I've been in a similar situation and it's incredibly frustrating! One thing that worked for me was calling around to smaller, local banks and credit unions in your area - they're often more flexible than the big chains. I found a small community bank that cashed my $3,200 refund check for just a $10 fee, even though I wasn't a customer. They required two forms of ID and had me fill out some paperwork, but it was totally worth it to avoid the crazy fees at check cashing places. Also, try calling the banks first before going in person - some have different policies for government checks that the tellers might not know about, but the managers do. Don't give up, there are options out there!

I know this is a really frustrating situation! One thing that hasn't been mentioned yet is trying check cashing places specifically that advertise "government checks" - they often have higher limits than regular retail stores. Places like Check Into Cash, ACE Cash Express, or Money Mart sometimes go up to $5k for tax refunds, though you'll pay around 2-4% in fees. Also, if you have any prepaid debit cards (like Green Dot or NetSpend), some of them allow you to deposit checks through their mobile apps with higher limits than traditional mobile banking. It's worth checking if you already have one of those cards sitting around. The mobile deposit might take a few days to clear but could be a good backup option!

14 Has anyone dealt with having an installment agreement request rejected? I'm worried mine might get rejected because I had a previous one that I defaulted on about 3 years ago. Just wondering what the process is like if they say no.

I went through this exact same situation about 6 months ago! Submitted my Form 9465 and waited what felt like forever. Here's what I learned: First, definitely start making payments now according to your proposed schedule. The IRS continues charging penalties and interest while they process your request, so you're just costing yourself more money by waiting. Any payments you make will be credited to your account regardless. Second, the processing times are really unpredictable right now. Mine took about 7 weeks to get approved, but I've heard of people waiting 2-3 months. The $7,800 you owe should qualify for streamlined processing since it's under $50,000, but that doesn't seem to be speeding things up much lately. One thing that helped me was calling the Practitioner Priority Service line (if you have a tax professional) or trying to get through to the regular customer service line very early in the morning. They were able to at least confirm my request was in the system and being processed. Don't stress too much - the vast majority of installment agreement requests get approved as long as you proposed a reasonable payment amount based on your financial situation. Just keep making those payments!

I'm currently dealing with a similar situation - US citizen in Germany with what appears to be PFIC investments through my employer's pension scheme. After reading through all these responses, I'm leaning toward hiring a professional for the first year and then potentially handling it myself once I understand the process better. One thing I'm curious about - for those who've successfully filed Form 8621, how do you handle the foreign currency conversions for all the required calculations? The IRS instructions mention using exchange rates from the dates of transactions, but tracking daily exchange rates for every dividend or reinvestment seems incredibly tedious. Do you use average rates for the year, or is there a simpler approach that's still compliant? Also, has anyone dealt with employer-sponsored investment plans where the fund company won't provide the detailed information needed for QEF elections? I'm wondering if there's a standard process for documenting that you requested the information but couldn't obtain it.

I went through this exact same situation last year with a Japanese employee investment fund! The 49-hour estimate is definitely scary, but here's what I learned: First, confirm it's actually a PFIC - most Japanese mutual funds qualify, but some employer schemes might be structured differently. Contact your HR department to get the fund's annual report or prospectus in English if possible. For the form itself, I spent about 8 hours total my first year (including research time), not 49. The key sections you'll likely need are: - Part I (general information about each fund) - Part II (elections - this is crucial and affects future years) - Part VI (if you received distributions or sold shares) My biggest mistake was trying to make a QEF election without proper documentation from the Japanese fund company. Like others mentioned, most Japanese funds can't provide the detailed income breakdowns needed. I ended up going with mark-to-market method instead. Pro tip: If your investment is relatively small (under $25k), seriously consider the cash bonus option next time. The annual compliance headache might not be worth it. But if you're already locked in for 5 years, definitely get professional help for year 1 to set up proper record-keeping and make the right elections. The mistakes you make in the first year follow you for the entire holding period. Good luck! It's manageable once you get through the initial learning curve.

Question - this might not be relevant to OP but what about state taxes? Do they work the same way with brackets or is it different depending on the state? I'm in California and our state taxes are no joke.

Just wanted to chime in as someone who went through this exact situation last year! I was making $75k and got offered $89k at a new company. Like you, I was worried about the tax implications and whether switching jobs would somehow make the tax situation worse than just getting a raise. The reality is that the IRS treats all W-2 income the same way regardless of the source. Whether you get a $14,500 raise at your current job or earn that extra amount by switching to a new employer, it's all just "ordinary income" to them. The progressive tax bracket system applies exactly the same way. One thing I'd suggest is to also consider the benefits package when comparing the offers. Sometimes a higher salary might mean different health insurance costs, retirement matching, etc. But from a pure tax perspective, you're absolutely safe to take that higher paying job - you'll definitely take home more money even after the additional taxes. Congrats on the offer!

Letter 474C can definitely be confusing! The key sections to look for are usually near the bottom of the letter. Since you mentioned there's a payment voucher showing "Amount you owe: $732.18," that's your answer - you do owe money to the IRS. The difference between your original calculation of around $650 and the $732.18 they're requesting is likely due to interest that has accrued since your original 2021 tax return was due (April 2022), plus possibly some penalties. Even though you voluntarily filed the amended return, interest still applies from the original due date. Make sure to pay by the deadline shown on the letter to avoid additional penalties and interest. You can usually pay online through the IRS website, by phone, or mail in the payment voucher with a check. If you can't pay the full amount by the due date, consider calling the IRS to set up a payment plan - they're generally pretty reasonable about working with taxpayers who proactively reach out.

Just wanted to share my experience since I see you're dealing with the same confusion I had! I received a 474C letter last year after amending my 2020 return to add some 1099 income I missed. The letter layout is really confusing with all those different sections and calculations. What helped me was to ignore most of the middle calculations and focus on the very bottom where it clearly states either "Amount Due" or "Refund Amount." In your case, since you found the payment voucher showing you owe $732.18, that's definitely what you need to pay. The extra $82 beyond your estimated $650 is almost certainly interest that accumulated from April 2022 (when your original return was due) until now. The IRS charges interest on any additional tax owed, even when you voluntarily file an amended return. One thing that surprised me - I was able to pay online immediately through IRS Direct Pay on their website using my bank account info. Saved me from having to mail a check and worry about it getting lost. The payment posted within 2 business days and I got email confirmation. Just make sure you pay by the deadline on your letter to avoid any additional penalties!