Just wondering if anyone knows if the threshold for receiving a W-2G form for sports betting? I won a $2,100 parlay but never got any tax form from the betting site.

This is such a timely question! I went through the exact same confusion last year as a new bettor. The gross vs net reporting requirement is definitely counterintuitive, but unfortunately that's how the IRS treats gambling income. One thing that really helped me was setting up a simple tracking system from day one this year. I created a basic spreadsheet where I log each bet - date, platform, amount wagered, outcome, and running totals of wins/losses. It takes maybe 30 seconds per bet but saves hours during tax season. Also worth noting - if you're betting regularly, you might want to consider whether itemizing deductions makes sense for you next year. Even if the standard deduction is higher this year, your situation might change. I ended up itemizing for the first time because between my gambling losses, charitable donations, and some medical expenses, it actually saved me money. The key is just staying organized and keeping good records. The platforms are getting better at providing tax documents, but having your own backup records gives you peace of mind. Good luck with your taxes!

Has anyone dealt with the reporting requirements for the PERSON WHO PAID the settlement? I'm on the other side of this - I had to pay a settlement last year and am confused about how to report the attorney fees portion on the 1099-MISC I'm issuing.

Just want to add some clarity based on my experience as a tax preparer - the key thing everyone's touching on is correct: if your settlement was SOLELY for physical injuries from your workplace accident, it's likely not taxable under IRC Section 104(a)(2). However, be careful about one thing: if any portion of that $42,500 was for lost wages or punitive damages (rather than just compensating for the physical injury and medical expenses), that portion WOULD be taxable. Check your settlement agreement carefully - sometimes these get lumped together. If it's truly all for physical injuries, you don't report it as income, and the 1099-MISC in Box 3 becomes irrelevant for your tax return. But keep all your settlement documentation because the IRS will have a record of that 1099-MISC being issued to you. Also, even if you determine it's non-taxable, some tax software will still prompt you to enter the 1099-MISC and then allow you to mark it as "not taxable due to physical injury settlement" or similar - this creates a paper trail showing you received and considered the form.

Just to clarify something I learned the hard way... the health insurance coverage question (shared responsibility payment) was effectively eliminated after 2018 due to the Tax Cuts and Jobs Act setting the penalty to $0. So technically you don't have to worry about reporting health insurance coverage on federal taxes anymore, unless you live in a state that has its own individual mandate (like MA, NJ, RI, CA or DC).

Great question! As others have confirmed, since you're a dependent covered under your mom's marketplace plan, you don't need to include the 1095-A on your tax return. Your mom, as the policyholder, is responsible for reporting it on her taxes. Just a couple of things to keep in mind as you file: 1. Make sure you check the box indicating that someone else can claim you as a dependent 2. You'll still report that you had health insurance coverage for the months you were covered (even though there's no federal penalty anymore, it's good practice) 3. Keep a copy of that 1095-A for your records - you never know when you might need it later Since this is only your second time filing, don't stress too much! You're asking the right questions. The main thing is accurately reporting your income from your campus job and correctly indicating your dependent status. The 1095-A situation is entirely your mom's responsibility to handle.

Has anyone dealt with handling PMI deduction in this situation? My boyfriend and I bought last year too and we have mortgage insurance since we put less than 20% down.

This is such a helpful thread! I'm in a similar situation - my partner and I bought a house last year but aren't married yet. One thing I wanted to add is about property tax payments. Even if your mortgage company handles the property tax payments through escrow, you can still deduct those taxes on your return. Make sure to check your annual escrow statement from your lender - it should show exactly how much was paid in property taxes for the year. This amount can be deducted separately from the mortgage interest, and the same rules apply about splitting it between you and your fiancé if you're both contributing to the mortgage payments. Also, don't forget about any points you paid when you got the mortgage - those are typically deductible in the year you bought the house if it was your primary residence. The points would be shown on your HUD-1 settlement statement or Closing Disclosure from when you purchased. Good luck with your taxes and congratulations on the house! The first year of homeownership taxes can be confusing but you'll get the hang of it.

I went through this exact same situation with IBKR about 6 months ago and it was a real eye-opener! Here's what I learned that might help you: IBKR's routing is largely automatic based on regulatory requirements and market access rules. Unfortunately, you can't really force them to keep everything with the US entity - when you buy European securities directly, they often MUST go through IBKR UK or other local entities due to MiFID II regulations and other local market rules. The good news is that if you're proactive about tracking this, it's manageable. I created a simple spreadsheet where I track: - Which securities are held by which IBKR entity (from monthly statements) - The maximum monthly balance for each foreign entity - Running totals to monitor FBAR thresholds One key thing I discovered: even if your total IBKR account value is below $10K, you might still hit the FBAR threshold if the foreign-held portion alone exceeds $10K. The reporting is based on the foreign accounts specifically, not your total investment portfolio. My advice would be to start tracking now even if you're below the threshold. It's much easier to have clean records from the beginning than to reconstruct everything later when you're scrambling to file. Plus, international investing tends to grow quickly once you get started, so you might hit those thresholds sooner than expected. The IRS has been increasingly focused on these compliance areas, so better safe than sorry!

I've been dealing with this same issue for the past year and wanted to share some practical insights that might help others navigate this complex situation. First, regarding IBKR's entity structure - it's important to understand that this isn't necessarily something they're trying to hide, but the routing happens automatically based on regulatory requirements. When you trade European securities, for example, post-Brexit regulations often require those trades to go through IBKR UK rather than the US entity. Here's what I've learned about the practical aspects: **For tracking purposes:** You need to monitor the aggregate value of ALL accounts with foreign financial institutions, not just individual securities. So if you have $8K in IBKR UK and $3K in another foreign account, you've crossed the $10K FBAR threshold. **Timing matters:** The FBAR threshold is based on the highest aggregate balance at ANY point during the calendar year. Even if you hit $10,001 for just one day due to market gains, you're required to file. This is why real-time tracking is so important. **Beyond just stocks:** Don't forget that foreign currency balances also count. If IBKR holds EUR or GBP cash balances in foreign entities (which they often do for settlement purposes), those contribute to your threshold calculations too. One thing that surprised me was that IBKR's year-end tax documents don't clearly break down foreign vs. domestic custody arrangements, so you really need to stay on top of the monthly statements throughout the year rather than trying to reconstruct everything at tax time. The learning curve is steep, but once you get systems in place for tracking, it becomes much more manageable. The key is starting that tracking before you think you need it!