Does anyone know if the recent tax law changes affected how reinvested dividends are reported? I swear I read something about this changing for 2025 filing but can't find the article now.

This is exactly the kind of question I had when I first started investing! One thing that helped me understand the timeline better is thinking of it this way: when your dividend is reinvested, imagine the company first "paid" you the cash dividend (taxable event), and then you immediately used that cash to buy more shares (establishes your cost basis for those new shares). So yes, you pay tax on the dividend in the year it's paid, regardless of reinvestment. But when you eventually sell those reinvested shares, you're only taxed on gains above what you already paid tax on. Your brokerage should provide a 1099-DIV showing all dividends received (reinvested or not), which makes tax filing pretty straightforward. The key is keeping good records of your cost basis, which thankfully most brokerages now track automatically. This prevents any actual double taxation since you get credit for what you already paid tax on when the dividend was originally received.

Dont forget to check ur state return too! If u amend federal u usually gotta amend state also. I forgot this and got a nasty letter from my state tax ppl even tho IRS was fine with my amendment.

I amended my 2021 return last year for a similar situation - missed home office deduction as a contractor. The process was actually pretty straightforward and I didn't get audited. A few things that helped me: - Used Form 1040X and clearly explained each change in Part III - For home office, I measured my dedicated workspace (10x10 room = 100 sq ft) and used the simplified method ($5/sq ft = $500 deduction) - Included a floor plan sketch showing the office space - Made copies of everything before mailing The education credit from your 1099-T should be no problem at all - that's a very common amendment reason. Just make sure you're eligible for the American Opportunity Credit if you're claiming that one (only available for first 4 years of college). One heads up: you mentioned 2021, so double-check your deadline. You typically have 3 years from the original due date to amend, which would be April 2025 for most 2021 returns. Don't wait too long! Got my additional refund in about 16 weeks. Totally worth it for the peace of mind and extra money back.

Has anyone used TurboTax to do an amendment for home office deduction? Their website says I can amend online but when I try it keeps giving me errors. Wondering if I should just print and mail the 1040-X instead?

I just went through this exact same situation last month! Filed my taxes with an incorrect home office calculation and realized it about 10 days later. I was also torn between the simplified method vs. actual expense method. Here's what I learned: definitely amend if the difference is significant (sounds like yours would be). The IRS processing time for amendments is currently running about 16-20 weeks, but the extra refund was worth the wait for me. I ended up getting back an additional $780. One thing to keep in mind - when you file next year with the correct square footage, just make sure you have good documentation (photos, measurements, etc.) in case they do ask questions. But honestly, they're more concerned with people overclaiming deductions than underclaiming them. The Form 1040-X isn't too complicated if you use tax software to generate it. Just make sure to clearly explain in Part III what you're changing and why. I wrote something like "Correcting home office deduction calculation - using proper square footage and simplified method per IRS guidelines." Good luck with your amendment!

Just wanted to mention that recreating a depreciation schedule isn't necessarily super expensive. I'm surprised your new tax pro is making a big deal about it. When I switched accountants, mine recreated 8 years of depreciation schedules for about $150. They said it was pretty straightforward since residential rental property typically uses straight-line depreciation over 27.5 years. You might want to ask for a specific quote before assuming it'll be expensive. Also worth considering is that you'll need this documentation whenever you sell the property to properly calculate your adjusted basis and depreciation recapture, so it's an investment in proper record keeping.

I'm a CPA and this situation is unfortunately more common than it should be. Your previous preparer was absolutely required to file Form 4562 if they were claiming depreciation on your rental property - there's no way around it in legitimate tax software. What likely happened is one of two scenarios: 1) They were filing the form but just not giving you copies (which is still poor practice), or 2) They were manually entering depreciation amounts without properly completing the required schedule (which is concerning from a compliance standpoint). Before paying to recreate everything, I'd strongly recommend requesting your complete tax return transcripts from the IRS first. You can do this online through the IRS website or by calling them. The transcripts will show exactly what forms were filed with your returns. If Form 4562 was actually filed, you can request complete copies of your returns including all schedules. If the forms weren't filed properly, then yes, recreating the depreciation schedule is necessary and worth the investment. Just make sure your new preparer gives you copies of everything going forward - you should always have a complete copy of your tax return including all schedules and supporting documentation.

Make sure you file a statement with your joint return! My husband is on a J1 and I'm a citizen - we file jointly and have to include a statement that says "XXX [non-resident spouse name] and YYY [US citizen spouse name] are making the election to file a joint tax return pursuant to section 6013(g) of the Internal Revenue Code for the tax year 2023." You sign and date it and attach to your 1040. If you don't include this statement, the IRS might reject your return or question your filing status later! We learned this the hard way lol.

I went through this exact situation two years ago when I was on a J1 visa and my husband was a US citizen finishing his PhD with minimal income. After running the numbers both ways, we definitely saved money filing jointly. The key things that made filing jointly beneficial for us were: 1. Higher standard deduction ($25,900 vs $12,950 for married filing separately) 2. Access to education credits for my husband's tuition expenses 3. Potential eligibility for other credits like the Child Tax Credit if you have kids However, you'll need to be aware that by filing jointly, you're electing to be treated as a US resident for tax purposes, which means: - You'll report your worldwide income (not just US income) - You may lose certain tax treaty benefits available only to nonresidents - You'll need to include the election statement that others mentioned I'd strongly recommend calculating your taxes both ways before deciding. Also, don't forget that if you file jointly, your spouse will need an ITIN if they don't have an SSN. The whole process was actually smoother than I expected once I understood the requirements!