Don't forget about FBAR requirements if you're keeping that money in a foreign account! If you have more than $10,000 in foreign financial accounts at any time during the calendar year, you need to file an FBAR (FinCEN Form 114). The penalties for not filing are insane - up to $10,000 for non-willful violations and the greater of $100,000 or 50% of account balances for willful violations.

Make sure you're keeping good records of everything - the wire transfers, any communications with the buyer, and especially any shipping receipts. If you're shipping to their US warehouse, that's domestic shipping which is generally not deductible against your capital gains. But if you have any other expenses directly related to the sales (like special packaging materials), those might be deductible against your proceeds.

wait what does cycle 5 even mean? im new to all this tax stuff

Same situation here! Filed 1/25, accepted 1/27, cycle 20250605 with ACTC. My transcript looks almost identical to yours - processing date Feb 24, code 150 with $0.00, and those future April dates. The waiting game is brutal but at least we know PATH should lift soon. That long number you mentioned (70211-424-09595-5) is just an internal IRS reference number, totally normal. Hang in there, we're all in this together! 🤞

Be careful. I ignored offset notices. Big mistake. They took my entire refund last year. $4,782 gone. All for an old student loan. I didn't even know about. From 2008. The worst part? If I had responded to the letters, I could have set up a payment plan. Only needed $5 monthly payments. Would have kept most of my refund. Don't ignore any letters you get. Respond immediately.

I went through this exact situation two years ago and it was such a rollercoaster of emotions! The 846 code got my hopes up, then the offset reality hit hard. Here's what helped me get through it: First, don't panic - the 846 code is still good news because it means your return was processed correctly. The offsets are separate from IRS processing, which is why they don't show on your transcript. Second, when you call the Treasury Offset Program hotline (800-304-3107), ask them to break down each offset by amount and agency. This will help you calculate if there's anything left over. Third, and this is important - each agency handling an offset has different hardship programs. I had two student loan offsets and was able to get on an income-driven plan that reduced future offsets to almost nothing. The waiting is the hardest part. It took about 3 weeks after my original refund date to get the remaining amount (which was only about 30% of my original refund, but better than nothing). One silver lining: this experience forced me to tackle my old debts head-on, and I'm in a much better financial position now. Sometimes these setbacks push us toward solutions we've been avoiding. Hang in there!

Did you move during that time? Sometimes they sent paper checks that got lost in the mail

Check your 2020 and 2021 tax transcripts - they should show if the EIP was issued and when. If it shows as issued but you never got it, you'll need to request a payment trace. The IRS has been dealing with tons of these cases where the system shows payments went out but people never received them. Don't give up - you're entitled to that money!

Don't forget to check if you might qualify for the Earned Income Tax Credit even with low self-employment income! If you're over 25 or have qualifying children, you might get money back even if you don't owe taxes.

You definitely need to file! The $400 threshold for 1099-NEC income applies regardless of your total income level. Since you received $3,000 as an independent contractor, you'll need to file Form 1040 with Schedule C (for business income/expenses) and Schedule SE (for self-employment tax). The self-employment tax will be about 15.3% on your net earnings, but don't panic - you can potentially reduce this by deducting legitimate business expenses. Keep receipts for anything you purchased specifically for the internship (software, equipment, transportation costs, etc.). Also, even though you'll owe self-employment tax, you likely won't owe any federal income tax due to your low total income. You might even qualify for a refund if you had any taxes withheld from other jobs during the year. The filing requirement exists mainly to ensure you pay into Social Security and Medicare through the self-employment tax.