This is exactly the kind of detailed breakdown I was looking for! Thank you @Kingston Bellamy for the specific thresholds. Based on what you've shared, it sounds like I really only need to worry about Louisiana and New Mexico from my list, and even then the enforcement risk seems minimal for such small amounts. I think I'm going to take the practical approach and file in Louisiana and New Mexico just to be safe (since they seem to be the most strict), but skip Ohio, Oklahoma, and Pennsylvania since I'm clearly below their thresholds. One follow-up question - do you know if these state thresholds get updated regularly? I want to make sure I'm working with current information before making my final decision.

Just wanted to chime in as someone who's been through the MLP tax nightmare multiple times. The advice here is solid, but I'd add one more consideration: if you're planning to invest in MLPs again in the future, it might be worth establishing a filing pattern now even for small amounts. Some states have "lookback" provisions where if you file in one year, they expect you to file in subsequent years even if your income drops below thresholds. This is particularly true for Louisiana and New Mexico. If this was truly a one-time mistake and you're never touching MLPs again, then the practical approach of only filing where enforcement is likely makes sense. But if there's any chance you might end up with MLP income again, consider whether starting a filing relationship with these states now is worth the hassle to avoid complications later. Also, since you mentioned the tax due would be $0 in all states anyway, you might want to check if any of these states charge filing fees for nonresident returns. Some states have minimum fees (usually $25-50) even when no tax is owed, which could make the "file everywhere to be safe" approach more expensive than you'd expect.

Has anyone used any particular tax software that handles forex trading well? I tried TurboTax last year and it was a nightmare trying to input all my trades correctly with the different tax treatments.

I've been dealing with forex tax reporting for a few years now and wanted to add a few practical tips that might help: First, keep detailed records from day one - not just your broker statements, but also notes about your trading strategy and any hedging purposes. The IRS loves documentation, especially for forex where the rules can be complex. Second, consider consulting with a tax professional who specializes in trader taxation before making the Section 988 vs 1256 election. The $4,300 profit you mentioned might seem small, but if you're planning to scale up your trading, getting the right foundation now will save you headaches later. Third, be aware that some brokers provide better tax reporting than others. If you're serious about forex trading, it might be worth switching to a broker that provides detailed 1099 forms or at least comprehensive trade summaries that break down your activity by currency pair and trade type. One last thing - don't forget about state taxes! Some states have different rules for how they treat forex gains, and a few states don't conform to federal elections for Section 1256 treatment. Make sure you understand your state's position too. The learning curve is steep, but once you get your system down, tax season becomes much more manageable!

Just a heads up - I talked to my international student advisor about this exact issue last semester. She said that technically Form 8843 is supposed to be attached to your tax return, but submitting it separately isn't a major issue. The most important thing is making sure it gets submitted before the filing deadline. She also mentioned that some students who forget to file it have submitted it in later years without penalty, but obviously it's better to do it on time. The key is that Form 8843 establishes your non-resident status for tax purposes, which can matter in the long run for immigration purposes.

I went through this exact same situation two years ago and can confirm that mailing Form 8843 separately after e-filing is completely fine! I was panicking just like you are now, but it turned out to be much simpler than I thought. Here's what I did: I printed out Form 8843, filled it out completely, and included a brief cover letter stating "Please find attached Form 8843 for tax year [YEAR]. My federal tax return was already e-filed and accepted on [DATE]." I included my name, SSN/ITIN, and address at the top of the letter. I sent it via certified mail to the IRS processing center for my state and got the delivery confirmation about a week later. Never heard anything back from the IRS, which in this case is good news - it means they received it and processed it without issues. The important thing is to get it postmarked before the tax deadline (April 15th). Since you're on OPT, maintaining proper tax compliance is definitely important for your status, so good on you for catching this and taking action. Don't stress too much - this is a common oversight and the IRS is used to receiving these forms separately from international students.

i hit the ira limits last year and my accountant suggested opening a 529 plan? its technically for education but if your kids dont use it you can transfer to other family members or even use it yourself if you ever wanna go back to school. and now with the secure 2.0 act you can even roll unused 529 funds into a roth ira with some restrictions.

The IRA contribution limits have always frustrated me too, but I've found some additional strategies that might help. Beyond what others mentioned, if you're married and your spouse doesn't work (or earns less), you can contribute to a spousal IRA for them too - that's an additional $7,000 ($8,000 if they're 50+) in tax-advantaged space. Also, if you have a high-deductible health plan, definitely prioritize maxing out an HSA first before other accounts. The contribution limit is $4,300 for individuals in 2024, and it's triple tax-advantaged (deductible going in, grows tax-free, and withdrawals for qualified medical expenses are tax-free). After age 65, you can withdraw for any purpose and just pay regular income tax like a traditional IRA. One thing I learned recently is that some employers offer mega backdoor Roth 401k options if their plan allows after-tax contributions beyond the $23,000 limit. You can contribute up to $69,000 total in 2024 ($76,500 if 50+) between employee and employer contributions. Worth checking if your plan supports this!

Just wanted to add a practical tip for documentation - since you're claiming 100% business use of that detached garage, make sure you have solid records to back this up. The IRS can be pretty strict about the "exclusive use" test. I'd recommend taking photos showing the garage is clearly set up only for business (no personal items, family storage, etc.), keeping a log of business activities conducted there, and maintaining records of any business visitors or deliveries to that space. Also keep receipts for any garage-specific expenses like separate lighting, heating, or security systems you install for the business. The 23.5% calculation sounds right if the math checks out, but having bulletproof documentation of exclusive business use will give you confidence if you ever get audited. I learned this the hard way when I got questioned about my home office a few years back - good documentation made all the difference.

One thing I'd add about your 23.5% calculation - make sure you're measuring the garage square footage accurately. The IRS expects you to use the actual usable business space, not including things like structural walls or areas you can't practically use for business purposes. Also, since you mentioned you've been using it exclusively for business since early 2023, you can actually claim this deduction for both your 2023 and 2024 tax returns. For 2023, you'll want to calculate it from when you started using it exclusively for business (not the full year unless you started January 1st). Regarding categorization - this goes on Form 8829 (Expenses for Business Use of Your Home) which then flows to Schedule C if you're a sole proprietor. It's not rental income/expense since you own and live on the property. The form will walk you through whether to use the simplified method ($5 per sq ft, max $1,500) or the actual expense method with your 23.5% calculation. Given the size of your space, the actual expense method will likely give you a much larger deduction than the simplified method, but remember what others mentioned about depreciation recapture if you sell your home later.