Thanks for mentioning this! I haven't received any W-2G forms yet, but I did have a couple of bigger wins that might have triggered reporting. Would the casino have given those to me right away when I won, or would they mail them later? Also, do you know what the income limits are for my parents to claim me as a dependent? I'm a full-time student.

Casinos typically mail W-2Gs by January 31st for the previous year's winnings, though for larger wins they often complete the paperwork at the time of payout. If you had wins over $1,200 on slots or $5,000 on poker/table games, you should expect to receive them. For your parents to claim you as a dependent while you're a full-time student under 24, there's no income limit, but you must not provide more than half of your own support. The support test looks at who pays for your housing, food, education, etc. - not just your income. So even with your gambling winnings, if your parents still provide more than half of your total support, they can claim you. But if those winnings meant you provided more than half of your own support this year, that could change your dependent status.

Is this really necessary for a college student with only $8,500 in winnings? Seems like overkill. The IRS isn't going after small fish like this when there are millionaires to audit.

Actually, it's totally worth doing even for $8,500. The IRS uses automated systems to match income reports, so if casinos reported any of your winnings on W-2Gs and your filed return doesn't match, you'll get flagged automatically - regardless of the amount. Plus, if you can document losses against those winnings, you could save hundreds in taxes. Better to be over-prepared than scrambling later when the IRS sends a notice asking why your reported income doesn't match what they received from the casinos.

Wait, does investment income from a UTMA account count as unearned income for a dependent? My son has one of those accounts his grandparents set up.

Yes, any income generated by that UTMA account (interest, dividends, capital gains) counts as unearned income on your son's tax return. That's actually one of the most common sources of unearned income for dependents. If it's over $1,250, you'll need to apply the more complex calculation for his standard deduction, and he may have to pay tax on some of that investment income depending on the total amount. Some of it might be subject to the "kiddie tax" where it's taxed at the parents' rate.

We're definitely planning to claim the AOTC on our return since we paid most of her tuition. But what about her health insurance? She's on our family plan - does that affect anything on her return or ours?

Since she's on your family health plan and you're claiming her as a dependent, the health insurance doesn't create any additional tax implications for her individual return. You handle all the health insurance reporting on your family return. The important thing is coordinating the education credits properly. Since you're claiming her as a dependent AND taking the AOTC, make sure she doesn't accidentally claim any education credits on her own return - that would trigger issues with the IRS. Her return should just focus on getting back any withheld taxes based on her standard deduction calculation.

Thanks for sharing how you handled this! Did you need any special documentation to prove these were reimbursements? I have most of the receipts from our trip but not everything. I'm worried about what happens if I get audited.

You don't need to submit any documentation with your return, but you should keep records in case of an audit. The most important receipts would be for major expenses, like hotel bookings, flights, or large group meals. Even bank/credit card statements showing you paid these expenses initially would help. For smaller expenses, having a trip itinerary or even notes about what was spent where can be helpful. Most people don't get receipts for every small purchase, so don't stress if you're missing some. The IRS understands this is common. The key is having enough documentation to show these were legitimate reimbursements and not income.

I just use payment apps for my side hustle. Does this mean I'm supposed to be tracking which payments are business vs personal? Ugh that sounds like a nightmare.

Yes, if you're using payment apps for business, you absolutely need to track which payments are business vs personal. The IRS requires you to report all business income, and payment apps will send you (and the IRS) 1099-K forms for business transactions over $600. I'd recommend keeping separate payment accounts if possible - one for personal use and one for business. If that's not feasible, at least categorize transactions as you receive them with clear notes. Business payments are taxable income that you need to report, while personal reimbursements like what OP is dealing with are not. The distinction is crucial for your taxes.

Unfortunately no. Dependent care FSAs generally don't have the rollover option that healthcare FSAs have. Some plans might offer a grace period (usually 2.5 months after the plan year ends) to use leftover funds, but that's plan-specific. The $610 rollover limit only applies to healthcare FSAs, not dependent care FSAs. Dependent care accounts are strictly "use it or lose it" unless your specific plan has a grace period. Check your plan documents or ask your benefits administrator if you have a grace period to spend the remaining funds.

whens that usually show up after these codes?

varies wildly tbh. could be next week could be next month 🤷‍♂️