Just a heads up, the penalties for not filing FBARs can be INSANE. Non-willful violations can be up to $12,921 per violation (for 2023), and willful violations can be the greater of $129,210 or 50% of the account balance at the time of violation. Don't mess around with this form!

This is really helpful information! I'm dealing with a similar situation where I have joint ownership of a foreign account with my spouse (we're both US citizens but the account is in the UK from when we lived there). Based on what Dylan explained, since I'm a joint owner, I definitely have financial interest and need to report it on the FBAR. One thing I'm still confused about though - do I need to report the full account balance or just my "share" as a joint owner? The account has about £18,000 but technically half of that is my spouse's money. Should I report the full balance or just £9,000?

I ran into this exact same issue with my Robinhood account last year! That tiny Box 3 amount is so frustrating when it blocks your entire filing. What worked for me was creating a simple Schedule C with "Investment Activities" as the business name and using business code 523000 (Security and Commodity Contracts Intermediation and Brokerage). Just enter the $0.23 as income, leave all expense sections blank, and don't claim any business deductions. The key is keeping it minimal - you're not trying to look like you're running an actual business, just properly categorizing this weird miscellaneous income that Robinhood generated. Should take less than 5 minutes to complete once you get to that section, and then TurboTax will finally let you file. The IRS won't care about such a small Schedule C as long as the income matches what's reported on your 1099-MISC.

Just wanted to chime in as someone who's dealt with this exact frustration multiple times! The $0.23 in Box 3 is likely from Robinhood reimbursing you for regulatory fees or transaction costs - it's technically considered "other income" that requires Schedule C treatment. Here's the quickest path forward: Create a bare-bones Schedule C using "Investment Activities" as your business description and NAICS code 523000. Enter your $0.23 as gross receipts, leave all expense categories empty (don't try to deduct anything), and you'll be done in under 5 minutes. The IRS won't flag this as suspicious business activity - they see tons of these minimal Schedule C filings from investment platforms. It's just how the tax code handles certain types of miscellaneous income. Once you complete it, TurboTax will finally let you proceed with filing. Don't let 23 cents hold up your entire return!

Given that you have verified your identity with the IRS and they indicated a timeframe of 1-3 weeks for updates, here's a summary and what you should expect next: Summary of Current Transcript Codes Code 150 (Tax return filed): Indicates your return has been processed. Code 276 (Penalty for late payment of tax): A penalty has been assessed for late payment. Code 196 (Interest charged for late payment): Interest has been charged on the late payment. Code 971 (Notice issued): A notice has been sent to you explaining the penalties, interest, or other matters related to your return. What to Expect Next Notice Explanation: Within the next few weeks, you should receive a notice from the IRS (referenced by Code 971). This notice will provide detailed information about the penalties and interest that have been applied to your account. Update on WMR: The "Where's My Refund" (WMR) tool may not reflect immediate updates due to processing lags. However, after 1-3 weeks post-verification, you should start seeing changes or updates on your refund status. Receipt of Refund: If everything is in order and there are no further issues, your refund (if applicable after penalties and interest) should be processed and sent to you. Given that you already saw a "Refund issued" code (846) in your previous transcript, it indicates that your refund was calculated and should be on its way. Recommendations Check for Notices: Keep an eye on your mail for any correspondence from the IRS. The notice will provide important information about any actions you need to take. Monitor WMR Tool: Continue to check the WMR tool for updates on your refund status. Contact IRS if Needed: If you do not receive any updates or the notice within the 1-3 week period, consider reaching out to the IRS again for clarification. Prepare Documentation: Ensure you have all necessary documentation and records related to your tax return and the verification process in case further action or clarification is needed. Also, based on the new image you provided, here are the explanations for the codes and transactions on your IRS transcript: Code 150 (Tax return filed): Explanation: This indicates that the IRS has received and processed your tax return. Cycle: 20242105 (processing cycle number). Date: 06-10-2024. Amount: $35,886.00 (this is the total amount of tax liability reported on your return). Code 276 (Penalty for late payment of tax): Explanation: This indicates that a penalty has been assessed for the late payment of taxes. Cycle: 20242105. Date: 06-10-2024. Amount: $358.86 (this is the penalty amount for the late payment). Code 196 (Interest charged for late payment): Explanation: This indicates that interest has been charged on the late payment of taxes. Cycle: 20242105. Date: 06-10-2024. Amount: $441.91 (this is the amount of interest charged for the late payment). Code 971 (Notice issued): Explanation: This indicates that the IRS has issued a notice to you. The notice will provide details about the penalty, interest, or other matters related to your tax return. Date: 06-10-2024. Amount: $0.00 (this code does not represent a financial transaction but indicates that a notice has been sent). Summary Code 150 confirms that your tax return has been processed with a reported tax liability of $35,886.00. Code 276 and Code 196 indicate that penalties and interest have been assessed for late payment of taxes. These amounts add to your total liability. Code 971 signifies that a notice has been issued to you, which will explain the penalties and interest in more detail.

Where can I find my initial overpayment or credits. So I can subtract My refund amount was 189,617

Has anyone actually received a 1099-R form from their insurance company after surrendering a policy? I cashed out a small policy last year ($12k) and never got any tax forms. Not sure if I need to report it or not since it was probably all basis anyway.

You should definitely get a 1099-R from your insurance company - they're required to issue one if there was any taxable gain from the surrender. The fact that you didn't receive one could mean a few things: 1. The surrender amount was entirely return of basis (premiums paid), so no taxable gain 2. The insurance company made an error and didn't send it 3. It got lost in the mail or sent to an old address I'd strongly recommend calling the insurance company before you file your taxes. Even if there was no taxable gain, you'll want documentation showing the breakdown between basis and gain for your records. The IRS might question a policy surrender that doesn't appear on your return, especially if they have records of the transaction. If it turns out there was a taxable gain and you just didn't receive the form, you'll still need to report the income on your return - not receiving a 1099-R doesn't exempt you from reporting taxable income.

Called IRS 3 times about my 810. First two reps said just wait. Third one actually helped and found I needed to verify some w2 info. Keep calling until you get someone helpful!

Been dealing with 810 freeze for 6 weeks now and finally got some movement! Here's what worked for me: 1) Called the practitioner hotline (better than regular line) 2) They told me it was flagged for income verification 3) Had to send in wage transcripts from SSA and copy of all W2s via fax 4) Took 3 weeks after faxing for freeze to release. Don't just wait it out - be proactive and find out exactly what they need from you. Also that taxr.ai tool people mentioned actually helped me understand what docs to gather before calling. Worth the $39 to avoid multiple calls!