Just to clarify for @Emma Bianchi - since you're amending your 2023 taxes, you're definitely good to e-file! The cutoff is 2021 and later, so 2023 is well within range. I amended my 2023 return last year and it took about 14 weeks via e-file. Way better than the paper nightmare everyone's describing here. Make sure you have your original return handy when you're filling out the 1040X - you'll need those numbers for comparison.

The IRS has been really pushing e-filing for amendments since they modernized the system. I work in tax prep and we've seen processing times drop significantly - e-filed 1040X forms are usually done in 12-16 weeks vs 20+ weeks for paper. One thing to watch out for though: if your amendment involves certain complex situations like net operating losses or foreign income, you might still need to mail supporting documents even if you e-file the main form. But for most basic amendments (missed deductions, incorrect income reporting, etc.) e-filing is definitely the way to go!

One thing nobody mentioned yet - make sure you check if your state requires you to file a state tax return too! Not relevant for the original poster since they're in Oklahoma which does have state income tax, but some states have different minimum filing requirements than federal. I got burned on this my first year doing freelance work in college. Filed my federal return correctly but had no idea I needed to do a state return too. Ended up with a nasty penalty letter a year later. Don't make my mistake!

Just want to add something that helped me tremendously when I was in a similar situation - don't forget about the standard deduction! Even though you're being claimed as a dependent, you still get a standard deduction on your own tax return (though it's limited to your earned income or $1,100, whichever is greater, for 2024). With your $3,950 in 1099-NEC income, after deducting legitimate business expenses (computer equipment, software subscriptions, design materials, etc.), you might find that your taxable income for regular income tax purposes is pretty low or even zero. You'll still owe the self-employment tax on your net profit, but that's separate from regular income tax. Also, since you're a student, look into the American Opportunity Tax Credit - your parents might be able to claim it for your education expenses, which could help offset some of the tax impact for your family overall. It's worth having a conversation with them about this since it affects both your returns.

For those wondering about deadlines: The FBAR (FinCEN Form 114) is due April 15, but there's an automatic extension to October 15 every year. You don't need to request this extension - it's automatic. Just sharing since I panicked unnecessarily last year thinking I had missed the deadline! And to echo what others have said, the "Information on Financial Account(s) Where Filer is Filing a Consolidated Report" section isn't applicable for individual account holders. File your FBAR, report your individual account(s), and you're good to go.

Just wanted to add some clarity for anyone else who might be confused about this section. I work as a tax preparer and see this question come up frequently with clients who have foreign accounts. The "Information on Financial Account(s) Where Filer is Filing a Consolidated Report" section is specifically for entities (corporations, partnerships, LLCs) that are filing a single FBAR on behalf of multiple individuals who have signature authority over the same accounts. For example, if a company has 5 officers who all have signature authority on the same corporate bank account in Switzerland, the company could file one consolidated FBAR instead of each officer filing separately. Since you mentioned you're an individual with your own personal account, this section definitely doesn't apply to you. You would simply complete the regular FBAR form reporting your single account with the maximum value, account details, and bank information. The key thing to remember is that even though the form looks complex, most individual filers only need to complete the basic account information sections. Don't let the corporate/entity sections confuse you - they're not relevant to personal account holders like yourself.

Think of this like when a restaurant brings you the wrong order - you need to flag down the server right away, not just eat it and complain later! I had almost the identical situation last year. I owed about $2,200 for 2021 and was supposed to apply my 2022 refund to it. They sent me the full refund anyway. I called within a week, explained the situation, and the agent was actually super helpful. They did a direct transfer from my account to cover the old balance and even waived the small amount of additional interest that had accrued. The key was acting quickly and being super polite on the call. The whole thing took about 20 minutes once I got through to someone. Don't stress too much - this happens all the time and there's a simple fix!

This exact thing happened to my neighbor last month! She was panicking because she thought she'd have to pay twice, but it turned out to be a pretty straightforward fix once she knew what to ask for. The IRS agent explained that their computer systems sometimes process refunds before they check for the offset instructions - especially during busy filing season. Here's what worked for her: She called the main IRS number (1-800-829-1040) early in the morning around 7 AM when call volume is lower. When she got through, she specifically asked for a "manual payment application" to transfer her refund amount to her 2022 tax debt. The agent was able to do this over the phone using her bank account info from the refund deposit. They also backdated it to avoid any additional penalties. One thing she learned - apparently if you're on a payment plan already, there can be some glitches in how their system handles refund offsets. The agent told her this is becoming more common as people set up payment plans online. Definitely call sooner rather than later though - she said the agent mentioned that after 90 days it becomes much harder to do these manual transfers.

Has anyone tried just taking a standard deduction for cell phones instead of tracking the exact percentage? I've heard some accountants recommend just taking a flat $50/month "reasonable business cell phone allowance" and not bothering with all the depreciation stuff, especially for relatively inexpensive phones.

Don't forget that if you're using your phone for both business and personal, you'll need to track the usage pretty carefully. I use an app that logs my calls and categorizes them as business or personal. It has saved me during an audit two years ago when the IRS questioned my 70% business use claim. Was able to show them the exact call logs with business vs personal minutes calculated.