I'd lean toward waiting for the official notice, but with a twist - use this time productively! Calculate exactly what you owe on that missing 1099 (including self-employment tax if applicable) and set the money aside now. That way, when the CP2000 notice arrives, you can respond immediately and minimize interest accumulation. The 420 code usually means they're just matching information returns, so they'll likely propose a straightforward adjustment rather than a full audit. One thing to watch for on your transcript is whether any additional codes appear - if you see a 971 notice indicator code pop up, that means a notice is being generated. This approach gives you the best of both worlds: you're prepared to act quickly while avoiding the potential processing conflicts that can happen when you amend during an active examination.

I've been through this exact scenario twice in the past three years, and I'd strongly recommend waiting for the official notice. Here's why: the 420 code typically indicates they're cross-referencing your return against third-party information (like that missing 1099), but they haven't determined their next steps yet. In both my cases, I received a CP2000 notice about 4-6 weeks after the 420 code appeared, proposing adjustments that were actually less than what I calculated I owed - apparently they made some beneficial adjustments I hadn't considered. One thing I learned is to check your transcript weekly once you see that 420 code. Look for any additional codes like 971 (notice issued) or 922 (examination). If you see a 570 code, that usually means they're holding your account while they work on the adjustment. The key advantage of waiting is that when you respond to their CP2000, you can either agree with their calculation (often the simplest route) or provide additional documentation if needed. Filing an amendment now might actually complicate things since you'd have two processes running simultaneously. Plus, if they're planning a simple adjustment rather than a full examination, your proactive amendment could inadvertently trigger more scrutiny. Just make sure you have the funds ready to pay whatever you owe once the notice arrives - that's the best way to minimize interest and penalties.

According to the IRS operations page (https://www.irs.gov/newsroom/irs-operations), they're still experiencing delays with paper submissions. If you need to check on your prior year return status, calling the normal IRS number is frustrating - I spent 3+ hours on hold last month. I used Claimyr (https://youtu.be/_kiP6q8DX5c) to connect with an agent in about 15 minutes instead. They confirmed my 2019 return was received but flagged for manual review due to a prior year credit carryover. At least I knew what was happening instead of wondering.

Have you considered using the Taxpayer Advocate Service? Compared to waiting indefinitely, TAS can sometimes intervene if you're facing a financial hardship due to delayed processing. Unlike just calling the IRS, they have case advocates who can look into specific issues and sometimes expedite processing. Their threshold for "hardship" is lower than most people realize - potential eviction, utility shutoff, or inability to pay medical expenses all qualify.

Has anyone used an online promissory note or do you need to get a lawyer involved? I'm in a similar situation with my daughter but trying to keep costs minimal as we're only talking about a $200k loan.

One thing I'd add to consider is the impact on your son's debt-to-income ratio for future lending. When we did a similar loan with our daughter, we discovered that some lenders treat family loans differently than traditional mortgages when calculating DTI for subsequent loans or refinancing. Also, regarding the "hassle" factor you mentioned - while there is paperwork involved, the annual savings of $25-30k you mentioned would more than justify the setup costs. Even if he refinances in 2-3 years when rates drop, you'd still save significant money during that period. Just make sure to discuss what happens if rates do drop significantly and he wants to refinance early. Will there be prepayment penalties? Having those terms clear upfront prevents awkward conversations later.

This is a great question that many foreign investors struggle with! I'm also a European investor in US stocks and went through this same confusion last year. Even though your stocks don't currently pay dividends, you'll still need to submit the W-8BEN form to your broker. This form serves as your certification that you're a non-US person for tax purposes, and most brokers require it regardless of whether your current holdings pay dividends or not. The reason is that the form establishes your tax status for your entire investment account. Your stocks might start paying dividends in the future, or you might buy dividend-paying stocks later. Having the W-8BEN on file from the beginning prevents any complications down the road. For capital gains when you sell, the good news is that as a non-US resident, you generally won't owe US capital gains tax on your stock sales. This is typically covered by the tax treaty between your European country and the US. You'll only need to report and pay taxes on those gains in your home country according to your local tax laws. I'd recommend getting the W-8BEN filed sooner rather than later - it's valid for 3 years and will give you peace of mind that your tax status is properly established with your broker.

I went through this exact same situation a few months ago as a non-US investor from Canada. Even though my stocks didn't pay dividends at the time, my broker still required the W-8BEN form to establish my foreign tax status. The key thing to understand is that the W-8BEN isn't just about current dividend income - it's about establishing your overall tax classification with your broker. This becomes important for several reasons: your stocks might start paying dividends later, you might purchase dividend-paying stocks in the future, or there could be other US-source income events that require proper withholding. When I eventually sold some of my positions, I didn't have to pay any US capital gains tax thanks to the Canada-US tax treaty. I only had to report the gains on my Canadian tax return. The W-8BEN had already established that I was a non-resident alien, so there were no complications with the broker or any unexpected withholding. My advice would be to go ahead and submit the W-8BEN form now, even before you need it. It's valid for three years and will prevent any issues down the road. Most brokers make it pretty straightforward to complete through their online platforms, and it's much easier to do it proactively rather than scrambling to get it done later when you actually need it.

This is such a common source of confusion! I went through the exact same thing last year. The key thing to remember is that the IRS often sends identical Letter 6475 forms to both spouses on a joint return, but this doesn't mean you received double payments. Here's what I did to figure it out: I pulled up my bank statements from March-April 2021 (when the third stimulus payments were issued) and searched for deposits from the IRS or U.S. Treasury. I found exactly ONE deposit that matched the amount on both our letters - not two separate deposits. So even though we both got letters showing the same $2,800, we only received one household payment of $2,800. When I entered the Recovery Rebate Credit info on our tax return, I only used that amount once. The letters are basically just the IRS's way of documenting what they sent to your household, but they send copies to both spouses for record-keeping purposes. If you're still unsure, definitely check your bank records first - that will give you the definitive answer about how much you actually received.

I went through this exact same confusion with my spouse last year! We both received Letter 6475 with identical amounts ($1,400 each), and I initially thought we should add them together for $2,800 total. But after checking our bank statements from March 2021, I found only ONE deposit from the IRS for $1,400 - not two separate payments. The IRS basically sends duplicate letters to both spouses on joint returns as a record-keeping measure, but the payment itself is made once to the household. So definitely don't double-count it on your tax return! Pro tip: Look for deposits labeled "IRS TREAS" or similar on your bank statements from the stimulus payment dates. That will give you the clearest picture of what you actually received versus what the letters show. In our case, the letter amount matched our single deposit perfectly, confirming we should only report it once.