This thread has been incredibly helpful! I'm dealing with the exact same issue - 4 years running with late K-1s from our S-corp. What's really frustrating is that I'm a 15% shareholder, so this significantly impacts my tax situation each year. After reading through everyone's experiences, I think I'm going to try a multi-pronged approach: 1) Request estimated K-1 numbers by March 1st like Leila suggested, 2) Document all my communications with the S-corp about K-1 timing as recommended by the IRS agent, and 3) Push our management to either get the accounting firm to prioritize earlier completion or find a new firm that commits to March 15th delivery. It's reassuring to know this is so widespread, but also frustrating that it seems to be accepted as "normal." Thanks everyone for sharing your solutions and experiences!

I've been lurking on this thread because I'm dealing with the exact same situation, but from a slightly different angle. I'm actually an enrolled agent who has several clients with S-corp interests, and I can confirm that late K-1s are unfortunately the norm rather than the exception. From a practitioner's perspective, here's what I've observed: about 70% of the S-corps I work with miss the March 15th deadline for K-1 distribution. The main culprits are usually: 1) accounting firms that are swamped during tax season and prioritize individual returns, 2) S-corps that wait until the last minute to provide their accounting firms with year-end information, and 3) complex S-corp situations (multiple states, unusual transactions) that require extra time to sort out. What I tell my clients is to set expectations early - assume you'll file an extension and plan accordingly. Make sure you're making adequate estimated tax payments throughout the year, and if possible, try to get involved with your S-corp's management to push for earlier deadlines with their accounting team. Some of the larger accounting firms have dedicated S-corp teams that work specifically on getting these done by March 15th, but you usually pay a premium for that service. The silver lining is that the IRS is very aware this is a widespread issue, so properly filed extensions due to late K-1s are rarely scrutinized.

Wait my bank sent me a 1099-INT for like $23 of interest for 2023... am i supposed to file a return just for that??? I had a w2 job too but only made like 8k so I didnt think I needed to file anything???

I'm glad you're being proactive about this! As others have mentioned, you're definitely under the filing threshold with just $135 in interest income, so you won't face any penalties from the IRS. One thing to consider though - even if you don't file for 2023, make sure you keep that 1099-INT document for your records. Sometimes the IRS receives copies of these forms and might send you a notice years later asking about unreported income. Having the documentation showing your total income was well below the filing threshold will help resolve any questions quickly. Also, since you mentioned you're still looking for work, you might want to file anyway if you think you'll have more complex tax situations in future years. Getting familiar with the process when stakes are low (like your current situation) can be helpful when you do have more substantial income to report. The good news is you have until April 2027 to decide whether to file a 2023 return, so no rush to figure it out immediately!

If I were you, I'd ignore both HR and financial aid and talk to an actual tax professional who specializes in international taxation. University staff often have limited knowledge about the complexities of international tax situations. The rules around resident vs nonresident alien status for tax purposes are completely different from your immigration status. And there are special elections available to people in your exact situation that many HR departments don't know about.

I went through this exact same situation two years ago as a J-1 researcher married to a US citizen! The confusion you're experiencing is totally normal because there's a big difference between your immigration status and your tax status. Here's what I learned: As a J-1 visa holder, you're typically considered an "exempt individual" for the substantial presence test, which means those days don't count toward establishing tax residency. However, you can still choose to file jointly with your US citizen spouse by making what's called a Section 6013(g) election. This election allows you to be treated as a US resident for tax purposes only (it doesn't change your immigration status at all). You'll need to attach a signed statement to your tax return making this election - it's not just a checkbox you can mark. The pros of filing jointly usually include lower tax rates and higher standard deductions. The main con is that you'll need to report your worldwide income and may have additional reporting requirements for foreign accounts. I'd strongly recommend getting professional help for your first year doing this, especially since you mentioned the green card process. A tax professional who understands international taxation can ensure you're doing everything correctly and won't create any issues for your immigration case. Don't let the conflicting advice stress you out too much - this is a common situation and there are established procedures to handle it properly!

Don't forget about the childcare tax credit! Since you pay 65% of the daycare expenses, you should be eligible to claim that credit regardless of who claims the child as a dependent (though it's simpler if the same person does both). Keep all your receipts and documentation showing you paid these expenses. My tax preparer saved me over $2000 last year because I had documentation showing I paid for most of my daughter's daycare even though my ex claimed her as a dependent that year.

I'm dealing with a similar situation and wanted to share what I learned from my tax attorney. The key issue here isn't just who has higher AGI, but also making sure you have proper documentation of your custody arrangement and expense payments. Since you have true 50/50 custody AND you're paying 65% of daycare costs, you're in a strong position to claim the younger child. For the older child, the same AGI tiebreaker rule applies. However, I'd strongly recommend getting this clarified in writing through a court modification to your custody agreement. One thing to consider is that your ex saying they "need the tax break more" isn't relevant under IRS rules - financial need doesn't override the legal guidelines. The IRS goes by custody time and AGI, not who needs the money more. Also, keep detailed records of all your childcare payments, child support payments, and any other expenses you cover. If this ever gets disputed, you'll want clear documentation showing you're following the rules correctly.

I went through something very similar last year and understand your frustration! The CP74 notice is actually good news - it means you've successfully recertified for the Earned Income Credit after having it disallowed previously. This just confirms you can claim EIC going forward without filing Form 8862 again. However, this notice is completely separate from what happened to your refund. Since you mentioned having back taxes from 2022 that you're paying in installments, that's almost certainly why your $4,850 refund was taken. Even when you're on an installment plan, the IRS can still offset (take) your refund to apply toward your outstanding balance - it's typically spelled out in the installment agreement fine print. You should receive a CP49 notice explaining exactly where your refund went, but those sometimes arrive weeks later. For immediate answers, call the Treasury Offset Program at 800-304-3107. They can tell you right away which debt your refund was applied to and how much. Unfortunately, no additional refund is coming since the money was applied to your existing tax debt. But at least you're back in good standing with EIC for future years!

I've been through this exact scenario and it's incredibly frustrating! The CP74 notice is actually confirming something positive - you've successfully recertified for EIC after previously having it disallowed. This means you won't need to file Form 8862 again in future years to claim the credit. However, this notice has absolutely nothing to do with your missing refund. Since you mentioned having back taxes from 2022 with an installment agreement, that's almost certainly where your $4,850 went. The IRS can offset (take) your entire refund to apply toward existing tax debt even while you're making monthly payments - it's usually buried in the installment agreement terms. You should receive a CP49 notice explaining the offset, but these often arrive weeks after they've already taken your money. For immediate answers, call the Treasury Offset Program at 800-304-3107. They can tell you exactly which debt your refund was applied to. The hard truth is that no additional money is coming - your refund (including the EIC portion) was used to pay down your 2022 tax debt. Going forward, you might want to adjust your withholdings so you don't give the IRS an interest-free loan that they'll just take anyway.