This might be a stupid question but... if I'm filing an extension, do I still need to contribute to my IRA by April 15th to count it for last year? Or does the extension give me until October for that too?

Just wanted to add something that might help with your Form 4868 extension - since you mentioned getting a refund last year and having a similar financial situation, you're likely safe putting zero for the estimated tax liability. But if you want to be extra cautious, you could put a small amount like $100 just to avoid any potential issues. For the 8949 checkbox confusion, I had the same problem last year! The key thing to remember is that you MUST check one of the boxes - leaving it blank will cause processing delays. Most individual crypto traders end up using Box C (short-term, not reported on 1099-B) and Box F (long-term, not reported on 1099-B) since most exchanges don't provide proper 1099-B forms with cost basis information. One tip that saved me a lot of headaches: keep detailed records of all your transactions with dates, amounts, and what you paid for each crypto. Even if you use software to help calculate everything, having your own backup records is invaluable if the IRS ever has questions. Good luck with your extension!

Same thing happened to me! They offset about $3,200 of my refund for old student loans. I got the CP504 notice about 2 weeks later explaining the offset, and then received the remaining $800 of my refund about 3 weeks after that. The whole process took about a month from when I originally expected my refund. Definitely look into the Fresh Start program if your loans are in default - it can help prevent future offsets and get your loans back in good standing.

Just went through this myself! They took $2,800 of my $3,500 refund for defaulted loans from college. Got the CP504 notice about 10 days later explaining the offset amount, and the remaining $700 came automatically about 2-3 weeks after that. No action needed on my part for the remainder - it just showed up as a separate deposit. Definitely caught me off guard since I hadn't received any advance notice, but the timeline was pretty consistent with what others are saying here. Looking into that Fresh Start program now to avoid this happening again next year!

Is this your first job out of college? Just wondering if maybe you're misreading your paystub. Most paystubs will SHOW both employer and employee portions of FICA/Medicare for informational purposes, but only the employee portion actually comes out of your check. The employer portion is just shown so you can see the total cost of employment.

This is a great point to double-check! @Owen, can you clarify - are you looking at your actual gross earnings on your W-2 or year-end statement, or are you looking at what's displayed on your paystub? Many paystubs will show employer tax contributions in an "informational" section that doesn't actually reduce your take-home pay. The key is to look at your W-2 Box 1 (wages subject to federal income tax) and compare that to your contracted salary amount. If your W-2 shows less than your contracted $125,000 (minus only legitimate pre-tax deductions you elected), then you definitely have a problem. But if the employer taxes are just being displayed on your paystub for transparency without actually being deducted, your gross earnings should still match your contract. Can you check your actual W-2 and let us know what Box 1 shows?

Don't forget about FBAR requirements if you're keeping that money in a foreign account! If you have more than $10,000 in foreign financial accounts at any time during the calendar year, you need to file an FBAR (FinCEN Form 114). The penalties for not filing are insane - up to $10,000 for non-willful violations and the greater of $100,000 or 50% of account balances for willful violations.

Make sure you're keeping good records of everything - the wire transfers, any communications with the buyer, and especially any shipping receipts. If you're shipping to their US warehouse, that's domestic shipping which is generally not deductible against your capital gains. But if you have any other expenses directly related to the sales (like special packaging materials), those might be deductible against your proceeds.

You need to use the EITC Assistant on the IRS website. With your income level and three qualifying children, you're looking at a significant Earned Income Credit. You should also claim the Child and Dependent Care Credit if you paid for childcare. Your refund will likely be substantial, but you need to file correctly. The self-employment tax will reduce it somewhat, but the credits should more than offset this. Consider making estimated tax payments next year to avoid any penalties.

Based on your income levels, you're definitely in a good position for a substantial refund! With $19,000 total income and 3 qualifying children, here's what I'd expect: **Child Tax Credit**: $6,000 (3 kids × $2,000 each) **EITC**: Around $6,500+ with 3 kids at your income level **Self-Employment Tax**: ~$706 (as others mentioned) The key factors that will determine your exact refund: - How much was withheld from your W-2 (this is crucial!) - Your filing status (Head of Household vs. Married Filing Jointly makes a huge difference) - Whether you qualify for Additional Child Tax Credit if your credits exceed your tax liability Your income is low enough that you'll likely get most/all of these credits as refunds rather than just reducing tax owed. I'd estimate you're looking at $8,000-$10,000+ refund range, but definitely use the IRS EITC Assistant tool that Sara mentioned - it's the most accurate way to calculate the Earned Income Credit portion. Don't forget to keep receipts for those medical expenses too - they might be deductible if they exceed 7.5% of your AGI!