I just want to add that if you don't want to deal with the hassle of the ITIN application this year, you could file as "married filing separately" for now. Yes, you'll probably pay more in taxes, but it might be worth it if you need your return processed quickly. Then next year when you have more time, you can file jointly once your spouse has an ITIN or SSN. Just make sure you understand the limitations of MFS status - you lose several credits and deductions.

I went through this exact situation two years ago when I married my husband from the Philippines. Here's what worked for us: 1. Your spouse absolutely can get an ITIN - the W-7 form is still valid for spouses filing jointly. You'll need to check exception 1(d) on the form and write "Spouse of U.S. citizen/resident filing joint return" in the explanation section. 2. The tricky part is the documentation. You'll need either original documents (passport, birth certificate) or certified copies from the issuing agency (like the Philippine embassy in our case). Regular notarized copies won't work. 3. We attached the W-7 to our joint tax return and mailed everything together. The IRS processed the ITIN application first, then our return. Total time was about 10 weeks. 4. Pro tip: Double-check that your spouse qualifies as either a resident or non-resident alien for tax purposes, as this affects which exception category you select on the W-7. The IRS publication 519 has a good flowchart for this. The process is definitely still available despite what some outdated sources say. We successfully filed jointly and got our refund, just took patience with the timing. Good luck!

What tax software are most people using to handle these bank failure losses? TurboTax was confusing me last year when I tried to enter some investments that went to zero.

I'm sorry to hear about your FRC loss - that's a significant hit. One thing I'd add to the excellent advice already given is to make sure you understand the wash sale rules don't apply here since the stock became completely worthless rather than being sold and repurchased. Also, if you have any other capital gains this year, this loss can directly offset them dollar-for-dollar, which might help reduce your overall tax burden. Even if you don't have gains this year, as others mentioned, you can deduct $3,000 against ordinary income and carry the rest forward. Since you mentioned already owing taxes this year, definitely consider whether this loss might change your estimated tax payment situation. The $3,000 deduction against ordinary income could reduce what you owe by several hundred dollars depending on your tax bracket.

Anyone using TurboTax for reporting crypto from non-CFTC exchanges? I tried but it seems to get confused with the forms when I tell it the trades aren't from a regulated exchange.

I've been dealing with this exact situation for the past two years. You're absolutely correct that non-CFTC regulated exchanges don't qualify for Section 1256 treatment, so all your gains will be treated as regular capital gains/losses. One thing I'd add that hasn't been mentioned yet - make sure you're also considering whether any of your trades might be classified as wash sales. This happens when you sell crypto at a loss and then buy the same or "substantially identical" crypto within 30 days before or after the sale. The IRS has been increasingly strict about this with crypto trades. Also, if you made any trades that could be considered "like-kind exchanges" (crypto-to-crypto trades before 2018), those have different reporting requirements. But for straight buy/sell trades on exchanges, you're right to treat them as short-term capital gains if held less than a year. Document everything now while you still have access to your trading history - some exchanges have been known to delete old records or shut down entirely.

One thing to keep in mind is timing - both benefits have specific deadlines you need to meet. The EV credit requires the vehicle to be placed in service during the tax year you're claiming it, and Section 179 has the same requirement. So if you're planning this purchase for 2025 tax benefits, make sure you take delivery and start using the vehicle for business before December 31, 2025. Also, I'd recommend getting pre-approval for financing before you start shopping if you're not paying cash. Electric trucks like the F-150 Lightning are still relatively new, and some lenders have different criteria for EV loans. Having your financing lined up will help you move quickly when you find the right vehicle, especially since inventory can be unpredictable. One more consideration - check if your state offers additional EV incentives for businesses. Some states have rebates or tax credits that can stack on top of the federal benefits. In my state, I got an additional $2,500 rebate for purchasing an electric commercial vehicle, which was a nice bonus on top of the federal savings.

I've been researching this exact scenario for my HVAC business and wanted to add a few practical considerations beyond the tax benefits everyone's discussed. First, make sure you understand the maintenance and charging infrastructure requirements. Business vehicles often have higher daily mileage than personal vehicles, so you'll want to plan for faster charging solutions. Many contractors I know have installed Level 2 chargers at their business locations, and some charging equipment may also qualify for additional tax benefits under different IRS programs. Second, consider the total cost of ownership beyond just the purchase price and tax benefits. Electric vehicles typically have lower maintenance costs (no oil changes, fewer moving parts), which can add up to significant savings over the vehicle's life. For my business, the reduced fuel and maintenance costs help justify the higher upfront cost even without considering the tax benefits. The F-150 Lightning is popular among contractors in my area, but also look at the Chevy Silverado EV when it becomes available - it might offer different advantages depending on your specific business needs and payload requirements. The key is making sure the vehicle actually serves your business needs while maximizing the available tax benefits. Documentation is critical for both benefits, so start keeping detailed records from day one about business vs personal use, charging costs, and any business-related modifications you make to the vehicle.

I'm in almost the exact same situation! Just found some 1099-INT forms from 2021 that I completely missed. Reading through everyone's responses has been so helpful - especially the clarification about having until April 18, 2025 rather than rushing to meet this year's deadline. One thing I'm wondering about that I haven't seen mentioned yet - if I file the amendment and it results in a larger refund, does that affect my eligibility for any programs that are income-based? I'm thinking specifically about things like healthcare subsidies or student loan payments that were calculated based on my 2021 AGI. Should I be prepared to potentially have adjustments made to other things, or do those programs typically not go back and recalculate based on amended returns? Also, for those who have successfully filed amendments - did you get any kind of confirmation from the IRS beyond just the processing of your refund? I'm a bit paranoid about making sure everything was accepted correctly, especially since it sounds like the paper process can be pretty slow. Thanks for all the great information everyone has shared! This community has been way more helpful than trying to navigate the IRS website on my own.

This thread has been incredibly helpful! I'm dealing with a similar situation where I discovered some missed deductions from 2021. Reading through everyone's experiences has really eased my anxiety about the timing. One thing I wanted to add that might be useful for others - when gathering your documents for the amendment, make sure to also pull your original tax return transcript from the IRS website. It shows exactly what they have on file for your original return, which can help you spot any discrepancies and ensure you're working with the same numbers the IRS has when preparing your 1040-X. I learned this tip from a tax professional friend, and it saved me from making errors when I was trying to remember exactly what I had originally filed. You can get transcripts online through the IRS website or by calling them (though as others mentioned, getting through by phone can be challenging!). The transcript is free and gives you peace of mind that you're amending from the correct baseline. Just thought I'd share this since it made my amendment process much smoother!