Does anyone know if this matters for state tax returns too? I use FreeTaxUSA for federal but my state doesn't support it so I have to use a different software for state filing.

Based on all the helpful responses here, I wanted to add one more perspective as someone who's dealt with this exact issue multiple times. The key thing to remember is that the IRS matching system is primarily automated and relies on the EIN (Employer Identification Number) rather than exact name matching. For your Fidelity 1099-R, I'd recommend using "FIDELITY INVESTMENTS" as the payer name. This is the primary entity name that the IRS will recognize in their system. The "INSTITUTIONAL OPERATIONS CO." part is just the specific department that processed your distribution - it's not necessary for tax reporting purposes. One thing I haven't seen mentioned yet is that you should also double-check that all the dollar amounts on your 1099-R are entered correctly, especially if you had any state tax withholding. The payer name is important, but incorrect amounts will cause bigger issues than a slightly different name format. Good luck with your filing!

If anyones using TurboTax, under rental property theres actually a checkbox for "I need to change my depreciation method" and it will create the basic Form 3115 for you. It doesnt do all the calculations but its a starting point at least.

I went through this exact same panic last year! One thing that really helped me was understanding that the IRS actually expects people to catch these mistakes and has procedures in place for it. You're not going to get in trouble for proactively fixing this - it's actually the responsible thing to do. A few practical tips from my experience: - Start gathering all your rental property documents now (purchase agreement, closing statement, receipts for improvements, etc.) while you're thinking about it - Keep detailed records of everything you do to fix this - the IRS likes documentation - Consider setting up a simple spreadsheet to track your depreciation going forward so this doesn't happen again The stress you're feeling is totally normal, but you're catching this relatively early compared to some people who don't realize for decades. You've got good options here and plenty of people have been in your shoes!

Another UK investor here - just FYI, if you're using Robinhood from the UK, make sure you're aware they're not actually authorized by the FCA (our financial regulator) to offer services to UK customers. Many people use it anyway through various workarounds, but just be aware there's very little protection if something goes wrong. As for the 1042-S form, I get these too for my US investments. For amounts as small as yours, I just keep them on file but don't do anything with them. Once your dividend income gets larger, you'll need to report it on your UK Self Assessment and claim the foreign tax credit.

As someone who's dealt with 1042-S forms as a foreign investor, I can confirm what others have said - for £13 in dividends, you really don't need to stress about this! The 1042-S is basically just a receipt showing that Robinhood withheld some US tax on your behalf. Think of it like when shops automatically take VAT from your purchase - except in this case, the "shop" (Robinhood) took US tax from your dividends before paying you. Since you're 21 and haven't filed UK taxes before, you're almost certainly under the £12,570 personal allowance threshold, so you wouldn't need to report this tiny amount to HMRC either. Just keep the form safe in case you need it later when your investments grow. The main thing to remember for the future is to make sure you have a proper W-8BEN form on file with any US brokers you use. This should reduce your withholding from 30% to 15% under the US-UK tax treaty, which will save you money as your portfolio grows. Don't worry about being on any "IRS blacklist" - they have much bigger fish to fry than chasing UK students over £4 in withholding tax!

I had the same issue last year! Checked the multiple jobs box and was getting WAY less in my paychecks. Honestly just uncheck it and maybe add like $10-20 extra withholding per check on line 4c if you're worried. HR doesn't care, you can change your W4 as many times as you want during the year.

I went through this exact same situation about 6 months ago! Had a full-time job and kept a very part-time retail job just for the employee discount. The multiple jobs box was killing my take-home pay. Here's what I learned: if your second job is truly minimal (sounds like yours definitely is), that box is designed for people with two substantial income sources. The IRS withholding tables assume both jobs are significant when you check it. I ended up unchecking the box and just added $15 extra per paycheck on line 4c to cover my tiny second job income. My take-home went up by almost $200/month and I actually got a small refund at tax time instead of owing anything. The key is that your main job's withholding should easily cover the small tax liability from those occasional Target shifts. You can always adjust it again if needed - W-4s aren't set in stone!

Remember to keep ALL ur receipts. The IRS loves to audit small sellers these days smh

First time dealing with 1099-K too and it's definitely overwhelming! What helped me was realizing that the $7k is just gross income - you can deduct business expenses like materials, shipping, platform fees, etc. Keep track of everything! Also consider opening a separate savings account and automatically transfer 25-30% of each sale for taxes. Makes it less painful when tax time comes around.