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My wife and I were in almost the exact same situation! We both switched from 0 to 1 last year and ended up with about $180 more in our combined paychecks each month. When we filed taxes this year, we still got a refund but it was around $1,200 instead of our usual $3,400. Personally I'd rather have the money in my pocket throughout the year than give the government an interest-free loan!
That's what I always tell people! Getting a big refund feels good for a moment but it's actually terrible financial planning. It's YOUR money that you could have been using all year!
As someone who recently went through this exact same process, I'd definitely recommend starting with just one of you switching to claiming 1 allowance first. My partner and I were both claiming 0 and getting massive refunds (around $4,000 annually), which meant we were essentially giving the government an interest-free loan. We started by having the higher earner switch to 1, and it made a noticeable difference - about $80-90 more per paycheck. After seeing how that worked out over a few months, we adjusted the other person's withholding too. One thing to keep in mind is that the W-4 form was updated in recent years, so if you haven't filled one out recently, the process might look different than you expect. The new form doesn't actually use the old "allowances" system anymore - it uses dollar amounts and percentages instead. For your income levels, you're probably safe starting with one person claiming 1, but I'd also suggest running your numbers through a withholding calculator (whether the IRS one or a third-party tool) to get a better sense of your optimal withholding strategy.
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Anyone else feel like the whole tax system is rigged against regular people? Like why TF is there even a transaction limit? The IRS knows exactly what I made from my 1099s already. The whole thing is just designed to make us pay for expensive software or accountants. 🙄
The transaction limits are actually more about the software companies than the IRS. The consumer versions of tax software have these limits because processing thousands of transactions is computationally expensive. Professional versions don't have these limits but cost a lot more.
I went through this exact same nightmare last year! The 4000 transaction limit caught me completely off guard too. What saved me was creating a detailed spreadsheet that grouped my trades by security type and holding period (short-term vs long-term), then summarizing each group into single line items for Schedule D. The key is keeping meticulous records of every individual transaction even though you're reporting summaries. I created categories like "Various NYSE stocks - short term" and "Various NASDAQ stocks - long term" with the total proceeds, cost basis, and gain/loss for each category. Also make sure you're properly accounting for wash sales - that's where a lot of people mess up when they try to do this manually. The IRS is totally fine with summary reporting as long as your math is correct and you can provide the detailed backup if audited. Don't stress too much about the deadline - this is more common than you think and there are definitely ways to handle it without paying a fortune for professional help!
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Don't forget to check if you qualify for the Earned Income Tax Credit! If your income is low, you might qualify for this credit which could give you money back even if you didn't pay any taxes. I only worked for 6 weeks in my first year in the US and still got about $560 back because of this credit.
Is there a minimum time you need to be in the US to qualify for that credit? I arrived in October.
For the Earned Income Tax Credit (EITC), there's no minimum time you need to be physically present in the US, but you do need to be a US citizen or resident alien for the entire tax year to qualify. Since you arrived in October, you'd be considered a part-year resident for 2024, which unfortunately means you wouldn't be eligible for the EITC this year. However, you should be eligible for it next year (2025 tax year) if you stay in the US all year and meet the income requirements. The good news is there might be other credits you could qualify for even as a part-year resident, like certain education credits if you paid for courses, or the foreign tax credit if you paid taxes in another country earlier in the year.
As someone who also just moved to the US recently, I want to add that it's really important to keep track of ALL your tax documents from your first year here. Beyond just your W-2, make sure you save records of any foreign income you might have earned before arriving in the US, especially if you're from a country that has a tax treaty with the US. Also, if you opened any US bank accounts that earned interest (even just a few dollars), you'll get 1099-INT forms that you'll need for filing. I made the mistake of not keeping track of a small savings account and had to scramble to get the documents later. One more tip - if you're planning to stay in the US long-term, consider getting familiar with tax software or services now while your situation is relatively simple. It only gets more complicated as you establish more financial ties here (buying a house, investing, etc.).
