One thing nobody's mentioned yet - depending on your visa type, you might qualify for closer connection exception! I was on J1 and even though I passed the substantial presence test, I was able to file Form 8840 claiming closer connection to my home country (Brazil) and avoid being treated as a US resident for tax purposes. Worth looking into depending on your specific situation.

Quick tip from someone who's been through this: If you have any PFICs (Passive Foreign Investment Funds) in Australia like certain mutual funds or ETFs, be super careful. The US tax treatment is brutal and requires filing Form 8621 which is insanely complicated. I had to sell all my Australian index funds because the reporting requirements were such a nightmare.

Be careful about state residency too!! The Substantial Presence Test is for federal taxes, but states have their own rules for residency. Some states are super aggressive about claiming you as a resident if you spend a certain number of days there. For example, NY considers you a resident if you maintain a permanent place of abode and spend 183 days or more in the state. California is even worse - they'll try to claim you're a resident based on much less. State taxes can be a huge additional burden depending on where you live.

This is such a common situation that catches people off guard! I went through the exact same transition two years ago and it was overwhelming at first. One thing I'd add to the great advice already given - make sure you understand the timing of when you need to start making estimated quarterly tax payments. Once you're a tax resident, you're subject to the same pay-as-you-go requirements as US citizens. If your employer is still withholding at nonresident rates, you might end up owing a significant amount at year-end and potentially face underpayment penalties. I'd recommend calculating your expected tax liability early in the year and either asking your employer to increase withholding or starting to make quarterly estimated payments. The IRS doesn't care that this is your first year as a resident - they expect you to figure it out! Also, start gathering all your foreign account statements now. The FBAR filing deadline is different from your tax return deadline (October 15th with automatic extension vs. April 15th), and the penalties for not filing or filing incorrectly can be severe. Better to be over-prepared than scrambling at deadline time.

Does anyone know if capital loss carryovers expire? I have losses from 2008 that I've been carrying forward for years (had a really bad time in the market crash). Am I supposed to use them by a certain date?

This is exactly the kind of situation where perfect shouldn't be the enemy of good! As others have mentioned, a $50 error that doesn't change your tax liability is really minor in the grand scheme of things. I'd recommend keeping detailed records of what you discovered and when you discovered it. Write down the correct numbers and file them with your tax documents. Then when you do your 2023 return, just use the correct carryover amount (including that extra $50 loss). One thing I haven't seen mentioned yet - if you're using tax software for 2023, many programs will actually ask you to verify your capital loss carryover amount and may even flag if the number seems inconsistent with what they expect. This gives you a perfect opportunity to enter the correct amount with documentation of why it differs from your 2022 filing. The IRS really does focus on material errors that affect tax liability. A $50 capital loss correction when you were already at the $3000 limit just isn't going to be on their radar. Save yourself the headache of an amended return and handle it going forward - you'll sleep just fine!

Your tax preparer might have checked the wrong box for marketplace coverage. Happened to me last year ngl

Have you tried checking your credit reports? Sometimes identity theft can cause erroneous 1095-A forms to be filed under your SSN. Also, for the dependent SSN issue - make sure you're using the exact format the IRS has on file. Even extra spaces or hyphens can cause rejections. You might want to call the Taxpayer Advocate Service at 877-777-4778 if the regular IRS lines aren't helpful.

As someone who's dealt with similar family gift situations, I'd echo what others have said about keeping it simple. The two-step process (mom's bank → your bank → Robinhood) is definitely the way to go. One additional thing to consider - keep a simple record of the gift for your own files. Even just a note with the date, amount, and "gift from mom for investments" can be helpful if you ever need to explain the source of funds later. The IRS rarely questions legitimate family gifts under the annual exclusion limit, but having documentation never hurts. Also, since you mentioned you're new to investing - consider starting with a diversified approach rather than picking individual stocks. Index funds or ETFs can be a great way to get broad market exposure while you're learning. Your mom's generosity is giving you a great head start!

Great question and you're smart to think about this ahead of time! I'd strongly recommend against linking your mom's bank account directly to your Robinhood. Even though the gift itself is perfectly legal, this setup could create unnecessary red flags. Here's what I'd suggest instead: 1. Have your mom transfer the $5,000 to your personal bank account first 2. Then transfer from your bank to Robinhood 3. Keep a simple record noting it was a gift from your mom This creates a clear paper trail and avoids potential compliance issues. Since it's under the $19,000 annual gift exclusion, no tax forms are needed, but having documentation is always smart. Also, since you're just starting out - consider putting most of it into a broad market index fund (like VTI or SPY) rather than individual stocks. It's a great way to learn while getting diversified exposure. Your mom is giving you an awesome head start on building wealth!