I'd lean toward waiting for the official notice, but with a twist - use this time productively! Calculate exactly what you owe on that missing 1099 (including self-employment tax if applicable) and set the money aside now. That way, when the CP2000 notice arrives, you can respond immediately and minimize interest accumulation. The 420 code usually means they're just matching information returns, so they'll likely propose a straightforward adjustment rather than a full audit. One thing to watch for on your transcript is whether any additional codes appear - if you see a 971 notice indicator code pop up, that means a notice is being generated. This approach gives you the best of both worlds: you're prepared to act quickly while avoiding the potential processing conflicts that can happen when you amend during an active examination.

I've been through this exact scenario twice in the past three years, and I'd strongly recommend waiting for the official notice. Here's why: the 420 code typically indicates they're cross-referencing your return against third-party information (like that missing 1099), but they haven't determined their next steps yet. In both my cases, I received a CP2000 notice about 4-6 weeks after the 420 code appeared, proposing adjustments that were actually less than what I calculated I owed - apparently they made some beneficial adjustments I hadn't considered. One thing I learned is to check your transcript weekly once you see that 420 code. Look for any additional codes like 971 (notice issued) or 922 (examination). If you see a 570 code, that usually means they're holding your account while they work on the adjustment. The key advantage of waiting is that when you respond to their CP2000, you can either agree with their calculation (often the simplest route) or provide additional documentation if needed. Filing an amendment now might actually complicate things since you'd have two processes running simultaneously. Plus, if they're planning a simple adjustment rather than a full examination, your proactive amendment could inadvertently trigger more scrutiny. Just make sure you have the funds ready to pay whatever you owe once the notice arrives - that's the best way to minimize interest and penalties.

According to the IRS operations page (https://www.irs.gov/newsroom/irs-operations), they're still experiencing delays with paper submissions. If you need to check on your prior year return status, calling the normal IRS number is frustrating - I spent 3+ hours on hold last month. I used Claimyr (https://youtu.be/_kiP6q8DX5c) to connect with an agent in about 15 minutes instead. They confirmed my 2019 return was received but flagged for manual review due to a prior year credit carryover. At least I knew what was happening instead of wondering.

Have you considered using the Taxpayer Advocate Service? Compared to waiting indefinitely, TAS can sometimes intervene if you're facing a financial hardship due to delayed processing. Unlike just calling the IRS, they have case advocates who can look into specific issues and sometimes expedite processing. Their threshold for "hardship" is lower than most people realize - potential eviction, utility shutoff, or inability to pay medical expenses all qualify.

Has anyone used an online promissory note or do you need to get a lawyer involved? I'm in a similar situation with my daughter but trying to keep costs minimal as we're only talking about a $200k loan.

One thing I'd add to consider is the impact on your son's debt-to-income ratio for future lending. When we did a similar loan with our daughter, we discovered that some lenders treat family loans differently than traditional mortgages when calculating DTI for subsequent loans or refinancing. Also, regarding the "hassle" factor you mentioned - while there is paperwork involved, the annual savings of $25-30k you mentioned would more than justify the setup costs. Even if he refinances in 2-3 years when rates drop, you'd still save significant money during that period. Just make sure to discuss what happens if rates do drop significantly and he wants to refinance early. Will there be prepayment penalties? Having those terms clear upfront prevents awkward conversations later.

This thread has been incredibly helpful! I'm actually in a very similar situation - my spouse and I are planning to purchase two EVs this year and file jointly. Reading through everyone's experiences has cleared up a lot of my confusion. One additional consideration I wanted to mention is the point-of-sale rebate option that started in 2024. Instead of waiting until tax time to claim the credit, you can now transfer it directly to the dealer for an immediate discount at purchase. This might be especially useful if you're buying two vehicles and want to reduce the upfront cost. However, I've heard that if you use the point-of-sale option and later discover you weren't actually eligible (due to income limits or vehicle eligibility changes), you'd have to pay the IRS back. So there's a bit of a trade-off between getting the money upfront versus waiting to claim it on your return when you're more certain about your final tax situation. For those of you who successfully claimed credits for two vehicles, did any of you use the point-of-sale option, or did you all wait until filing your returns? I'm trying to decide which approach makes more sense for our situation. Also, @416a9f18d66b (Aria), definitely recommend getting that written confirmation from dealers that others mentioned. The eligibility rules really do change frequently, and having documentation could save you headaches later!

Welcome to the community! As someone who just went through this exact situation with my partner last year, I can confirm that married couples filing jointly can absolutely claim EV tax credits for two vehicles purchased in the same year. We bought a Hyundai Ioniq 5 and a Volkswagen ID.4 and successfully claimed both credits on our joint return. A few key takeaways from our experience: **Vehicle titling is flexible** - We had one car in my name and one in both our names. The IRS doesn't care about the title arrangement as long as you're the original purchaser and it's for personal use. **Documentation is crucial** - Keep everything organized: purchase agreements, VINs, delivery dates, and any dealer communications about eligibility. We actually created a dedicated folder for all EV-related tax documents. **Income timing matters** - Since you mentioned planning purchases "within the next few months," consider your annual income flow. If you're close to the $300k MAGI limit for joint filers, the timing of bonuses, stock options, or other income could affect your eligibility. **Vehicle-specific eligibility changes** - Both the Model Y and Mach-E have had varying eligibility depending on manufacturing dates and trim levels. I'd strongly recommend verifying current eligibility status right before purchase, not just during your initial research. The filing process itself was straightforward - just two Form 8936s that our tax software handled easily. Best financial decision we made last year! Feel free to ask if you have any other questions about the process.

This is a great question that many foreign investors struggle with! I'm also a European investor in US stocks and went through this same confusion last year. Even though your stocks don't currently pay dividends, you'll still need to submit the W-8BEN form to your broker. This form serves as your certification that you're a non-US person for tax purposes, and most brokers require it regardless of whether your current holdings pay dividends or not. The reason is that the form establishes your tax status for your entire investment account. Your stocks might start paying dividends in the future, or you might buy dividend-paying stocks later. Having the W-8BEN on file from the beginning prevents any complications down the road. For capital gains when you sell, the good news is that as a non-US resident, you generally won't owe US capital gains tax on your stock sales. This is typically covered by the tax treaty between your European country and the US. You'll only need to report and pay taxes on those gains in your home country according to your local tax laws. I'd recommend getting the W-8BEN filed sooner rather than later - it's valid for 3 years and will give you peace of mind that your tax status is properly established with your broker.

I went through this exact same situation a few months ago as a non-US investor from Canada. Even though my stocks didn't pay dividends at the time, my broker still required the W-8BEN form to establish my foreign tax status. The key thing to understand is that the W-8BEN isn't just about current dividend income - it's about establishing your overall tax classification with your broker. This becomes important for several reasons: your stocks might start paying dividends later, you might purchase dividend-paying stocks in the future, or there could be other US-source income events that require proper withholding. When I eventually sold some of my positions, I didn't have to pay any US capital gains tax thanks to the Canada-US tax treaty. I only had to report the gains on my Canadian tax return. The W-8BEN had already established that I was a non-resident alien, so there were no complications with the broker or any unexpected withholding. My advice would be to go ahead and submit the W-8BEN form now, even before you need it. It's valid for three years and will prevent any issues down the road. Most brokers make it pretty straightforward to complete through their online platforms, and it's much easier to do it proactively rather than scrambling to get it done later when you actually need it.