Thanks, that's really good to know! Can I just move my existing savings directly into a Roth IRA? And do banks offer these or do I need to go somewhere special?

You can definitely move your savings into a Roth IRA, but there are annual contribution limits ($6,000 for 2025 if you're under 50). Your regular bank might offer them, but typically people open them with investment companies like Vanguard, Fidelity, or Charles Schwab. The advantage is that in a Roth IRA, you can invest in things that potentially grow much faster than a savings account - like index funds that might return 7-10% annually compared to the 1-2% you'd get from a high-yield savings account. Just remember that while you can withdraw contributions anytime, you generally can't touch the earnings until retirement age without penalties.

Any specific recommendations for good high yield accounts? I hear ads for them all the time but not sure which ones are legit.

Thanks for this info! Do I need to wait until I've paid everything off before requesting the penalty abatement? And is there a specific timeframe I need to submit the form within?

You don't need to wait until everything is paid off to request penalty abatement. You can submit Form 843 after the penalties have been assessed, which typically happens after you file your return. There's generally a 3-year timeframe for requesting abatement, starting from when you filed the return or paid the tax, whichever is later. So you have some time, but I wouldn't procrastinate. It's usually best to set up your payment plan first and then submit the abatement request afterward.

The IRS calculator is good but I found it really confusing tbh. If you want something simpler, the tax withholding estimator on SmartAsset is more user friendly. Just google "smartasset tax withholding calculator" and it should come up.

Wait, so if I register as a freelancer in Dubai while studying, would I have to pay the corporate tax? How does the UAE distinguish between personal income and business income?

The UAE corporate tax applies to business income, not personal employment income. If you register as a freelancer in Dubai with a trade license, you could potentially be subject to corporate tax, but only if your annual revenue exceeds AED 375,000 (approximately $102,000 USD). The UAE tax authorities distinguish between personal and business income based on whether you're operating through a registered business entity. If you're simply employed by a company (even remotely) and receiving a salary, that's considered personal income and remains tax-free. The determination ultimately depends on how you structure your working arrangement in Dubai.

I went through this last year. Dubai student visas actually allow part-time work (up to 20 hours per week) with permission from your university. But for remote work for a company outside UAE, they don't actively monitor or restrict this since the employment relationship is outside their jurisdiction. Just make sure your primary purpose in Dubai remains education.

I had mine rejected once when I used the wrong AGI. If that happens, you can usually try again with a different number. Usually you get 3-5 attempts before it becomes a bigger issue. If all else fails, you can always print and mail your return as a last resort.

Thanks for the info! I'm going to try the method of adding up my W-2s first and see if that works. Good to know I'll have multiple attempts if I need them.

Wouldn't the IRS get suspicious if a medical practice suddenly started reporting way more cash payments than usual though? I thought they have some kind of industry standards they compare against?

The IRS does have industry standards and benchmarks they use for comparison, but there's significant latitude depending on the type of practice and location. A high-end cosmetic surgery practice in a wealthy area could reasonably have more cash-paying clients than a general practice in a middle-income neighborhood. The key would be consistency over time rather than sudden spikes. Gradually increasing reported income over several years looks far less suspicious than a dramatic jump. Additionally, maintaining appropriate expense ratios that match industry standards would help avoid triggering automated flags in the IRS systems.

Totally agree! Movies take creative liberties all the time. Like how people in action movies never reload their guns, or how hackers can break into government systems in 30 seconds by randomly typing. Tax realism is probably the last thing the writers worried about when making a horror film!