Quick warning about those bank bonuses - make sure you're distinguishing between 1099-INT and 1099-MISC forms! Some banks issue 1099-MISC for account opening bonuses rather than 1099-INT, and they're treated slightly differently on your tax forms.

As someone who went through this exact situation last year, I can confirm that yes, you absolutely need to report those bank bonuses on your taxes. The good news is that it's more straightforward than it initially seems! Since you're on a J-1 visa and likely haven't been in the US for 5+ years, you'll file Form 1040-NR as a non-resident alien. Those bank bonuses are considered US-source income and will be reported based on whatever forms the banks sent you (either 1099-INT or 1099-MISC). The key thing that helped me was understanding that even though you're not earning a salary here, any income generated from US sources (like these promotional bonuses) still needs to be reported. However, depending on what country you're from, there may be tax treaty benefits that could reduce your tax rate from the standard 30%. I'd definitely recommend checking with your university's international office first - many have free tax assistance programs specifically for J-1 scholars. If they don't offer that service, then yes, it might be worth consulting a tax professional who understands non-resident tax situations. Better to get it right the first time, especially since you're concerned about your visa status. Don't stress too much though - this is a pretty common situation for J-1 visa holders, and there are good resources available to help you navigate it correctly!

Has anyone who filed around February 5th (like OP) seen their transcript update recently? I filed February 7th and mine just updated yesterday after being N/A since filing. Curious if they're processing a specific batch right now.

Filed February 8th here and my transcript just updated this morning! After 4 weeks of N/A status, it finally showed up with processing date 20250307 and cycle code 20250905. Refund amount matched exactly what I expected and shows DDD of 03/12. So yes, it looks like they're working through that early February batch right now. For everyone still waiting - hang in there, seems like they're making progress on returns from that timeframe.

Does anyone know if we need to convert the purchase price from foreign currency to USD when reporting on form 8949? I bought some UK stocks while living in London and the purchase was in GBP, but I sold after moving back to the US and received USD.

I had a similar issue with some European stocks I sold last year. The key thing to remember is that even without the 1099-B, you're still legally required to report all capital gains and losses. I used Form 8949 and checked Box C (transactions not reported to you on Form 1099-B) and entered all the details manually from my brokerage statements. One tip - if your broker is still "looking into it," get their response in writing via email. If the IRS ever questions the missing 1099-B, having documentation that you tried to get it corrected shows good faith effort on your part. Also make sure you have screenshots or printed copies of your account statements showing both the purchase and sale transactions as backup documentation. The deadline pressure is real, but don't let it rush you into making mistakes. Better to file correctly using your own records than to wait for a 1099-B that might never come.

What about cash expenses for business? I sometimes pay day laborers in cash for help with my landscaping business - how do I prove these are legitimate?

Great thread! As someone who went through my first business tax filing this year, I learned the hard way that organization is EVERYTHING. The IRS basically expects you to be able to prove every single deduction you claim. One thing that really helped me was setting up a simple system from day one: I use a dedicated business checking account, immediately photograph receipts with my phone, and keep a simple spreadsheet noting the business purpose of each expense. Even small purchases like office supplies get documented. The key insight I had is that the IRS isn't necessarily looking to catch you doing something wrong - they just want to see that you're being reasonable and keeping proper records. If you can show clear business purpose and have documentation to back it up, you're usually fine. For anyone just starting out like the original poster, my advice is to err on the side of over-documenting rather than under-documenting. It's way easier to establish good habits from the beginning than to try to reconstruct everything later if you get audited.

Has anyone tried just using the tax transcript from the IRS website instead of your actual return? I was thinking it might be easier to redact since it's more condensed, and might look more official to the employer?

Just wanted to share my experience as someone who recently went through this exact same situation! I was also totally confused when my potential employer asked for a "gross income redacted tax return" - had never heard of it before either. What worked for me was creating a simple checklist of what to redact vs. what to keep visible. I redacted all the dollar amounts showing my actual income (wages, salary, AGI, taxable income) but kept visible things like my name, address, filing status, employer names and EINs, and the tax year. The key is that employers want to verify you've been filing taxes and see your employment history, but they don't need to know your exact salary. I used the PDF editor that came with my computer to add black rectangles over the income numbers, then saved it as a new file. The whole process took maybe 10 minutes once I figured out what needed to be covered. My employer accepted it without any questions and I got the job! Don't overthink it - it's really just about protecting your financial privacy while still showing you're a responsible taxpayer. Good luck with your interview!