This is incredibly helpful information! I'm actually in a very similar situation as the original poster - no tax treaty with the US and was completely avoiding Treasury investments because I assumed I'd lose 30% to withholding. Just to make sure I understand correctly: if I'm a non-resident alien from a country without a US tax treaty, I can invest in Treasury bills and the interest income will be completely exempt from US withholding tax as long as I properly file a W-8BEN form? This seems almost too good to be true given how restrictive US tax rules usually are for foreign investors. Also, does this exemption apply equally to all Treasury maturities (3-month, 6-month, 1-year bills) or are there any restrictions based on the term length? I want to make absolutely sure before I start investing significant amounts.

I want to add another perspective on this since I went through the same confusion last year. The exemption for Treasury securities is real and well-established, but I'd strongly recommend getting everything in writing from your broker before making large investments. When I first tried to purchase Treasury bills, my broker's system automatically applied the 30% withholding despite having a W-8BEN on file. It took three phone calls and providing them with specific references to IRS Publication 519 and Section 871(i)(2)(A) before they corrected their system. Some brokers, especially smaller ones, aren't familiar with this exemption since most foreign clients stick to other investments. I'd suggest doing a small test purchase first to make sure the withholding is handled correctly before committing larger amounts. Also, keep all documentation showing the exemption was properly applied - it makes tax filing much easier in your home country when you can clearly show no US taxes were withheld. The exemption is legitimate and incredibly valuable for non-resident investors, but the implementation can sometimes be bumpy depending on your financial institution's familiarity with the rules.

Has anyone used the free IRS Taxpayer Advocate Service for help with this? I'm trying to figure out the S corp election forms too but can't afford to pay for help.

Just want to echo what others have said about Form 2553 being sufficient for single-member LLCs electing S corp status. I went through this process in 2023 and filed only Form 2553 - no issues with the IRS at all. One tip I'd add is to make sure you have your EIN ready when filling out Form 2553, and double-check that all your business information matches exactly what's on file with the IRS. Also, consider sending it certified mail or filing electronically if possible to have proof of timely filing. The March 15th deadline is firm, so don't wait until the last minute. If you miss it, you'll have to wait until the following tax year unless you qualify for late election relief (which requires jumping through additional hoops). Good luck with your election!

This is such valuable information! I'm in a similar boat at 64 and was completely stressing about my planned IRA withdrawals affecting my Social Security benefits. Reading through all these responses has been incredibly helpful. I've been working reduced hours specifically to stay under the earnings limit, but now I realize I could have been taking more from my IRA this whole time without any impact on my SS benefits. It's frustrating how confusing the SSA materials can be - they really should make this distinction clearer between "earned" and "unearned" income. For anyone else in this situation, I'd definitely recommend getting confirmation directly from SSA about your specific circumstances. Every situation is a bit different, and it's worth the peace of mind to know exactly where you stand before making major financial decisions.

This thread has been incredibly helpful! I'm 63 and just started collecting early Social Security while also needing to make some IRA withdrawals for home repairs. I was panicking thinking I'd lose my benefits, but now I understand the earned vs. unearned income distinction. One thing I'd add for others in similar situations - make sure to keep good records of all your income sources throughout the year. Even though IRA withdrawals don't count toward the earnings limit, you'll still need to report them correctly on your tax return. The IRS will send you a 1099-R for any IRA distributions, and while they won't affect your SS benefits, they will impact your overall tax liability. I'm planning to use some of the resources mentioned here to double-check my situation, especially since I also have a small pension that started this year. Thanks to everyone who shared their experiences - it's so much more helpful than trying to decode the official SSA publications on my own!

I just want to echo what everyone has said here - the Schedule C to Schedule 1 to Form 1040 flow is exactly right, and this thread has been incredibly educational to read through! I went through this same confusion two years ago when I started my photography side business. What really helped me was creating a simple flowchart on paper: "Schedule C (business profit/loss) → Schedule 1 Line 3 → Schedule 1 Line 26 total → Form 1040 Line 8." I still keep that note taped to my desk during tax season. For anyone using tax software, don't worry if you can't see where your Schedule C income "goes" on the main 1040 - the software handles all the Schedule 1 connections automatically. But if you're curious (like I was), you can usually view all the generated forms to see how everything flows together. One last tip: if you're just starting out with Schedule C, consider keeping a simple spreadsheet throughout the year with your business income and expenses. It makes filling out Schedule C so much easier when tax time comes around, rather than trying to reconstruct everything from receipts and bank statements. Trust me on this one - I learned it the hard way! Thanks Logan for asking this question - even though I've been doing this for a couple years now, reading through everyone's explanations really reinforced my understanding of the process.

I'm so glad I found this thread! I've been struggling with the exact same issue for my small online business. The redesigned 1040 has been throwing me off completely. Just to make sure I understand the flow correctly: I complete Schedule C to calculate my business profit, then that amount goes on Schedule 1 Line 3, and then the total from Schedule 1 Line 26 goes on Form 1040 Line 8, right? I've been trying to put my Schedule C profit directly on the main 1040 form and couldn't figure out why nothing lined up. This explains everything! I had no idea about Schedule 1 being the intermediary step. Also, thank you to everyone who mentioned the self-employment tax requirement - I definitely would have missed Schedule SE otherwise. Running a small business is complicated enough without trying to navigate these form changes on your own. This community is incredibly helpful!

Really helpful discussion here! I just want to emphasize something that might save others some headaches - when you're dealing with Form 8822-B and electronic signatures, make sure you check if your business has multiple EINs or entity structures that might need separate address changes. I run a small consulting business that's an LLC but elected S-Corp tax treatment, and I initially thought one 8822-B would cover everything. Turns out I needed to be more specific about which entity/EIN the address change was for, and I also had to consider whether my personal tax returns (Schedule K-1 from the S-Corp election) needed separate attention. The IRS agent I eventually spoke with explained that if you have multiple business entities or complex structures, it's worth calling to confirm exactly what forms you need and how to properly complete them. A small mistake in entity identification can delay the whole process significantly. Also, for anyone using electronic signatures - I found that Adobe Sign worked perfectly and included all the compliance features mentioned earlier in the thread. The key is making sure your e-signature solution captures the signer's IP address and includes a detailed audit trail, which both Adobe Sign and DocuSign handle automatically.

One thing I haven't seen mentioned yet is the importance of keeping detailed records when you electronically sign Form 8822-B. I learned this the hard way when the IRS questioned my address change submission about 6 months after I filed it. Even though electronic signatures are accepted, the IRS may still request proof of when and how the form was signed, especially if there are any discrepancies or delays in processing. When I used DocuSign for my 8822-B, I made sure to download and save the complete signing certificate that shows the digital fingerprint, timestamp, and IP address of where it was signed. This documentation proved invaluable when I had to respond to an IRS inquiry. The signing certificate clearly showed the form was legitimately signed by me on the date in question, which resolved their concerns quickly. My advice: regardless of which e-signature platform you use (DocuSign, Adobe Sign, etc.), always download and keep the complete audit trail documentation. Store it with your other tax records - you might need it later to verify the authenticity of your signature if questions arise. Also, if you're signing on behalf of a business entity, make sure your title and authority are clearly indicated in the signature block. This helps avoid any confusion about whether you had the right to sign for the company.