ramos
•The penalties can be STEEP for willful violations - up to $100k or 50% of the account balance per violation! But if it was a genuine mistake, you can file under the Streamlined Procedures program and potentially avoid penalties. Don't wait though, fix it before they come to you!
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Fatima Al-Suwaidi
This is really helpful information! I'm in a similar situation as an expat in Germany with mandatory pension contributions. Based on what everyone's saying, it sounds like the key principle is that if you have a "financial interest" in an account outside the US, it counts toward FBAR reporting regardless of withdrawal restrictions. One thing I'd add for the original poster - make sure you're using the correct exchange rates when converting your Brazilian real amounts to USD for reporting. The IRS has specific guidance on which exchange rates to use (generally the Treasury's year-end rates for the maximum balance calculation). Also, keep good records of your monthly FGTS statements throughout the year so you can accurately determine the maximum balance. Since employers deposit 8% monthly, your balance is constantly growing, so the maximum will likely be at year-end unless there were any withdrawals. Good luck with your filing!
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Isabella Ferreira
•You can find the Treasury's year-end exchange rates on the IRS website - they publish them annually for tax reporting purposes. For FBAR reporting, you actually use the exchange rate from December 31st of the reporting year for all calculations, even if your maximum balance occurred earlier in the year. So if your FGTS peaked at 25,000 reais in July but you're filing for 2024, you'd convert that July amount using the December 31, 2024 exchange rate. The IRS also accepts rates from other sources like xe.com or oanda.com as long as you're consistent. Just make sure to document which source and date you used in case of any questions later. One more tip - since you mentioned you're new to expat taxes, consider setting up a simple spreadsheet to track your foreign account balances monthly. It makes the annual FBAR filing much easier when you don't have to scramble to find maximum balances at tax time!
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Miguel Silva
•You can find the Treasury's year-end exchange rates on the IRS website - they publish them annually for tax reporting purposes. For FBAR reporting, you actually use the exchange rate from December 31st of the reporting year for ALL balance conversions, even if your maximum balance occurred earlier in the year. This simplifies the reporting process since you only need to track one exchange rate. So if your FGTS hit its maximum balance of, say, 25,000 reais in September, you'd still convert that using the December 31st USD/BRL exchange rate when filling out your FBAR form. The IRS wants consistency in currency conversion across all foreign account reporting. Also totally agree with you about this thread being educational! The intersection of expat life and US tax obligations can be really complex, and it's great to see people sharing real experiences and solutions.
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