Hey Diego! I can totally relate to your anxiety about that 290 code - I went through the exact same thing with my 2023 amended return just a few months ago. That 290 code with $0.00 is actually really great news! It means the IRS has completely finished processing your amended return and made all necessary adjustments to your account. That 02-10-2025 date isn't when they'll review your return again - it's when this final adjustment was officially posted to your account. Your negative account balance of -$9,018 is literally your refund amount sitting there ready to be released! With your cycle code 20250405, you should see an 846 code (refund issued) appear on your transcript within the next 1-2 weeks. Once that 846 shows up with a specific date, that's your direct deposit date. I know the waiting is absolutely brutal when you really need the money, but you're genuinely in the home stretch now. The 290 is actually one of the last codes that appear before they issue the refund. Keep checking your transcript every few days (try not to obsess like I did!) and watch for that 846 code. You've made it through the hardest part! 🙏💰

Hey Diego! I've been through this exact situation with my amended return and that 290 code is actually really good news! It means the IRS has finished processing your amended return completely. That 02-10-2025 date isn't when they'll review it again - it's when they posted the final adjustment to your account. Your -$9,018 account balance is literally your refund sitting there ready to be released! With cycle code 20250405, you should see an 846 code (refund issued) pop up on your transcript within the next week or two. Once you see that 846 with a date, that's when your money hits your account. I know the waiting is torture when you need the money badly, but you're genuinely at the finish line now. The 290 is one of the last steps before they cut the refund. After my 290 appeared, I got my 846 code about 12 days later and the deposit came exactly on schedule. Keep checking every few days but try not to obsess (I know, easier said than done!). You're so close! 🙏💰

What nobody's mentioned is how being a "US person" makes banking overseas a nightmare. I'm a dual US/German citizen and banks here hate dealing with US reporting requirements. Some even closed my accounts when FATCA came in! If you stop filing US taxes you might fly under the radar for years, but eventually something will trigger attention - maybe trying to move that investment, getting a large inheritance, or buying property. Then you'll face back filing for all those missing years plus penalties. The "head in sand" approach feels good short term but can be expensive long term. I tried it for 3 years and ended up paying way more to fix it than if I'd just kept filing.

I'm an American living in New Zealand and can relate to your frustration! The banking situation here isn't as bad as some European countries, but it's definitely getting more complicated. Most major banks (ANZ, ASB, Westpac) will still open accounts for US citizens, but they ask a lot more questions now and some investment products are off-limits. One thing that might help with your immediate cost problem - have you looked into the IRS Volunteer Income Tax Assistance (VITA) program? They sometimes have virtual sessions specifically for expats, and it's completely free if you qualify (which you likely would based on your income level). The quality can be hit-or-miss, but it might be worth trying before paying hundreds again. Also, since you mentioned you're in Australia - the US-Australia tax treaty has some provisions that could help reduce your filing burden. Australia's superannuation system has specific treaty protections that most tax preparers don't even know about. The nuclear option of renouncing citizenship is expensive upfront ($2,350 now), but if you're truly never planning to live in the US and the annual filing costs keep adding up, it might be worth saving for over a few years. Just make sure you understand the exit tax implications first, especially with that investment account.

This is such a timely question! I'm in a similar boat where my company just rolled out the Roth match option this year. From what I've learned talking to our plan administrator, the key thing to understand is that if you do end up leaving before fully vested, you won't lose the taxes you paid on the Roth match contributions. The IRS treats this as establishing "basis" in your retirement account - basically a record that you already paid taxes on that money. If the unvested portion gets forfeited, you can recover those taxes through a basis adjustment on future returns. That said, I ended up going with traditional matching for now because I'm not 100% sure I'll stay the full 3 years for vesting. The immediate tax savings from traditional matching gives me more flexibility, and I can always do Roth conversions later when I have more job security. Just my two cents!

