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yall ever wonder if our tax returns just end up in some giant pile and they pick them out randomly to process? š feels that way sometimes
Two weeks is still pretty normal for mail processing! I know the waiting is stressful, but here's what helped me last year: if you're really worried, you can call the IRS at 1-800-829-1040 and ask if they've received your return (though expect to wait on hold). Also, keep copies of everything you mailed - if it somehow gets lost, you'll need those to refile. The good news is that most mailed returns do make it through the system, it just takes longer than e-filing. Hang in there! š¬
If u cant get thru on phone try taxpayer advocate service. They helped me sort this out last year but took like 2 months ngl
Been through this nightmare myself last year! Here's what worked for me: 1) Get your account transcript from IRS.gov first - it'll show if there's any suspicious activity 2) File Form 14039 (Identity Theft Affidavit) online even if you're not 100% sure it's identity theft 3) Try calling the IP PIN line super early (like 7am) or use the callback option if available. The whole process took me about 3 weeks but I got it sorted. Don't panic - you can file an extension if needed! š
Don't feel foolish - the tax system is complicated! One thing to consider: was this rental income ACTUALLY earned in 2024, or was it payment for the 2023 rental period that just happened to be paid in January? If it was payment for December 2023 rental that was just paid in January, some might argue it actually belongs on 2023 taxes depending on your accounting method (cash vs accrual). Might be worth clarifying this point.
This is a really good point. If you're using cash basis accounting (which most individual taxpayers do), then income is reported when received, regardless of when it was earned. But if using accrual basis, it's reported when earned, not when received. For most regular folks with rental properties, cash basis is the norm, which means OP is correct that January 2024 payment goes on 2024 taxes.
You're definitely not alone in making this mistake! I had a similar situation with some freelance income last year. One thing that really helped me was keeping detailed records of exactly when the income was received versus when it was for. In your case, since you received the rental payment on January 3rd, 2024, it should indeed go on your 2024 return regardless of what rental period it covered (assuming you use cash basis accounting like most individual taxpayers). The 1040-X process is pretty straightforward once you get started. Make sure to clearly explain in Part III that you're removing income that was mistakenly reported in the wrong tax year. I'd also recommend making copies of everything before you mail it in - the IRS has been pretty slow with processing amendments lately. One small tip: if this was a significant amount of income that affected your tax bracket or other deductions, double-check that removing it from 2023 doesn't create any other issues with things like the Earned Income Credit or other income-based calculations.
Anyone tried Xoom? It's owned by PayPal but supposedly has better rates for international stuff. Just wondering if it's better than Transferwise or Remitly for Italy specifically.
I've used Xoom to send money to family in Mexico, but found their exchange rates for Euro transfers weren't great. They hide their markup in the exchange rate rather than showing transparent fees. When I compared the same transfer amount to Italy, Wise was giving about ā¬27 more on a ā¬1000 transfer.
I actually just went through this exact same situation last month - needed to send $3,000 to my brother in Rome for an emergency medical bill. After comparing both services side by side, I ended up going with Wise and was really happy with the choice. The total cost breakdown for my transfer was: $2,982.15 received by my brother after a $17.85 fee from Wise. The exchange rate was essentially the real mid-market rate with no hidden markup. The money arrived in his Italian bank account in about 18 hours. I also tested what the same transfer would cost through Remitly, and while their upfront fee was slightly lower, their exchange rate had a markup that would have resulted in about ā¬20 less for my brother to receive. One tip: Both services let you lock in the exchange rate for a short period (I think it's 24-48 hours), so you can set up the transfer and wait for a good rate if you have some flexibility on timing. Since you mentioned this is urgent though, I'd just go with whatever rate is available now. Hope this helps with your decision!
This is really helpful, thank you! The breakdown of actual costs is exactly what I was looking for. Can I ask - when you say you could "lock in" the exchange rate, does that mean you can set up the transfer but not actually send the money until you're ready? I'm wondering if I should wait to see if the EUR/USD rate improves over the next day or two, but I also don't want to risk missing the deadline for my cousin's deposit.
StarSailor
Same thing happened to me two years ago! Filed with an expired license and had zero issues. The IRS processing system is completely separate from DMV records, so you're totally fine. Just don't wait too long to renew it since you'll need valid ID for other stuff. Good luck with your filing!
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Aisha Rahman
ā¢That's so reassuring to hear from someone who's actually been through this! I was totally panicking thinking the IRS would reject my return or something. Thanks for sharing your experience - definitely helps ease the anxiety š
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Katherine Ziminski
Had the exact same panic attack last year! Filed with a license that had been expired for like 3 months and everything went through smoothly. The IRS really doesn't check that stuff during normal processing. Just make sure you have other forms of ID ready if you ever need to verify your identity with them later on. You're gonna be fine! š
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