Great questions! For foreign income, you generally need to report ALL worldwide income on your US tax return as a resident, regardless of the amount. Even that $2,000 from your part-time job back home should be included. The good news is that you might be able to claim the Foreign Tax Credit if you paid any taxes on that income to your home country, which could reduce or eliminate double taxation. For tax treaty benefits, the IRS actually has a comprehensive database of all US tax treaties on their website (irs.gov). You can search by your home country to see the specific treaty provisions. Each treaty is different - some provide exemptions for certain types of income, others have reduced withholding rates, and some have tie-breaker rules for determining residency status. I'd also recommend checking with your home country's tax authority website, as they often have guides explaining how the treaty works from their perspective. Some countries even have bilateral agreements that make it easier to avoid double taxation. The complexity really depends on which country you're from - treaties with countries like Canada or the UK tend to be more straightforward than others.
Great questions! Yes, you generally need to report ALL worldwide income on your US tax return as a resident, regardless of the amount - even that $2,000 from your home country counts. The US taxes based on your tax residency status, not citizenship, so once you become a US tax resident, everything needs to be reported. For tax treaty benefits, the IRS actually has a great resource - Publication 901 covers all the tax treaties the US has with different countries. You can also find country-specific tax treaty documents on the IRS website. Each treaty is different, but common benefits include reduced withholding rates on certain types of income and exemptions for students or temporary workers. @c052215e0f31 is absolutely right about keeping detailed records. I'd also recommend checking if your home country has any reporting requirements for residents who move abroad - some countries want to know about your change in tax status even after you leave.
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Has anyone tried using Glacier Tax Prep instead of Sprintax? My university offers it for free for federal returns but still charges for state returns. Wondering if it's any better or easier to use?
I used Glacier last year and it was pretty straightforward for the federal return. The interface isn't as fancy as Sprintax but it gets the job done. For state returns, I ended up just filing directly through my state's department of revenue website since my situation was simple. Saved about $35 that way.
I'm in a similar situation and found that many states actually offer free online filing options directly through their department of revenue websites, especially for simple returns. Before paying the $45 to Sprintax for state filing, I'd suggest checking your state's official tax website first. Most F1 students have pretty straightforward tax situations (just W-2 income from on-campus work and maybe some scholarship reporting), so you might be able to file the state return yourself for free. The forms are usually much simpler than the federal return. I did this last year in California and it took about 20 minutes once I had all my documents ready. Also, definitely reach out to your international student office - they often have resources or partnerships that students don't know about. Some schools even have tax workshops specifically for international students during filing season where they walk you through the whole process.
Natalia Stone
I wanna point out somethig nobody mentioned yet - if your total US-source income gets bigger in the future (like over $600ish), you might need to file a 1040-NR (Nonresident tax return). But for $13? Def not worth the IRS's time to chase you for. Also, check if UK and US have a tax treaty for dividends - most countries do. Sometimes you can claim back some of that withholding if the treaty rate is lower than the standard 30%.
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Tasia Synder
•The filing threshold for non-residents with only US dividend income is actually way higher than $600. The 1040-NR is generally only required if you have income not subject to withholding or if the withholding was insufficient. For properly withheld dividend income, there's effectively no minimum filing requirement unless you're claiming a refund.
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Austin Leonard
Hey Alfredo! Don't stress about this - you're definitely not going to end up on any IRS blacklist over $13 in dividends! 😊 As others have mentioned, the 1042-S is just a reporting form showing that Webull properly withheld US tax on your dividend income. Since you're Canadian and the amount is so small, you don't need to file anything with the IRS. However, I'd recommend keeping that form for your Canadian tax records. When you file your Canadian taxes, you'll likely need to report this foreign income (even though it's tiny) and you can claim a foreign tax credit for the $4 that was withheld. This prevents you from being double-taxed on the same income. The Canada-US tax treaty is designed to handle exactly these situations, so the withholding system already took care of your US tax obligations. You're all good on the US side - just make sure to mention it to whoever helps you with your Canadian taxes next year! Keep investing and don't let the paperwork scare you away. We've all been confused by tax forms at 22!
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