Can someone explain WHY banks give 1042-S for promotions? I got $200 from Bank of America for opening an account and now im dealing with this form too. I'm Canadian also. Isn't a promotion more like a gift than interest??

I'm in a very similar situation as a Canadian who received a US bank promotion bonus! After reading through all these responses, I wanted to share what I learned from my own research and talking to a cross-border tax specialist. For non-resident aliens like us, the key points are: - The 1042-S is just an information return - you don't file it yourself - Income code 29 with zeros in boxes 7 and 10 typically means no US filing requirement - However, you MUST report this income on your Canadian tax return as foreign income One thing I didn't see mentioned is that some provinces have different rules for reporting foreign income, so it's worth checking your specific provincial requirements too. Also, keep the 1042-S form for your records - CRA might ask for it if they have questions about the foreign income you reported. The US-Canada tax treaty generally protects Canadian residents from double taxation on this type of income, which is why you likely see zero withholding. But Canada still wants to tax you on it since you're a Canadian resident.

Has anyone here actually used priortax.com specifically? I'm in a similar situation with unfiled 2016 taxes and wondering if it's worth trying.

Just want to add a reality check here - while you're right to file that 2015 return, don't panic too much about the IRS "coming looking for you." If you were due a refund that year, there are literally no penalties for filing late (you just lose the refund after 3 years, which has already happened). If you owed money, yes there will be penalties and interest, but the IRS is usually pretty reasonable about setting up payment plans. The failure-to-file penalty stops accumulating once you actually file, so getting that return in is definitely the right move. For what it's worth, I've used both professional tax preparers and DIY methods for old returns. If your 2015 situation was relatively simple (just W-2s, maybe some basic deductions), the manual route with IRS forms might be cheaper than you think. But if you had complicated stuff going on during that divorce year, spending the money on professional help could save you headaches and potentially money in the long run.

Has anyone used one of those online home value estimators instead of paying for a formal appraisal? I'm wondering if the IRS would accept Zillow or Redfin estimates as proof of FMV for establishing stepped-up basis?

I'm so sorry for your loss, Nathan. Dealing with estate matters while grieving is incredibly difficult. Getting a professional appraisal is definitely the smart approach here - the IRS generally expects formal documentation for establishing fair market value, especially for real estate. One thing to keep in mind is that the appraisal should ideally be done as close to the date of death as possible to accurately reflect the FMV at that time. Since it's been a few weeks since your father passed, you'll want to make sure the appraiser understands they need to value the property as of the March date of death, not current conditions. The step-up basis will likely save you significant money on capital gains taxes. Just make sure to keep all documentation - the appraisal report, probate court documents, death certificate, and any records showing the property transfer. You'll need these when you eventually sell to prove your stepped-up cost basis to the IRS. Consider consulting with a tax professional who specializes in estate matters, especially given that there's no will involved. They can help ensure you're handling everything correctly during the probate process.

Community wisdom on WMR updates: • Most updates happen overnight (3-4 AM Eastern) • Saturday mornings often show the most changes • Checking multiple times per day won't help • Transcripts update before WMR about 80% of the time • Status bars disappearing can actually be a good sign • Tax Topic 152 usually means normal processing Hope this helps! Anyone have other tips?

As someone who's been through this frustrating waiting game multiple times, I feel your pain about needing that refund for bills. One thing that helped me manage the anxiety was setting up direct deposit if you haven't already - it can shave off a few days compared to paper checks. Also, while everyone's mentioning the overnight updates (which is true), I've noticed that if there's going to be a status change, it usually happens between Wednesday night and Saturday morning. The worst part is that "accepted" status can last anywhere from a few days to several weeks depending on your return complexity. Hang in there - two weeks is still within normal processing times, especially during peak season.

ngl these transcripts might as well be written in ancient egyptian hieroglyphics lmaooo

Code 570 with EIC is super common - they basically have to verify your income and dependents before releasing that $3,733 earned income credit. Since your return processed March 20th, you're probably looking at getting your refund around mid-April, maybe a week or two after the 15th. The good news is your transcript shows no red flags - just the standard review process. Hang tight! 💪