Another thing to watch for - if your foreign income comes from different categories (like passive investments vs active business income), you need separate Form 1116s for each category. The carryforward/limitations work independently for each category! I learned this the hard way. Had investment dividends from UK stocks (passive category) and consulting income from Canada (general category). They have to be tracked separately.

This is exactly the kind of confusion that trips up so many taxpayers with foreign income! You're absolutely right that you have significant carryforward credits available - your uncle is mixing up the limitation calculation with the actual credits you can carry forward. One thing I'd add to the excellent explanations already given: make sure you understand that the foreign tax credit limitation is calculated separately for different types of income. If all your foreign income falls into the "general category" (like wages, business income, etc.), then you'll have one calculation. But if you have passive income like dividends or interest, that gets calculated separately. Also, keep detailed records of your carryforward credits by year and category. The IRS can ask you to substantiate these amounts going back several years, especially since you'll potentially be using these credits for up to a decade. I recommend creating a simple tracking spreadsheet that shows the original year the credit was generated, the category, and how much you use each subsequent year. The key point everyone's made is correct - just because you can't use all your foreign tax credits in one year doesn't mean they disappear. The limitation exists to prevent foreign taxes from offsetting US tax on US-source income, but the IRS recognizes you actually paid those foreign taxes, hence the generous 10-year carryforward period.

Be cautious about relying on the NETSEND timestamps. The Treasury Financial Management Service (FMS) processes these payments in batches, but they don't always transmit on the exact date shown in your transcript. If your financial institution uses an intermediary processing center, this adds another 24-48 hours. Additionally, if the ACH information had even minor discrepancies, it can trigger a manual review process. I've seen cases where a deposit date passed and the refund was actually converted to a paper check without notification, which adds 2-3 weeks to delivery time.

I'm dealing with the same frustrating situation! My deposit date was 3/5 and still nothing. What's really confusing is that the IRS website makes it sound like these dates are set in stone, but clearly there's a lot more complexity behind the scenes. I've been checking my account obsessively every few hours, which probably isn't helping my stress levels. It's reassuring to see I'm not alone in this - seems like March deposits are hitting some kind of bottleneck this year. Has anyone noticed if certain banks are more reliable than others for getting these deposits on time?

Does anyone know if Cash App sends 1099-Bs for small amounts of Bitcoin? I only bought like $200 worth last year as an experiment. Do I still need to worry about this tax form?

I went through this exact same situation last year with my Cash App 1099-B! The key thing to understand is that the form shows your gross proceeds (what you received when you sold), but you're only taxed on the actual gain or loss. For your $3,500 in transactions, you'll need to gather records of what you originally paid for each Bitcoin purchase. Cash App's transaction history in the app should have most of this info. When you file, you'll report each sale on Form 8949, showing both the sale price (from the 1099-B) and your cost basis (what you paid). The difference is your actual taxable gain or loss. Don't panic about the disclaimer - it just means Cash App doesn't have complete cost basis info for some transactions, which is totally normal. The IRS expects you to provide the missing pieces. Keep good records and you'll be fine!

One important thing no one has mentioned yet - make sure you understand your state's requirements too. While federally a single-member LLC is disregarded, some states require separate filings or have annual LLC fees regardless of federal tax treatment. Here in California, we have to pay an $800 annual LLC tax even for a disregarded entity single-member LLC. Caught me by surprise my first year!

Great thread with lots of helpful info! I'm in a similar boat - just formed my single-member LLC in Texas for rental properties. After reading through everyone's experiences, I'm definitely going to get an EIN even though it won't change my tax treatment. The point about 1099s for contractors is huge - I'll be doing major renovations and didn't realize I'd need to issue those. One question for those who've been doing this longer - when you're calculating depreciation on rental properties, does it matter whether you have an EIN or not? I know the properties still get reported on Schedule E either way, but wasn't sure if there were any depreciation advantages to having the EIN versus just using my SSN. Also really appreciate the heads up about checking state requirements separately. Texas doesn't have income tax but I should definitely verify if there are any annual LLC fees or filings I need to be aware of.

One thing nobody's mentioned is that having a CPA also gives you a backup plan if you discover you don't love practicing law. I know several former attorneys who pivoted to accounting roles and were able to do so because they had the CPA. The versatility of having both credentials shouldn't be underestimated. Tax law can be extremely specialized and having multiple paths keeps your options open, especially early in your career when you're still figuring out what aspects of tax you most enjoy.

As someone who's been working in tax compliance and planning for the past 8 years, I'd strongly recommend the JD/MAcc + CPA route given your specific situation. The minimal debt factor alone is huge - I've seen too many colleagues struggle with six-figure student loans that limit their career flexibility. From a practical standpoint, the accounting foundation will make you incredibly valuable in corporate tax work. When I'm reviewing tax positions for clients, I need to understand not just the legal implications but also how they'll impact financial statements, cash flow, and overall business strategy. Many attorneys I work with have to bring in accounting consultants for this perspective, but you'd have it built in. The IRS is also increasingly focused on the intersection of tax and financial reporting, especially with initiatives around corporate transparency and international compliance. Having both skill sets positions you perfectly for this evolving landscape. One suggestion: even if you go the JD/MAcc route, consider taking some specialized tax courses or attending tax conferences to build that network that LLM programs provide. The credential combination will get you in the door, but the relationships will help you advance.