Since no one mentioned this specifically - Cash App should provide you with tax documents in their app. Go to the profile tab, then documents, and see if there's anything there. If your activity was minimal ($5 total), they probably didn't generate anything, which actually makes your life easier for tax filing. Just keep good records of your purchases and sales for when you do hit reportable thresholds.

Just to add some clarity on the thresholds - Cash App (and most brokerages) are required to send 1099-B forms if you have gross proceeds from sales of $600 or more in a tax year, OR if you had any reportable transactions regardless of amount (like certain corporate actions). Since you only have $5 total and haven't sold anything, you're well below any reporting threshold. The key thing people get confused about is the difference between having stocks worth $5 (not taxable) versus selling stocks and making $5 profit (technically taxable but practically ignorable at that level). You're in the first category, so you're good to go. Just remember that when you do eventually sell, that's when the tax clock starts ticking!

Anyone know if TurboTax handles this ESPP situation correctly? Last year it seemed to mess up my cost basis and I ended up having to manually override some numbers.

Just wanted to add my experience as another data point - I had a very similar ESPP situation last year where I sold shares at a price between my discounted purchase price and the original FMV. The key thing that helped me understand it was realizing that the IRS essentially treats ESPP transactions as if you received the discount as regular compensation income, then immediately purchased the shares at full market value. So in your case, it's like the IRS views it as: you received $1.28 per share in compensation income, then bought shares at $8.56, and are now selling at $7.69. Hence the ordinary income on the discount plus the capital loss on the difference. One practical tip: make sure to keep detailed records of your grant dates, purchase dates, and the FMV on both dates. You'll need these for proper reporting, especially if you have multiple ESPP purchases throughout the year. The brokerage statements don't always make this clear.

This is super helpful info! I'm currently on day 3 of waiting and was starting to get really anxious about where my refund went. The IRS site shows "sent to financial institution" but nothing in my account yet. Going to call that number (877-552-7255) tomorrow morning and use the exact wording you suggested. It's actually somewhat reassuring to know this is a widespread issue with Cross River's enhanced security measures rather than something specific to my refund. Really appreciate you taking the time to research this and share the direct contact method - probably saving a lot of people from unnecessary stress! Will definitely keep checking my account daily and update if I get any new info from calling them. Thanks again! 🙏

This is incredibly helpful - thank you so much for sharing all this detailed info! I've been waiting 4 days for my refund and was starting to panic thinking something went wrong. Just called 877-552-7255 and followed your exact instructions - the rep confirmed they have my deposit and it's currently in their security review process. She said it should release within 2-3 business days. It's frustrating but honestly such a relief to know my money isn't just lost somewhere. Really appreciate you doing all the research and providing the direct contact method. This probably saved hundreds of people from having complete meltdowns! Going to keep checking my account obsessively until it posts 😅

This has been an absolutely incredible thread to read through! As a Canadian who occasionally picks up tickets when visiting family in Buffalo, I had no idea there was this much complexity involved in cross-border lottery winnings. What really strikes me is how the discussion has evolved from a simple tax question into a comprehensive guide covering everything from the 30% withholding rate to banking logistics to currency hedging strategies. The revelation that Canadians might actually keep more of their winnings than Americans in high-tax states is completely counterintuitive - I never would have guessed that being a foreign winner could be an advantage! The consistent advice throughout this thread about taking time to assemble a professional team before claiming really drives home how different these massive wins are from regular financial decisions. With 180 days to a year to claim, using that first month to get proper cross-border tax specialists, wealth managers, and estate lawyers lined up could literally save tens of millions on a jackpot this size. Even for those of us with astronomical odds of ever winning, understanding these basics ahead of time seems incredibly valuable. At minimum, knowing about the 30% withholding, the requirement to appear in person to claim, and the critical importance of professional guidance could prevent costly panic decisions in that overwhelming moment of actually winning. One thing I'm curious about that I haven't seen mentioned - are there any specific considerations for frequent cross-border lottery players? If someone regularly buys tickets in multiple states, could that create additional complications for tax residency determinations or record-keeping requirements? Thanks to everyone who has shared their expertise here - this should be required reading for any Canadian buying US lottery tickets!

This thread has been absolutely incredible - thank you to everyone who shared their expertise! As someone who occasionally crosses into Michigan to buy tickets, I had no clue about most of these cross-border implications. One aspect I'm curious about that hasn't been covered much is the practical side of managing relationships after a massive win like this. Beyond the financial and tax considerations, how do lottery winners typically handle the social pressures and requests that come with sudden wealth? Are there Canadian-specific resources or support groups for people dealing with these kinds of life changes? Also, given all the discussion about professional teams and advance planning, I'm wondering if there are any red flags to watch out for when selecting advisors? With amounts this large, I imagine there could be unscrupulous professionals who might try to take advantage of overwhelmed lottery winners. Are there specific credentials or affiliations that cross-border specialists should have? The point about keeping detailed records from the very beginning is excellent advice. It never occurred to me how important documentation would be, not just for the claiming process but for all the subsequent banking and reporting requirements. One more thought - with all the complexity discussed here, it seems like even having a basic "lottery win action plan" prepared ahead of time could be valuable, even though the odds are astronomical. Just knowing the key first steps (don't sign anything immediately, assemble professional team, understand timing requirements) could prevent costly mistakes in that overwhelming moment of actually winning.

This thread has been incredibly helpful! I'm new to both BoA and the whole tax refund process, so I wasn't sure what to expect. My DDD is coming up next week and I was worried about timing since I have some bills due. Based on everyone's experiences here, it sounds like BoA is really reliable with that early morning posting window. I'm definitely going to set up those mobile notifications that were mentioned - seems way less stressful than constantly checking my account balance. Has anyone noticed if the deposit notifications work reliably, or do they sometimes get delayed? I'd hate to miss the alert and then spend the whole day wondering if it came through or not.

I've been banking with BoA for over 5 years and can confirm everything mentioned here about their deposit timing consistency. For tax refunds specifically, I've tracked my deposits and they're incredibly reliable - always hitting between 3:00-4:30am Eastern on the exact DDD, never early, never late. One thing I'd add for those waiting on future refunds: if your DDD falls on a weekend or holiday, BoA will still process it on that exact date, unlike some banks that delay until the next business day. This has saved me stress during holiday weekends when I needed the funds for planned expenses. Also, for anyone new to BoA's mobile alerts system - definitely set the threshold low (like $10) so you catch everything. I learned this the hard way when I missed a smaller deposit because my threshold was set too high. The notifications really are a game-changer for peace of mind, especially during tax season when timing matters for bill payments and financial planning.