Thanks for pointing this out! My parents were actually suggesting sending it in smaller chunks over a few months because they thought it would be "easier." I'll make sure to tell them to just do one direct transfer instead. Do you happen to know if they need to fill out any special forms in Vietnam to send such a large amount overseas?

Definitely tell your parents not to split it up! You're right that it could look like structuring, which can trigger all kinds of unwanted scrutiny from both banks and the government. Regarding Vietnam specifically, your parents will likely need to complete forms at their Vietnamese bank explaining the purpose of the transfer and possibly showing documentation of the source of funds. Vietnam has currency control regulations, and for amounts over about $5,000 USD, there are usually additional verification steps. The exact requirements vary by bank, but generally they'll need to provide your information, their relationship to you, and sometimes proof of how they acquired the money (especially for large amounts like $100k). Their bank in Vietnam will guide them through their specific requirements.

Which states still have gift taxes? I thought that was just a federal thing. I'm in Minnesota if that matters.

I used TurboTax last year for my crypto and it was ok for basic stuff, but got REALLY confusing with multiple platforms. Had to manually enter a ton of transactions. If you have more than like 10-15 trades, I'd recommend a specialized crypto tax software instead.

Thanks for sharing your experience! That's really helpful to know. I probably have about 25-30 transactions so I think I'll look into one of the specialized options mentioned in this thread instead of struggling with manual entry.

Thanks for the heads up. I definitely want to report everything correctly. Better to pay what I owe than deal with an audit. Seems like I need to get organized with all my transactions before filing.

No problem! And yeah, being organized is key. Since you used Cash App, you should be able to download your full transaction history as a CSV file. Save this along with any tax forms they provide. If they don't give you detailed enough info, you can always request your account history directly. Remember that crypto exchanges are increasingly reporting to the IRS directly, so your transactions are likely already on their radar. Being proactive and thorough in your reporting is definitely the way to go.

Thanks for the suggestion. I tried accessing my transcript online but because I've been overseas so long, the verification system won't work for me (it needs a US phone number I've had for more than 2 years, which I don't have since moving back). I requested a mailed transcript but haven't received it yet. Seems like everything with the IRS requires workarounds when you've been an expat.

That's a common issue for expats! For the phone verification problem, you might want to use a family member's phone number temporarily if possible. Another option is to request your transcript by filing Form 4506-T instead of using the online system. For recently returned expats, sometimes the local Taxpayer Advocate Service can help navigate these authentication issues. They're separate from the regular IRS customer service and can sometimes cut through red tape when standard procedures don't work for your situation.

This is accurate - the payment method makes a huge difference. I work at a tax prep office and we've seen that international filers who used direct deposit had about 80% success rate getting stimulus automatically, while paper check people had endless problems.

Does it matter if I use annual totals or do I have to enter the monthly amounts? My 1095-A has both.

You should definitely enter the monthly amounts rather than annual totals. Form 8962 calculations are done on a month-by-month basis, especially if your coverage or family situation changed during the year. Turbo Tax will walk you through entering each month's values from all three columns on the 1095-A. This might seem tedious, but it's necessary for accurate calculations. If you use annual totals when you had changes in coverage or family size during the year, your Form 8962 calculations will be incorrect and could cause problems with the IRS later.

The repayment amounts are set by law and based on income brackets. It's not negotiable with the IRS unfortunately. The cliff between income brackets can be really steep - a few dollars can sometimes make a big difference. This happened to my sister last year - her income was just $100 over a threshold and it cost her over $1,000 in additional repayment.

Thanks for the heads up about documentation! I've been pretty good about keeping receipts but definitely need a better organization system. Do you use any specific apps for tracking business expenses? And do you separate your business and personal bank accounts?

I use QuickBooks Self-Employed now and it's been a lifesaver. You can connect your accounts and it automatically categorizes most transactions, plus you can snap photos of receipts and attach them to expenses. Absolutely separate your business and personal accounts! This was actually one of the red flags that triggered my audit - I was mixing personal and business expenses in one account. Open a separate checking account for your business transactions, even if it's just a free one. Makes tax time so much easier and looks more legitimate to the IRS.

You're lucky! Texas doesn't have state income tax so you don't have to file state income taxes. But you might need to look into sales tax collection depending on what you're selling on Etsy. Some states require you to collect sales tax from buyers in your state.