I've been dealing with a similar AMT credit situation and wanted to share something that might help others here. After reading through all these responses, I realized I had been making a common mistake in my understanding. I always thought the AMT credit was supposed to be a dollar-for-dollar refund of what I overpaid, but the reality is much more nuanced. The credit can only be used to reduce your tax liability down to your tentative minimum tax level - never below it. This means in years where your regular tax and TMT are close together, you'll only be able to use a small portion of your credit. What's been helpful for me is tracking this over multiple years and seeing the pattern. In higher income years where I have more regular tax liability relative to my TMT, I can use much more of the credit. It's frustrating that it takes so long, but at least understanding the mechanics helps me plan better. One thing I've learned is that certain life changes - like moving to a state with higher income taxes, having years with capital gains, or changes in deduction patterns - can actually create more opportunities to use the credit faster than expected.

I've been through this exact same frustration with AMT credits from ISO exercises! One thing that really helped me understand the limitation better was learning that the AMT credit carryforward isn't just about getting back what you "overpaid" - it's specifically designed to prevent double taxation over time, but only when your regular tax system would otherwise tax you more heavily than the AMT system would. The key insight that changed my perspective was realizing that in years when your tentative minimum tax is close to your regular tax, you're essentially in a situation where both tax systems are treating you fairly similarly, so there's less "double taxation" to correct for. The credit becomes most valuable in years when there's a significant gap between the two calculations. For practical planning, I've found it helpful to think about multi-year strategies. Things like bunching charitable deductions in alternating years, timing capital gains realization, or even considering Roth conversions in strategic years can all affect the regular tax vs. TMT gap. It's also worth noting that as you get further away from the ISO exercise date, your income patterns might naturally change in ways that create better opportunities to use the credits. The waiting game is definitely frustrating, but understanding the underlying logic has helped me be more patient and strategic about it.

I've been through this exact situation multiple times! The lockout period is usually 24-48 hours, but I've found a few tricks that might help. First, try clearing your browser cache completely and then use a different browser or incognito mode. Sometimes switching to your phone's mobile data instead of WiFi can help too since they might be tracking by IP address. For your refund timeline, you're right around the 21-day mark since filing on March 5th, so you should be seeing movement soon. The "still processing" message is frustrating but pretty normal at this stage. If you need to check status while locked out, the automated phone line (1-800-829-1954) sometimes has more current info than the website, though it's hit or miss. Hang in there - the system is definitely outdated but your refund should come through!

I had this same lockout issue last month and it was incredibly frustrating! In my experience, it took exactly 48 hours to reset, even though their messaging says 24 hours. I tried all the usual tricks - clearing cache, different browsers, incognito mode - but nothing worked until that 48-hour mark hit. One thing that helped me during the wait was calling the automated refund hotline at 1-800-829-1954. You don't need to log in and sometimes it has more recent updates than the "Where's My Refund" tool. Just have your SSN, filing status, and exact refund amount ready. Since you filed on March 5th, you're right at that 21-day processing window, so hopefully you'll see movement soon! The waiting is the worst part, especially when you're counting on that money. Once I finally got back into my account after the lockout, my refund status had actually updated with a deposit date. Fingers crossed yours comes through quickly!

Quick question - does anyone know if you can pay yourself partially as a 1099 contractor and partially through distributions? One of the CPAs I talked to suggested this approach but it seems weird to be both an employee AND a contractor for my own S-Corp.

This is exactly the kind of confusion that drives S-Corp owners crazy! Here's what I've learned after going through this same struggle: the "reasonable compensation" requirement is real and non-negotiable, but there's definitely room to optimize within the rules. With $270k in business income and comparable positions at $133k, I'd lean toward taking somewhere between $100k-$120k as W-2 salary. That CPA suggesting $60k might be too aggressive given your income level and industry standards. Remember, the IRS looks at the total picture - if you're taking $210k in distributions but only $60k in salary, that ratio could trigger scrutiny. The key is documentation. Keep records of salary surveys in your field, job postings for similar roles, and any other evidence that supports your compensation level. I also recommend having your CPA prepare a memo explaining the reasoning behind your salary/distribution split in case you ever need to defend it. One thing to consider: while minimizing payroll taxes saves money now, those reduced Social Security credits will impact your future benefits. It's a trade-off worth factoring into your decision.

Does anyone know if the payment voucher changes each year? I found one in some old tax papers but I'm not sure if I can use it for this year's taxes.

Great question! I went through this exact same confusion a few years ago when I had to mail in my return. Yes, you definitely need Form 1040-V (the payment voucher) when sending a check with your tax return. Think of it as a "routing slip" that tells the IRS exactly where to apply your payment. The voucher is pretty straightforward - it's just a one-page form where you fill in your name, address, SSN, the tax year, and payment amount. It creates a paper trail so your payment gets credited to the right account and tax year. Without it, your check might sit in limbo while they try to figure out what it's for. Pro tip: Make sure you're using the current year's Form 1040-V (not an old one from previous years) and double-check that all the info matches exactly what's on your tax return. The IRS can be picky about consistency!

This is a complex situation that definitely requires careful planning! One additional consideration I haven't seen mentioned is the potential impact of the Net Investment Income Tax (NIIT). If your dad's modified adjusted gross income exceeds certain thresholds ($200k for single filers), he may owe an additional 3.8% tax on the capital gains from the property sale. Also, since he's selling to fund a US property purchase, he should coordinate the timing carefully. If he's planning to use a 1031 like-kind exchange, that won't work here since the foreign property can't be exchanged for US property under those rules. But proper timing of the sale and purchase could still help with cash flow and potentially minimize the tax impact across multiple years. I'd strongly recommend getting a consultation with a tax professional who specializes in international taxation before proceeding. The combination of green card status, foreign property ownership, currency conversions, and potential treaty benefits creates enough complexity that professional guidance could save significant money and prevent costly mistakes.

As someone who went through a similar situation with my parents, I want to emphasize how important it is to get all your documentation organized before the sale happens. Your dad should gather: 1. Original purchase documents from 2008 (with purchase price in local currency) 2. Records of any improvements or renovations made over the years 3. Currency exchange rates for each transaction date 4. Any tax documents from Country Z related to the property One thing I learned the hard way is that some countries have exit taxes or capital gains withholding that happens automatically when non-residents sell property. Make sure to research Country Z's requirements so you're not surprised by unexpected deductions from the sale proceeds. Also, consider opening a US bank account specifically for receiving these funds if your dad doesn't already have adequate banking relationships here. Large international transfers can sometimes trigger additional scrutiny or delays, so having everything set up in advance helps the process go smoothly. The complexity everyone's mentioned is real, but with proper preparation and professional guidance, it's definitely manageable. Just don't wait until after the sale to start figuring out the tax implications!