I just went through this exact situation last year and wanted to share what I learned. The key thing to understand is that when you pay taxes on Roth employer matches, you're essentially creating "basis" in your retirement account - meaning you've already paid taxes on that money. If you leave before vesting and forfeit those contributions, you don't just lose the taxes you paid. You can recover them through what's called a "basis adjustment" on your tax return. Essentially, you report that you paid taxes on retirement contributions that were later forfeited. That said, I'd recommend talking to your plan administrator about how they handle this specific situation, since the Roth match provision is still pretty new and not all companies have clear processes yet. In my case, they provided documentation showing the amounts I had paid taxes on but never actually received, which made the tax recovery process much smoother. The Roth match can still be worth it if you're confident about staying long enough to vest, but the traditional match definitely gives you more flexibility if there's any uncertainty about your job tenure.

Just want to add some clarity on the timing aspect that might be helpful. Since you mentioned the sale occurred in February 2023 and you're still working on the 1041, make sure you're aware that the capital loss from the selling expenses will be reported on the 1041 for the tax year when the sale occurred (2023), not when you file the return. Also, if this is the final 1041 for the estate, any unused capital losses will pass through to the beneficiaries on their K-1s. But if the estate continues beyond 2023, the losses would first offset any capital gains the estate might have in future years before passing through. One practical tip: when you prepare the K-1s for beneficiaries, make sure to include a statement explaining the nature of the capital loss so they understand it came from selling expenses on the residence. This helps them (and their tax preparers) properly report it on their personal returns.

This is excellent advice from everyone here. I'm currently dealing with a similar situation as the executor of my grandmother's estate. One additional consideration that hasn't been mentioned - if the estate has other capital gains from stock sales or other assets, those gains can offset the capital loss from the property sale before the loss passes through to beneficiaries. In my case, we had about $15K in capital gains from selling stocks and the $22K loss from selling the house (after commissions and legal fees). The net $7K capital loss will pass through to the beneficiaries on their K-1s rather than the full $22K loss. Also, make sure to keep detailed records of all selling expenses - not just the obvious ones like realtor commissions. Title insurance, transfer taxes, repairs needed for sale, staging costs, and even utilities during the marketing period can all be legitimate selling expenses that reduce your proceeds and increase the deductible loss. The timing Sofia mentioned is crucial too. Since your sale was in February 2023, that loss needs to be reported on the 2023 estate return, even if you're filing it now in 2024.

This thread has been absolutely incredible - I'm amazed by the depth of practical advice everyone has shared! As someone who's been hesitating about making this same transition for months, reading through all these real-world experiences has given me the confidence to move forward. I particularly appreciate how the discussion evolved from the basic filing requirements to all the broader business implications. The points about updating operating agreements, reviewing insurance coverage, handling existing contracts, and coordinating state requirements were eye-opening - I definitely would have overlooked most of these aspects if I'd just focused on the IRS filings. The emphasis on documentation and verification throughout the process is also really valuable. Using certified mail, keeping detailed records, including cover letters that explicitly link the revocation statement and Form 8832, and following up with the IRS for written confirmation - these are the kinds of practical details that can make the difference between a smooth transition and months of headaches. One quick question for those who've been through this - did any of you encounter unexpected costs during the transition beyond the obvious items like legal/accounting fees? I'm trying to budget for this process and want to make sure I'm not missing any hidden expenses. Thanks again to everyone who took the time to share their experiences. This community is an incredible resource!

This has been an incredibly thorough and helpful discussion! As someone who's currently working through a similar S corp to disregarded entity transition, I wanted to add one more consideration that came up during my planning process. If you have any state-specific business licenses or permits that were issued based on your S corporation status, you may need to update or reapply for these after the classification change. In my case, I discovered that my state contractor's license was tied to my S corp EIN and classification, and I needed to file an amendment with the state licensing board to reflect the change back to disregarded entity status. This isn't something that would necessarily show up in the IRS guidance or even in discussions with your tax attorney, but it could affect your ability to continue operating legally in certain regulated industries. I'd recommend reviewing any professional licenses, permits, or certifications your business holds to see if they have entity-type requirements. Also, if you accept credit cards for your business, your merchant services provider may require notification of the entity classification change. Some processors have different fee structures or requirements based on entity type, so it's worth checking with them during your transition planning. The step-by-step filing approach everyone has outlined is excellent - just wanted to add these operational considerations to the comprehensive list that's been developed here. Thanks to everyone for sharing such detailed and practical advice!