I'm going through the exact same thing right now! Got my 120-day review letter about 3 weeks ago and like you, zero prior notices. I was panicking at first but after reading through everyone's responses here, I feel a lot better. I actually tried that taxr.ai tool that @Gianni Serpent mentioned and wow - it broke down my transcript in a way that actually made sense! Turns out my review is pretty standard verification stuff, nothing scary. The AI explanation was way clearer than trying to decode all those cryptic IRS codes myself. Also took @Leeann Blackstein's advice about calling early morning and actually got through to someone in 45 minutes (which felt like a miracle). The agent confirmed it's just routine verification and should wrap up within the next month or so. Hang in there OP - from what I'm seeing in this thread, most of these reviews are just the IRS being extra cautious, not because they found actual problems. The waiting sucks but you're definitely not alone in this! 💪

I'm dealing with something similar right now! Got my 120-day review notice about 2 months ago and it's been radio silence since then. Reading through all these responses has been super helpful - especially the tip about calling early morning and checking the transcript for codes. @Gianni Serpent I'm definitely going to try that taxr.ai tool you mentioned. Trying to decode IRS transcripts on my own has been like reading a foreign language 😵‍💫 One thing I learned from calling (after being on hold for literally 3 hours) is that these reviews are way more common than I thought. The agent told me they're backed up from pandemic processing delays and are being extra thorough with verification now. She said as long as I filed everything correctly, it should resolve without me needing to do anything. @Levi Parker - try not to stress too much about it. From what everyone's saying here, it sounds like most of these end up being routine checks that just take forever to process. The IRS really needs to work on their communication though - getting a random 120-day review letter with zero context is terrifying! Hang in there everyone! 🤞

Don't forget that you need to file FBAR (FinCEN Form 114) if your foreign bank accounts exceed $10,000 combined at any point during the year! This is separate from your tax return and has crazy high penalties if you forget to file. My partner and I almost got caught out by this when we moved to Denmark. We filed our taxes correctly with the FTC and standard deduction (which did result in $0 owed, exactly like you're hoping for), but completely missed the FBAR requirement until someone mentioned it to us.

This is exactly the situation I was in last year! Yes, you can definitely use both the standard deduction AND the Foreign Tax Credit - they work together, not against each other. Here's what happened in my case (I'm in the UK with similar US dividend income): I reported all my worldwide income, took the standard deduction which brought my taxable income way down, and then applied the FTC to cover any remaining tax liability from my foreign earnings. Since your US dividends are only $1,500 and the standard deduction is $13,850, you'll likely have very little (if any) taxable income left to apply the FTC against. One tip: make sure you understand which "basket" your income falls into for Form 1116 purposes. Your salary will be "general income" but your dividends will be "passive income" - they need to be calculated separately on the form. The foreign taxes you paid in Germany can only offset US tax on the same type of income. Also, keep excellent records of all taxes paid to Germany throughout the year. You'll need this documentation for the FTC calculation and it's much easier to collect as you go rather than trying to reconstruct it at tax time!

Anyone else notice that the $600 threshold is ridiculously low?? I sold like 5 things from my closet last year and got hit with a 1099-K. Thanks government 🙄

This whole situation is why I keep detailed records of everything I sell online now. I learned the hard way after getting multiple 1099-Ks last year and panicking thinking I owed thousands in taxes. Here's what I wish someone had told me earlier: Create a simple spreadsheet with columns for Item Sold, Original Purchase Price, Sale Price, Platform Used, and Date. For each item, calculate if it's a gain or loss. Most of my old collectibles and electronics sold for way less than I originally paid, so they weren't taxable. The key thing is DOCUMENTATION. Even if you're selling personal items at a loss, you need to be able to prove what you originally paid for them. Save receipts, old credit card statements, even Amazon order history - anything that shows your original cost basis. Without that proof, the IRS might assume your cost basis was $0 and tax the full sale amount. Also, don't stress too much about getting 1099-Ks from multiple platforms. Like others said, it's just reporting - the actual tax treatment depends on whether you made a profit or loss on each item, not which app processed the payment.

Called IRS yesterday - they said standard time is 4 weeks but could take up to 6 if theres any postal delays in your area

I'm in week 4 waiting for my paper check too. Called my local post office and they said there's been unusual delays with government mail in my area due to processing backlogs. Might be worth calling yours to see if there are any local issues. Really wish I had done direct deposit - lesson learned for next year!

Another tip from someone who's been doing solo 401k for 7 years - keep really good records of your contributions year over year. The IRS has been increasingly auditing retirement accounts and with a solo 401k YOU are the plan administrator. I track mine in a spreadsheet with dates, amounts, and whether it's employee or employer contribution. Believe me, trying to figure this out retrospectively is a nightmare.

Great advice from everyone here! As someone who just went through my first year of solo 401k reporting, I can confirm that the lack of forms from custodians was definitely confusing at first. One thing I'd add is to make sure you understand the deadline differences too. Unlike IRAs where you have until the tax filing deadline (plus extensions) to make contributions, solo 401k employee deferrals must be made by December 31st of the tax year. However, employer contributions can be made up until your tax filing deadline including extensions. This timing difference caught me off guard in my first year - I thought I could make all my contributions by April 15th like with an IRA, but realized I had missed the window for additional employee deferrals. Luckily I could still max out the employer portion, but it's something to plan for going forward. Also seconding the advice about keeping detailed records. I use a simple spreadsheet tracking contribution dates, amounts, and type (employee vs employer). When tax time comes around, having everything organized makes the reporting so much smoother.