Thanks everyone for the detailed explanations! This has been super helpful. Just to summarize what I'm understanding: 1. Traditional IRA and Rollover IRA are identical for tax purposes - same contribution limits, same tax treatment, same RMD rules 2. The "Rollover" designation is mainly for bookkeeping to track where funds came from 3. Keeping them separate might be useful if I plan to roll funds into a future employer's 401k plan 4. There could be considerations for backdoor Roth conversions down the line I think I'm leaning toward opening a Rollover IRA since I do have an old 401k I want to move over, and it sounds like keeping that separate from regular contributions might give me more flexibility later. One follow-up question - if I open a Rollover IRA now for my old 401k, can I still open a separate Traditional IRA later for regular annual contributions? Or do I need to pick one account type and stick with it?

Great thread everyone! I'm a tax professional and wanted to add one more consideration that might be helpful for Emily and others in similar situations. If you're planning to contribute to IRAs regularly going forward, I'd actually recommend starting with a Traditional IRA for your annual contributions first, then opening the Rollover IRA specifically when you're ready to move that old 401k money. This way you establish your contribution history in the Traditional IRA and keep a clear paper trail. Also, when you do roll over that 401k, make sure to do a direct trustee-to-trustee transfer rather than taking a distribution and rolling it over yourself. The direct transfer avoids the 20% mandatory withholding and eliminates any risk of missing the 60-day deadline. One last tip - before you roll over from your old 401k, check if it has any unique investment options or institutional share classes with lower fees that you can't get in a regular IRA. Sometimes it's worth keeping a small balance in the old plan if the investment options are superior.

I'm surprised nobody has mentioned depreciation yet. As a first-time landlord, you absolutely need to understand how depreciation works for rental properties. You'll need to depreciate the value of the building (not the land) over 27.5 years, which creates a significant tax deduction. This gets reported on Form 4562 and flows to your Schedule E.

As someone who's been through this exact situation, I can confirm that Diego's advice is spot-on. You'll definitely need Form 1040 with Schedule E for your rental income - not 1099-MISC. The 1099 forms are what OTHER people send to YOU and the IRS to report payments they made to you, but as a landlord collecting rent, you're not typically going to receive a 1099 from your tenant. A few additional tips from my experience as an expat landlord: 1. **Keep meticulous records** - Track every expense related to the property (repairs, maintenance, insurance, property management if you ever use one, etc.). These are all deductible on Schedule E. 2. **Consider setting up a separate US bank account** for rental income/expenses if you haven't already. It makes record-keeping much cleaner and helps with FBAR reporting if applicable. 3. **Don't forget about depreciation** - As Ethan mentioned, this is a significant deduction you shouldn't miss. Your $22,500 in rental income could be offset substantially by depreciation and other expenses. 4. **File early** - Being overseas can complicate things if you need to request documents or clarify anything with the IRS, so give yourself extra time. The fact that you're managing it yourself actually simplifies things tax-wise since you won't have to deal with 1099s from a property management company. Good luck!

DO NOT IGNORE THIS! Document everything NOW. My ex did this to me and because I didn't respond quickly enough with the right documentation, it created a 2-year nightmare with the IRS. Print out all text messages where you told him not to claim them. Make copies of your court order. Get documentation from the school showing your address as their residence. The most important thing is filing Form 8332 showing you DID NOT release your claim to the children. Even though your return was accepted, his paper-filed return could still cause problems.

I went through this exact scenario two years ago. Your court order is your strongest protection here - the IRS follows legal custody arrangements, not just who pays support. Since you filed first and were accepted, you're in good position. A few practical tips from my experience: - Keep screenshots of those text messages where you explicitly told him not to claim them - If he does try to file, his e-file will likely be rejected immediately due to duplicate SSNs - If he paper files to try to bypass the system, it'll get caught during processing but may take longer to resolve The "tax preparers" he consulted either don't understand custody law or he's misrepresenting what they told him. Paying child support doesn't override a court order that specifically grants you the right to claim the children. Stay calm and document everything, but don't let him pressure you into "releasing" your claim. You have every legal right to claim your kids based on both custody time (more than half the year) and your court order.

I just went through this exact same situation as an F1 STEM OPT student! One thing I'd add to the great advice already given is to make sure you keep detailed records of everything. I created a spreadsheet tracking each pay period where FICA was incorrectly withheld, along with the specific amounts for Social Security and Medicare taxes. Also, don't let your employer off the hook completely. Even though they're being uncooperative about providing documentation, they are still required by law to correct their records and stop future withholding. You might want to escalate within HR or contact their payroll department directly - sometimes different departments are more helpful. One more tip: when you file Form 843, include a cover letter clearly explaining your situation. I wrote a simple one-page letter stating I was an F1 student on STEM OPT, exempt from FICA taxes, and that my employer had incorrectly withheld these taxes. I attached copies of my I-20, EAD card, and pay stubs showing the withholding. This seemed to help the IRS process my claim more efficiently. Good luck with your refund - $4,200 is definitely worth fighting for!

Just wanted to add another perspective here - I'm a tax professional who works with a lot of international students, and this is unfortunately super common with F1 STEM OPT students. A few additional points that might help: 1. **Documentation is key** - Even if your employer won't provide a formal error acknowledgment, gather everything you can: pay stubs, W-2 forms, your I-20, EAD card, and any email correspondence where they acknowledged the mistake. 2. **State taxes** - Don't forget to check if your state also incorrectly withheld state disability or unemployment taxes that F1 students might be exempt from. You may need to file separate refund claims with your state. 3. **Future employment** - Make sure to proactively inform any future employers about your FICA exemption to avoid this happening again. Bring documentation of your status on your first day. 4. **Timeline matters** - You mentioned this started in January 2024, so you're still well within the statute of limitations, but don't delay too long as the 3-year clock is ticking from when the taxes were paid. The Form 843 route that others mentioned is definitely the way to go. The IRS has been pretty good about processing these refunds for F1 students once they have proper documentation. Just be patient - it's a slow process but you should get your money back!

One thing nobody's mentioned yet - Form 3921 reporting gets more complicated if your company goes public after you exercise options. I had this happen and suddenly had to deal with calculating AMT adjustments for shares I exercised years ago!

For anyone dealing with ISOs and Form 3921, here's a simple way to think about it: the form is just documentation, not something you actively report on your current return if you didn't hit AMT. However, I'd strongly recommend setting up a simple tracking system now. Create a folder (physical or digital) specifically for stock option documents and include: - Your original option grant agreements - Form 3921 for each exercise - Any company valuation documents from around exercise dates - Records of any AMT calculations you did This becomes crucial later when you sell. The IRS will want to see that you properly calculated your basis, and having everything organized makes that process much smoother. I learned this the hard way when I sold shares three years after exercising and had to hunt down old paperwork! Also worth noting - if your company ever gets acquired or goes public, the tax implications can change retroactively for shares you've already exercised, so keeping detailed records protects you in those scenarios too.