Important thing nobody's mentioned - you DEFINITELY need to file if you had ANY federal taxes withheld from your paychecks and want to get that money back!! I made only $7k last year at my part-time job but had about $300 withheld. Filed even though I was under the threshold and got all $300 back as a refund.

This is really helpful info everyone! I'm in a similar situation as Nina - had multiple income sources last year including some freelance graphic design work that paid me via 1099s (totaled about $800) plus a regular part-time job that was W-2. From what I'm reading here, since my 1099 income was over $400, I definitely need to file for the self-employment tax even though my total income was pretty low. I had no idea about this distinction before - I was only looking at the regular filing thresholds and thought I might be okay to skip filing this year. One quick question - if I file and discover I owe self-employment tax on that $800, roughly how much should I expect to pay? Trying to budget for this since I didn't set aside money throughout the year (rookie mistake, I know!).

Has anyone actually been audited after claiming trader tax status? I'm worried about claiming all these benefits and then getting hit with an audit. What documentation should I keep?

Just wanted to add something that helped me tremendously when I was preparing for trader tax status - keep a detailed business plan and update it annually. The IRS wants to see that you're treating this like a legitimate business, not just gambling or hobby trading. My business plan included: - Trading strategies and methodologies - Risk management protocols - Capital allocation rules - Performance tracking metrics - Professional development goals (courses, certifications, etc.) During my consultation with a tax attorney, they mentioned that having a formal business plan can be the difference between approval and denial if you're ever questioned on your trader status. It shows intent and professionalism. Also, one practical tip: set up a separate business checking account for all your trading-related expenses. This makes tracking deductible expenses much easier and shows clear separation between personal and business activities. The bank statements become automatic documentation for your business operations. The wash sale elimination alone with MTM makes this whole process worth it, but you really need to dot every i and cross every t with documentation.

Substantial presence test is tricky for students because there's actually an exception many don't know about! As a student on F-1/J-1 visa, your first 5 calendar years in the US don't count toward the substantial presence test. So depending on how long you were in the US, you might still qualify as a nonresident alien. Check out IRS Publication 519 (US Tax Guide for Aliens), specifically the "Exempt Individual" section. You might be overthinking this!

I went through this exact same situation two years ago! The transition from nonresident to resident alien status due to the substantial presence test is definitely confusing, but you're on the right track. Since SprintTax is telling you that you've passed the substantial presence test, you'll need to file Form 1040 as a resident alien. Here's what helped me: 1. **Yes, you can use regular tax software** like TurboTax, FreeTaxUSA, or H&R Block - the same software US citizens use. This is actually one of the benefits of resident status. 2. **Your scholarship income**: The $22,000 fellowship/scholarship needs to be broken down. Amounts used for tuition and required fees are generally tax-free, but amounts for room, board, and living expenses are taxable. Your school's 1098-T form should help with this breakdown. 3. **Campus job income**: The $15,600 from your campus job is straightforward taxable income - you should have received a W-2 for this. 4. **Don't panic about the deadline**: You can always file for an extension if you need more time to sort this out properly. One thing that really helped me was keeping detailed records of exactly which years I was in the US and my visa status each year. The substantial presence test calculation can be complex, especially with the student exemptions that might apply to some of your years. You've got this! The resident alien filing process is actually simpler in many ways than nonresident filing once you understand the basics.

Your transcript looks really good actually! That $9,350 refund is solid - it's your $3,707 withholdings plus your $5,642 Earned Income Credit, which is right on target for your HOH filing status and $33,740 AGI. The 570 code is just a standard hold while they finish processing after ID verification. Since you completed verification 2 weeks ago, you're right in the normal timeframe - most people see their hold release (usually with a 571 code) between 6-12 weeks after verification. The zero penalties and interest is a great sign that they're not finding any issues. That CP0005 notation is nothing to worry about - it just means your transcript contains protected taxpayer info. And the "No tax return filed" display is a common glitch during processing - your 04-15-2024 processing date proves they have your return. Keep checking your transcript on Friday mornings when updates typically happen. Once you see that 571 code or an 846 refund sent code, your money should hit your account within days. I know the wait is torture, but you're almost there! 🤞

Don't stress too much about the exact math breakdown - sometimes there are additional small credits or adjustments that don't show up clearly in the main transaction lines. What matters is your account balance shows -$9,350.00, which is what you'll receive as your refund. Your situation is actually pretty textbook for post-ID verification processing. The 570 hold with zero penalties/interest is exactly what you want to see - it means they're not finding problems, just taking time to complete their review. Since you verified 2 weeks ago, you're right on track for the typical 9-12 week processing window. I'd recommend checking your transcript every Friday morning rather than daily (trust me, daily checking will drive you insane!). Once you see that 570 code reverse with a 571, or better yet an 846 refund sent code, you're golden. Most people get their deposit within 3-5 business days of seeing the 846 code. Hang tight - that $9,350 is coming your way! 💪

Another option is to request a "Tax Return Transcript" from the IRS, which is different from the Account Transcript someone mentioned above. A Tax Return Transcript will only be available for years you actually filed a return. So if you request one for 2019 and they say no transcript is available, that's a pretty clear sign you didn't file for that year.

Just wanted to share my experience with a similar situation. I had unfiled returns from 2018 and 2019 that I wasn't sure about, and like you, my IRS online account showed zero balance. I ended up using a combination of the approaches mentioned here. First, I requested Tax Return Transcripts for both years through the IRS website. For 2018, no transcript was available (meaning I hadn't filed), but for 2019, there was a transcript showing I had filed but with incorrect information. This gave me a clear picture of what I needed to fix. The key thing I learned is that zero balance doesn't mean you're fully compliant - it just means you don't owe money right now. The IRS can still come after you for unfiled returns even if you don't owe anything, and there can be penalties for late filing regardless of whether you owe taxes. Since you already mailed in your 2019 W2, I'd recommend requesting that Tax Return Transcript for 2019 in a few weeks to see if the IRS processes it and updates your filing status. That way you'll know for sure if everything is squared away.