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9 One important thing nobody's mentioned - if you're earning self-employment income, even as a dependent, you can start contributing to a Roth IRA! It's a great way to start saving early. Just make sure you don't contribute more than you actually earn. I started doing this when I was 17 with my freelance income going through my mom's accounts and it was one of the best financial decisions I ever made.
3 Wait, is that really true even if you're claimed as a dependent? I thought dependents couldn't open retirement accounts.
9 Yes, it's absolutely true! Being claimed as a dependent doesn't affect your ability to contribute to a Roth IRA. The only requirements are that you have earned income and don't exceed the contribution limits (either your total earned income or $6,500 for 2023, whichever is lower). Many parents miss this opportunity for their working teens. It's a fantastic way to start building tax-free retirement savings early, and the compound interest over decades is incredible. I opened mine at Vanguard with help from my parents when I was still in high school.
16 Make sure to also consider state taxes in your planning! Depending on where you live, you might need to file a state return as well. I learned this the hard way when I didn't file a state return for my side gig and got a surprise bill with penalties.
11 Good point! Does anyone know if you need to file state taxes if you're under 18? I'm in California and making about $8,000 this year through my parent's Venmo.
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Has anyone used SimpleTax (now Wealthsimple Tax) for Canadian Non resident taxes? I heard they support non-resident returns but I'm not sure if it's comprehensive enough for my situation with both US and Canadian income.
I tried Wealthsimple Tax last year for my non-resident return. It works okay for simple situations, but I found it struggled with properly applying tax treaty benefits. I ended up switching to a professional preparer because I wasn't confident it was handling everything correctly.
Don't forget that the deadline for non-resident Canadian returns is still April 30, unlike the US deadline which is in mid-April (or June 15 for US citizens living abroad). I've missed this deadline before and had to pay penalties, so mark your calendar!
Actually, if you have Canadian self-employment income, the deadline is June 15, even for non-residents! But any balance owing is still due by April 30 to avoid interest charges.
You're absolutely right about the June 15 extension for self-employment income. Thanks for that correction! Always good to remember that even with the extended filing deadline, paying after April 30 will result in interest charges, even if you're not charged a late-filing penalty.
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Just want to add that I was in this exact situation in 2019. I forgot to include a W-2 from a 2-month contract job, realized it the next year, and decided to just "let it slide" because the difference was only about $300. BIG MISTAKE. The IRS sent me a notice almost exactly 18 months later. By that time, with interest and the late payment penalty, I ended up owing almost $450 instead. Plus it was super stressful getting that IRS letter. If I could go back, I would have just filed the amended return right away.
Thanks for sharing your experience. This is exactly what I was worried about. I think I'm going to go ahead and file the amended return this week. Better to just deal with it now than have it hanging over my head.
Good call! It's definitely the smart move. The peace of mind alone is worth it. And like others have mentioned, the penalties are usually much less severe (or even waived completely) when you correct the issue yourself instead of waiting for them to find it.
Don't freak out but definitely fix it. IRS has a First Time Penalty Abatement program if this is ur first time making a mistake like this. Just file the 1040-X, pay what u owe, and include a letter requesting "first time penalty abatement" explaining it was an honest mistake. Worked for me last yr!
Can confirm this works! First Time Penalty Abatement saved me about $200 in penalties when I messed up some 1099 income reporting two years ago. You just need a clean compliance history for the past 3 years.
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One thing nobody's mentioned yet - make sure you're allocating expenses properly if you lived in the condo for part of December before moving to your new primary residence. You can only deduct expenses from the period when the property was held for rental purposes. Also, regarding the new flooring, if it was installed while you were still using it as your primary residence, before you made it available for rent, you might have to treat it differently. The timing matters a lot here.
That's a good point I hadn't considered! I actually moved out completely in late November, and the flooring work was completed in early December before I signed with the property management company on December 15th. Would that affect how the flooring is treated? And would the HOA fees for December be fully deductible then?
Since you moved out in late November and the flooring was installed in early December before signing with the property management company, that timing actually helps your case. The flooring work was done while the property was being prepared for rental use, not while you were using it as a personal residence. The HOA fees for December would likely be fully deductible since the property was no longer your personal residence during that month. Just make sure you have documentation showing you had moved out in November and that the property was being prepared for rental use in December. The property management agreement from December 15th is excellent supporting documentation of your intent to rent the property.
Don't forget about the possible passive activity loss limitations. If your adjusted gross income is under $100k, you can deduct up to $25,000 in passive rental losses against other income. This phases out as your AGI increases from $100k to $150k. If your AGI is over $150k, you generally can't deduct rental losses against other income - they get carried forward to future years.
This is super important! I got hit with this last year when I couldn't deduct my rental losses because my income was too high. The carry-forward helped eventually, but it wasn't what I expected when filing that first year with the rental property. Also, doesn't the fact that OP is actively participating in rental management affect this? Or does using a property management company automatically make it non-active participation?
Ava Kim
Something to consider - even though you technically only need to fill out Part 3, I usually fill in zeros for the lines in Parts 1 and 2 that don't apply to me rather than leaving them completely blank. My accountant friend told me that completely blank sections can sometimes trigger additional scrutiny, while zeros clearly show you didn't skip anything by accident. Probably doesn't matter much either way, but thought I'd share what I've been doing for years without any issues.
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Ethan Anderson
•If you put zeros in Parts 1 and 2, do you need to do any calculations or just literally put 0 in each box? And have you ever been audited or questioned about your Roth withdrawals?
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Ava Kim
•You just put a zero in each box, no calculations needed for parts that don't apply to your situation. It's just to show you didn't accidentally skip that section. I've never been audited specifically about my Roth IRA withdrawals. I did get a general review letter once about three years ago, but it was about something completely different (they questioned some business deductions). My Roth withdrawal reporting with the zeros-not-blanks approach has never been flagged in the 12 years I've been doing it this way.
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Layla Mendes
Quick question for everyone - I'm using TurboTax to file and it's automatically filling in some fields in Parts 1 and 2 even though I only have Roth contribution withdrawals. Should I override it to leave those parts blank or just let the software do its thing?
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Lucas Notre-Dame
•In my experience, let the software do its thing. TurboTax is programmed to complete forms correctly based on your inputs. If it's filling parts 1 and 2, it's probably putting zeros or calculating something based on your overall tax situation that might be relevant. Tax software is designed to handle these nuances.
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