This full-time student requirement gets really confusing with summer terms too. My daughter was full-time in spring 2024, took one summer class in June, then went back full-time in fall. Does anyone know if summer classes count toward the 5 month requirement?

Based on what everyone's shared here, it sounds like you definitely qualify as a full-time student for tax purposes! Your spring semester from January to May covers the 5-month requirement, and if your school classified you as full-time during your internship semester (which it sounds like they did since you paid full tuition), that just strengthens your case even more. I went through something similar last year with a study abroad program where I was only on campus for one semester. The key thing the IRS looks at is your school's official classification, not whether you were physically in a classroom. Since you were registered and paying as a full-time student during both periods, you should be good to go for claiming student status on your taxes and any education credits you qualify for. Don't stress too much about it - your situation is pretty straightforward compared to some of the edge cases I've seen!

If your bill is exactly $14k, you might qualify for the IRS "short-term payment plan" where you can get up to 180 days to pay in full without having to pay the setup fee for a regular installment plan. You'll still pay interest but it might save you a little money if you can pull together the full amount within 6 months.

I went through almost the exact same situation two years ago - owed $13,500 due to a payroll system glitch that stopped withholding federal taxes for several months. The panic is totally understandable, but you have more options than you think! First, definitely file your return on time even if you can't pay the full amount. The failure-to-file penalty is much worse than the failure-to-pay penalty. You can set up an installment agreement online at irs.gov - it's actually pretty straightforward for amounts under $50k. One thing that really helped me was documenting everything about the withholding error. I gathered all my pay stubs, my W-4 forms, and emails with HR. While the IRS won't reduce what you owe because of the error, having this documentation helped when I requested penalty abatement later using Form 843 for "reasonable cause." Also check if you qualify for any credits or deductions you might have missed - I found I was eligible for some education credits that reduced my bill by about $800. Don't let the stress overwhelm you - the IRS deals with this stuff all the time and they'd rather work with you than chase you down!

I'm dealing with the exact same thing! Got my 570 code about 10 days ago and checking the mailbox obsessively. It's reassuring to hear from others who've been through this - sounds like most of the time it's just routine verification stuff. Really hoping mine is something simple like identity or income verification and not anything more complicated. The uncertainty is definitely the hardest part!

Same here! Got the 570 code about a week and a half ago and have been refreshing my transcript and checking the mail constantly. It's so nerve-wracking not knowing what's going on with your refund. Reading all these responses is actually really comforting though - sounds like most people get straightforward requests for verification. Really hoping mine is just something simple like what Emma and Landon dealt with. The waiting game is brutal but at least we're not alone in this! 😅

The community consensus here is that cycle codes are actually pretty predictable once you know what to look for. Unlike getting audited or dealing with identity verification, cycle codes are just processing indicators. I've tracked mine for three years now - it's like watching a weather forecast for your refund. Much less stressful than constantly checking WMR, which is about as informative as a magic 8-ball compared to understanding your actual cycle code.

The cycle code breakdown shared here is spot-on! I've been helping fellow taxpayers decode these for years. One thing worth adding - if you're a Schedule C filer like me, look for any TC 971 codes on your transcript too. These indicate additional processing flags that can delay your cycle even if you have a Thursday code. I learned this the hard way when my 20241505 cycle got pushed back 3 weeks due to a Form 8862 review triggered by my home office deduction. The cycle code tells you the intended processing schedule, but additional review codes can override that timing. Always check the full transcript context, not just the cycle number!

Has anyone found a good comparison of the tax efficiency between ETFs that hold international stocks vs buying individual ADRs? I'm trying to decide if it's worth buying individual companies or just using something like VXUS for simplicity.

Great question about international investing taxes! I went through this same learning curve last year. One thing that really helped me was understanding the withholding tax rates by country. For example, many European countries withhold 15% on dividends due to tax treaties with the US, while some countries without treaties can withhold 30% or more. This makes a big difference in your after-tax returns. I'd also recommend checking if your foreign stocks pay "qualified dividends" - these are taxed at capital gains rates rather than ordinary income rates. Most ADRs from developed countries qualify, but it's worth confirming since the tax difference can be significant. For record keeping, I started maintaining a simple spreadsheet tracking my foreign holdings, the countries they're from, and the withholding rates. This makes tax time much smoother and helps me make better investment decisions going forward. The Form 8938 (FATCA reporting) is another potential requirement if your foreign assets exceed certain thresholds - different from FBAR but worth being aware of for larger portfolios.