The IRS is so behind this year its not even funny. My friend filed in February and just got hers last week smh

Same exact thing happened to me! That status change from "still being processed" to "being processed" is definitely progress. I was stressing about it too but got my refund about 10 days after seeing that change. The waiting is brutal but you're definitely moving through the system now. Try not to check every single day (easier said than done I know lol) - maybe check every few days instead to save your sanity!

@Alfredo, based on your situation with $380K in S-Corp income, you'll definitely want to get this right! The K-1 will be issued to the QSST with the trust's EIN, but your son will report all the income on his personal return and pay the taxes. One thing I don't see mentioned yet - with that income level, your son may need to pay estimated taxes quarterly since there's no withholding from S-Corp distributions. The trust will still file Form 1041 but it's essentially just an informational return showing the pass-through to your son. Also, make sure your QSST election was filed properly with the IRS within the required timeframe (usually 2 months and 15 days after the stock transfer). If you missed that deadline, you could lose S-Corp status entirely. Your accountant should have handled this, but it's worth double-checking since the consequences are severe.

This is exactly the type of situation where getting professional guidance upfront can save you thousands in penalties and corrections later. With $380K in S-Corp income, the tax implications are significant. A few additional considerations for your QSST setup: 1. **Timing of the QSST election**: Make sure this was filed within 2 months and 15 days of the stock transfer. Missing this deadline can terminate your S-Corp election entirely. 2. **State tax implications**: Some states don't recognize QSSTs the same way the federal government does, so you may need separate state filings or elections. 3. **Future planning**: Consider whether your son will have other income sources that might push him into higher tax brackets when combined with the S-Corp pass-through income. 4. **Documentation**: Keep detailed records of all distributions vs. income allocations, as the IRS scrutinizes QSST arrangements more closely than regular S-Corp ownership. Given the complexity and the income level involved, I'd strongly recommend having your accountant walk you through the entire process again and provide written documentation of the reporting requirements. The interaction between S-Corp taxation and QSST rules has several nuances that can create compliance issues if not handled properly.

Just to add some additional perspective as someone who went through this exact scenario - I received a late 1099-R for a 401k rollover that showed $0 taxable amount and code G. I was initially panicked about having to amend my already-filed return. After doing some research and calling the IRS (which took forever), I learned that the key is whether there's any actual tax impact. Since properly executed rollovers with code G and $0 taxable amounts don't change your tax liability, there's no requirement to amend. The IRS agent I spoke with mentioned that they see thousands of these situations every year - it's super common for 1099-R forms to arrive after people have already filed, especially for rollovers. Their systems are designed to handle this. One tip: if you're still worried, you can always check your IRS online account in a few months to see if there are any notices or issues flagged. But in my case (and based on what I've read from others), there were no problems at all. Keep that 1099-R safe with your tax documents, but you should be able to relax about not amending!

I went through this exact same situation a couple years ago and can definitely confirm what everyone else is saying - you're totally fine not amending for a $0 taxable 1099-R with code G. What really helped ease my mind was understanding that the IRS gets these forms electronically before you even receive them in the mail, so their system already knows about your rollover transaction. Since it's properly coded as non-taxable, there's literally no tax impact to report. I was so worried about getting in trouble that I actually printed out the IRS publication on rollovers (Pub 590-A) to understand the rules better. It clearly states that direct rollovers between qualified plans don't create taxable events when properly executed. Your 1099-R is just documentation of the transaction, not something that changes your tax liability. Save yourself the stress and potential refund delay - keep the form with your records and move on. The fact that you're being careful about this shows you're a responsible taxpayer, but this really is one of those situations where no action is needed!

Has anyone used TurboTax to file with a Section 475(f) election in place? I made the election last year but I'm not sure if the software handles it correctly.

I went through this exact same confusion last year! You're right that the IRS publications are incredibly unclear about this. To answer your questions directly: 1) Yes, your original Section 475(f) election from last year is still valid for 2024 and all future years until you formally revoke it. You don't need to resubmit anything. 2) For your 2023 tax return (filing in 2024), you'll report all your trading activity on Schedule C as ordinary income/loss, not Schedule D. The MTM election treats you as marking all positions to market on December 31st. One important thing to double-check: make sure you're keeping good records of your December 31st position values, since you'll need to report the difference between your actual realized gains/losses and what the positions were worth at year-end. This can get tricky if you held positions overnight on December 31st. Also, don't forget that as a trader with the MTM election, you can deduct business expenses (home office, equipment, education, etc.) that regular investors can't deduct. But you'll also potentially owe self-employment tax on your net trading income. The election staying in effect automatically is actually one of the few trader-friendly aspects of the tax code!

Just a heads up that you might face this issue again with future employers. I've been on F1 for 4 years and had to educate EVERY employer about FICA exemptions. I now bring IRS Publication 519 (specifically the sections about FICA for F1 students) to HR during onboarding to prevent this from happening again.

Great advice from everyone here! I went through something similar during my F1 OPT period. One thing I'd add is to make sure you keep copies of everything - your original W2, the W2C, your I-20, EAD card, and any correspondence with your employer about the FICA correction. The IRS processing of amended returns can sometimes trigger additional questions, especially for international students, so having all your documentation organized makes responding much easier if they ask for proof of your visa status or work authorization. Also, if you're planning to stay in the US after graduation, having this paper trail helps establish your tax compliance history for future visa applications. The whole process is definitely frustrating, but you're absolutely doing the right thing by getting it corrected. Those FICA refunds can add up to significant money!