Don't forget about state taxes too! Your 1099-B might not be taxable for federal purposes as a nonresident alien, but some states have different rules. For example, I'm in California and they consider certain capital gains taxable for nonresidents even when the feds don't. Check your state's rules or you might get a surprise tax bill later.

Just wanted to add another perspective as someone who went through this exact situation two years ago. The key thing that helped me understand was realizing that as a nonresident alien student, you're essentially in a "protected" category for most investment income. The IRS generally doesn't want to tax casual investment gains from nonresident students because you're not here permanently and aren't engaged in a U.S. trade or business. However, you still need to be careful about a few things: 1. Keep detailed records of your days in the US each year - this becomes crucial for both the substantial presence test and the special capital gains 183-day rule that Liam mentioned. 2. Don't forget about the FBAR (Foreign Bank Account Report) if you have foreign accounts with more than $10,000 aggregate balance at any time during the year. 3. Even if your capital gains aren't taxable, you might still want to attach a statement to your 1040NR explaining why you're not reporting them - this can prevent IRS questions later. The good news is that most F-1 students in their first few years don't have to worry about capital gains taxes, but the rules can get tricky if you stay longer or have substantial trading activity.

You know what's funny (but not really)? I've been checking my transcript so often that I think the IRS website recognizes me now. 😅 "Oh look, it's THAT person again..." But seriously, I noticed last year that sometimes the transcript status can jump from N/A straight to fully processed without any in-between status. It's like watching water boil - nothing happens for ages and then suddenly everything happens at once. As long as your return was accepted and you have that confirmation, you're probably fine. The system is just... how do I put this nicely... not the most efficient technology in the world.

I'm going through the exact same thing right now! Filed about 10 days ago and my transcript is still showing N/A while WMR just says "processing." Reading everyone's responses here is really reassuring - it sounds like this is totally normal timing. I've been obsessively checking both systems daily (I know, I know, probably not helping my anxiety). What's interesting is that I filed a simple return with no credits or complications, so I was expecting it to move faster, but apparently even straightforward returns can take the full 21 days during busy season. Thanks for posting this question because I was starting to wonder if something went wrong with my filing!

Another option to consider is pulling your "Information Returns" transcript from the IRS instead of just the account transcript. This shows exactly what forms were filed under your SSN. Sometimes there are multiple versions of the same form if corrections were submitted. For ISO issues specifically, look for both the original and any corrected Form 3921 filings. Your employer might have submitted a correction but failed to provide you with an updated copy. The Information Returns transcript will show both versions.

I'm an accountant and see this ISO reporting issue constantly! One thing to watch out for - there's a difference between what goes on Form 3921 vs what gets reported on your taxes. Form 3921 reports the exercise of ISOs, but doesn't necessarily mean you owe taxes right away. You only trigger regular income tax if you sell the shares before meeting holding period requirements (disqualifying disposition). If you held the shares, you'll probably deal with AMT instead. Make sure your 1040-X amendment correctly reflects your actual situation - not just what's on the Form 3921.

Just another perspective - if your nanny will be driving frequently, you might want to consider providing a car for her to use instead of reimbursing mileage. That's what we do, and it's worked out great. We bought a used Toyota that's safe and reliable, we pay for all gas/maintenance, and it eliminates the need to track mileage or worry about her insurance coverage. Obviously this is a bigger investment upfront, but for us it made sense because our nanny drives our kids to various activities almost daily. Plus it protects her personal vehicle from the wear and tear of constant use for work.

This thread has been incredibly helpful! As someone new to employing a nanny, I had no idea about the insurance implications or that nannies can't deduct mileage anymore. One quick question - when you reimburse at the IRS standard rate, do you need to issue any special tax forms at the end of the year for the mileage reimbursements? Or does it just not get reported anywhere since it's non-taxable? I want to make sure I'm handling the paperwork correctly from day one. Also, for those who've set up mileage tracking systems - do you have your nanny take photos of the odometer or is a simple written log sufficient for IRS purposes?

Something people aren't mentioning is that Cash App now has that new $1 minimum fee for instant transfers to a bank account. If you're constantly moving money in and out for your family, those fees can add up! I learned you can avoid the fees if you do the standard 1-3 day transfer instead of instant. Might save you some money if you're not in a rush.

One thing to watch out for with Cash App - if you deposit over $10,000 in cash within a short period, your bank might file a Currency Transaction Report. This isn't a tax issue but a regulatory thing for preventing money laundering. It doesn't mean you're in trouble, but if you're regularly depositing large amounts of cash, it might trigger some questions.