Quick question - when you filed the amendment, did you check the "amended return" box at the top of the form? I've seen the IRS treat amended forms as new, late filings when this box isn't checked properly.

I'm dealing with something very similar right now with my Canadian RRSP account. Filed both 3520 and 3520-A forms on time for three years running, but just got a penalty notice for my 2022 filing claiming I never submitted the 3520-A. The really frustrating part is that I have the e-filing confirmation from my tax software showing both forms were transmitted successfully. When I called the IRS (after waiting 3 hours on hold), the agent could see my 3520 in the system but said there was no record of the 3520-A, even though they were filed together electronically. Has anyone else experienced this issue where one form gets "lost" in their system while the other one processes normally? I'm wondering if this is a systemic problem with how they handle these foreign trust forms or if it's just random bad luck. I'm planning to file an appeal with all my documentation, but seeing all these similar stories makes me think there's something seriously wrong with how the IRS processes international filings.

Has anyone used TurboTax for reporting crypto with all these fee adjustments? Their crypto section confused me last year.

I had the exact same confusion about bitcoin trading fees last year! After going through this myself, I can confirm what others have said - these fees definitely adjust your capital gains but aren't separate deductions. What really helped me was creating a simple spreadsheet to track everything. For each bitcoin sale, I had columns for: original purchase price, purchase fees, sale price, sale fees, and adjusted gain/loss. The formula was basically: (Sale Price - Sale Fees) - (Purchase Price + Purchase Fees) = Actual Gain/Loss. So for your $1,275 in fees, make sure you're adding purchase fees to your cost basis and subtracting sale fees from your proceeds before calculating gains. This will naturally reduce your taxable gains without needing to claim them as a separate deduction anywhere. Keep all your exchange statements showing these fees - the IRS loves documentation for crypto transactions. Good luck with your filing!

Anyone else think its sus that the IRS can make mistakes that cost us money, but if we make a mistake we get hit with penalties? 🤔 Make it make sense

This is such a frustrating situation! I went through something similar a few years ago. The key thing to remember is that CP503 notices are often generated automatically by their system, and it can take time for amended returns to be reflected in their records. First, check if you have a copy of your certified mail receipt or delivery confirmation from when you sent the amended return - this will be helpful when you call them. When you do get through to someone (and yes, the wait times are brutal), ask them to put a hold on your account while they research the amended return. Also, if you paid the correct amount with your amended return, make sure you have proof of that payment handy. Sometimes they need to manually adjust their records to show both the amended return AND the payment were received and processed. Don't panic - this happens more often than you'd think, especially during busy tax seasons. Just stay organized with your paperwork and be persistent with following up. You've got this! 💪

Thanks everyone for all the helpful advice! I called SoFi/Apex this morning using the number Freya shared (855-774-7634) and surprisingly got through in about 20 minutes. The rep was able to pull up my account and immediately saw the discrepancy I was talking about. Turns out it was actually a system error on their end where some dividend reinvestments from Q4 were double-counted in the qualified dividend total. They've escalated it to their tax document team and said I should expect a corrected 1099 within 7-10 business days via email and mail. The rep also mentioned they've had quite a few similar cases this tax season, so it seems like this might be a broader issue with their system. Really glad I caught this before filing! Will update once I receive the corrected form.

This is such a helpful thread! I'm dealing with a similar situation with my Schwab 1099-B where the cost basis looks completely wrong on some of my stock sales. Reading through everyone's experiences here gives me confidence that these errors can actually be resolved. I'm definitely going to try that taxr.ai tool that AstroAdventurer mentioned to help document the discrepancies before I call Schwab. Having a professional report seems like it would make the conversation so much smoother than trying to explain everything over the phone. Also really appreciate Sergio sharing that direct phone number and the update about the double-counting error - it's good to know these financial institutions are aware they're having system issues this tax season and are equipped to handle corrections efficiently.

I'm in a similar situation and was wondering - does anyone know if different brokerages report things differently? I use both Webull and Fidelity and am worried about tracking everything across platforms.

Great question! As others have mentioned, you're only taxed on your net capital gains, not each individual profitable trade. Since you're showing a $750 net gain, that's what matters for taxes. One additional tip for college students - make sure to consider whether you can be claimed as a dependent on your parents' tax return. If so, there are different income thresholds that apply to the 0% capital gains rate. The standard deduction for dependents is limited, so even small gains might be taxable. Also, keep good records of all your trades throughout the year, not just for tax purposes but to learn from your trading patterns. Many successful traders track their performance to see what strategies work best. Since you've recovered from that 40% drawdown to show a 15% gain, you're clearly learning! The fact that you're thinking about taxes now shows good financial planning. Many new traders don't consider the tax implications until it's too late.