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Quick question about the Schedule 2 (Form 1040) you mentioned - is that required for all dual-status returns or only if you have certain types of taxes? I'm filing my first dual-status return and trying to make sure I include all required forms.
Schedule 2 is only required if you have certain types of additional taxes to report. For dual-status returns, you'd need it if you have self-employment tax, unreported social security and Medicare tax, additional tax on IRAs or other qualified retirement plans, household employment taxes, repayment of the first-time homebuyer credit, etc. If you only have regular income tax from wages and dividends with standard withholding, you probably don't need Schedule 2. But check the specific instructions to be sure!
This is a great question that trips up many dual-status filers! Yes, you should combine all federal income tax withholding from your Forms 1042-S (both resident and non-resident periods) and report the total on Line 25c of Form 1040. For your specific situation with the small amounts, don't worry about the $0.00 showing on one of your 1042-S forms - this is indeed due to rounding. The IRS understands this happens with small withholding amounts. Just make sure to attach both Forms 1042-S to your return. A few key reminders for your dual-status return: - Write "DUAL-STATUS RETURN" across the top of Form 1040 - Attach a statement clearly identifying which income was earned during each residency period - Use Form 1040 for your resident period income and Form 1040-NR as your dual-status statement for non-resident period income The total withholding of $1.72 ($0.32 + $1.40) should all go on Line 25c to ensure you get proper credit for taxes already paid on your behalf. Good luck with your return!
This is exactly the clarification I needed! I was getting confused about whether the rounding issue would cause problems with the IRS, but it sounds like this is a common occurrence they're familiar with. One follow-up question - when you mention attaching a statement identifying which income was earned during each residency period, does this need to be a specific format or can it just be a simple typed explanation? I want to make sure I provide enough detail without overcomplicating things. Also, thank you for confirming the math on combining the withholding amounts. Sometimes the simplest answer is the right one!
The statement doesn't need to follow a specific IRS format - a simple, clear typed explanation works perfectly. I'd suggest something like: "DUAL-STATUS STATEMENT Tax Year 2023 Non-Resident Period: February 1, 2023 - August 31, 2023 Resident Period: September 1, 2023 - December 31, 2023 Income earned during non-resident period: $9.50 dividend income (Form 1042-S) Income earned during resident period: $2.15 dividend income (Form 1042-S) Total federal tax withholding from both periods: $1.72" Keep it straightforward and factual. The IRS just needs to clearly understand your residency timeline and which income belongs to which period. You're absolutely right that sometimes the simplest answer is correct - dual-status returns can feel overwhelming but the basic principle of combining withholding for credit against your total tax liability is standard tax practice.
I had a DDD of 2/24 last year with Chime and didn't get it early at all. The IRS batched my payment in what they call a "Weekend Processing Group" which meant even though my transcript showed 2/24, the actual ACH transfer wasn't initiated until 2/24 itself. Have you checked your transcript for code 846? Without that, the payment hasn't even been sent yet. Be prepared to potentially wait until the actual date.
Still waiting here too with a 2/24 DDD and Chime! I've been obsessively checking both my Chime app and my IRS transcript. My transcript shows code 846 with the refund issued date, so I know it's been processed. Based on what everyone's saying, it sounds like it really varies - some people get it 2-3 days early, others right on the DDD. I'm trying not to get my hopes up too much since it seems like the IRS sends these in batches throughout the day. Fingers crossed we all see our deposits soon! The waiting game is brutal when you're constantly refreshing your banking app š
I'm right there with you on the constant app refreshing! Got my DDD of 2/24 with Chime too and I've probably checked my account 50 times today alone. The code 846 on your transcript is definitely a good sign - that means the IRS has officially sent the payment. From what I've seen in this thread, it seems like Chime users are getting theirs anywhere from today through Friday. The uncertainty is definitely the worst part! At least we know it's coming though. Here's hoping we both wake up to a nice surprise deposit tomorrow morning! š¤
pro tip: make sure your bank info is correct bc if theres any issues itll get kicked back and delay everything another 6-8 weeks
yeah triple checked everything should be good to go š¤
Congrats Mei! That's awesome news after such a long wait. Code 846 is definitely the refund issued code, so you should see that money hit your account on or around 1/10/25. I know the feeling of waiting almost a year - it's incredibly frustrating but you're finally at the finish line! Make sure to keep an eye on your bank account starting a day or two before that date, sometimes they process a bit early.
been on hold with irs for 3 hrs today trying to figure out my codes. wish id known about that ai thing sooner ngl
seriously try taxr.ai - beats waiting on hold forever
Congrats on the 846! That's the golden code we all wait for š You should see your refund in your account within 2-5 business days. I remember that feeling of relief when I finally saw mine after months of waiting. Chase usually processes pretty quickly so you might even see it sooner than expected!
Liam Murphy
bruh same. filed in march, still processing. this is my villain origin story fr fr
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Luca Russo
Ugh, I feel your pain! I've been waiting since March too and it's so frustrating. The "still processing" message is like a broken record at this point. I tried calling so many times I could probably recite their hold music from memory š Have you tried checking if there are any issues with your return that might be causing the delay? Sometimes it's something simple like a form that needs verification. Hang in there!
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