I want to strongly emphasize what others have said - absolutely DO NOT allow your friend to use your account for his cryptocurrency business transactions. This arrangement has multiple serious risks: 1. **Visa Status Risk**: As an F1 student, facilitating business transactions through your personal account could be viewed as unauthorized work activity, which violates your visa terms. This could jeopardize your current status and future immigration applications. 2. **Money Laundering Concerns**: Banks monitor for exactly this pattern - funds coming in from unknown sources and immediately being transferred out. Your account could be flagged, frozen, or reported to federal authorities. 3. **Tax Complications**: Even if you don't keep the money, the IRS might view these transactions as income, creating tax obligations you can't afford. 4. **Criminal Liability**: You could unknowingly become involved in money laundering schemes, even if your friend has good intentions. Regarding your parents' support - legitimate family financial support is normal and expected for international students. Whether sent through traditional banking or cryptocurrency, the key is maintaining clear documentation showing: - Source of funds (your parents) - Purpose (educational expenses, living costs) - Family relationship proof - Exchange rates and transaction records Keep detailed records of all transfers and consider having your parents include notes describing the purpose when sending funds. While crypto transfers aren't inherently problematic for genuine family support, traditional banking often provides clearer documentation trails that are easier to explain if questions arise. Your education and visa status are too valuable to risk for someone else's business convenience!

As an international student who went through similar confusion about crypto and tax obligations, I want to stress how important it is to get this right from the start. The arrangement your friend is proposing is absolutely not worth the risk - it could impact everything from your current F1 status to future visa applications and even permanent residency down the line. I made the mistake early on of not keeping detailed records of family support transfers, and it created headaches during tax season. Here's what I learned works best for legitimate family support: **For family crypto transfers:** - Have your parents include a memo/note with each transfer stating "educational support for [your name]" - Keep screenshots of the transaction details including wallet addresses - Document the USD value at time of transfer (you can use sites like CoinDesk for historical rates) - Save any exchange confirmations if converting to USD **Red flags to avoid:** - Any arrangement where unknown third parties send money to your account - Business-related transactions flowing through your personal accounts - Repeated patterns of money in/money out that could look like laundering The key difference between legitimate family support and problematic transactions is documentation and purpose. Family sending money for your education = normal and expected. Random people sending money for someone else's business = major red flag that could derail your entire immigration journey. Don't let anyone convince you this is "just temporary" or "no big deal." Your visa status and future in the US are too important to risk for someone else's convenience, no matter how much you trust them.

I went through this exact situation when I was living in Japan last year! Here's what I learned from my experience: First, about endorsing to your cousin - while it's technically possible, many banks have gotten really strict about accepting endorsed government checks. Even if your cousin's bank accepts it, they might put a long hold on the funds (sometimes up to 10 business days) which could delay getting your money. What worked best for me was requesting a reissue from the IRS. I mailed back my original check with a letter requesting either: 1. Direct deposit to a US bank account (if you can open one online) 2. A replacement check sent to a US address where you can receive mail 3. An international wire transfer (there's usually a fee around $45) The key is including all the right information in your letter - your SSN, tax year, original check number, and clear instructions on how you want the reissue handled. It took about 6 weeks for me to get the wire transfer, but it was much more reliable than trying to work through banks with an endorsed check. Another tip: if you need to speak with someone at the IRS directly about your options, try calling their international taxpayer line early in the morning US time. The wait times are usually shorter then. Good luck with whatever option you choose!

I had a very similar situation when I was living in the UK and received my $2,800 refund check. After reading through all the great advice here, I want to add a few practical tips from my experience: 1. **Time-sensitive consideration**: IRS refund checks are typically valid for one year from the issue date, so don't let it sit too long while deciding on your approach. 2. **Documentation is key**: Whatever method you choose, keep detailed records. I made copies of everything I sent to the IRS and kept tracking numbers for all mail. 3. **Consider exchange rates**: If you're going the wire transfer route, factor in currency conversion rates and fees from both the IRS side and your foreign bank. Sometimes timing can save you money. 4. **Alternative US address**: If you have a trusted friend or family member in the US, you might consider having the IRS mail a replacement check to their address, then having them deposit it into their account and transfer the funds to you digitally (with proper documentation for both of your tax records). The embassy suggestion from @Ethan Wilson is really valuable too - they often have updated information about the most efficient processes for your specific country. Hope this helps, and good luck getting your refund sorted out!

Great thread with lots of helpful info! I'm dealing with a similar situation and want to share what I learned from my tax preparer. The key thing that wasn't mentioned yet is that when you file Form 1040-X, make sure to check Box C on page 1 if this relates to a net operating loss or general business credit carryback - this can affect processing times significantly. Also, if your amendment involves Schedule C (business income) or Schedule E (rental/royalty income), the IRS typically takes longer to process these - sometimes 16+ weeks instead of the usual 12. They tend to review business-related amendments more carefully. One practical tip: keep copies of EVERYTHING you submit with your amendment. The IRS sometimes loses supporting documentation, and if they request it again months later, you'll want to have duplicates ready. I learned this the hard way with my 2020 amendment that took 14 months to process!

One thing I haven't seen mentioned yet is the state tax implications of amending your federal return. If your federal amendment affects your state taxes (which it often does), you'll typically need to file an amended state return as well. Each state has its own deadline for amendments - some follow the federal 3-year rule, but others have different timeframes. For example, California gives you 4 years to amend, while some states only give you 3 years from when you filed the original state return (not the due date). If your federal amendment results in additional federal tax owed, it could also trigger additional state tax, so factor that into your calculations. Also, don't forget about estimated tax payments if your amendment shows you'll owe a significant amount. If the additional tax is over $1,000, you might need to make quarterly estimated payments going forward to avoid underpayment penalties next year.

Lol @ all the complicated answers here. The simple fact is the IRS knows about your gains bcuz your broker reports them. So if you make enough to file a return anyway, just include them. If you don't make enough to file a return, don't worry about it. And FYI - the IRS isnt coming after anyone for a few hundred bucks in unreported gains. They're after the big fish with millions in hidden income, not regular folks with tiny stock sales.

Adding to what others have said - the key thing to remember is that the IRS has automated matching systems. When your broker sends them a 1099-B showing your stock sales, their computers automatically check to see if those transactions appear on your tax return. Even for small amounts like your sub-$1000 gain, if there's a mismatch, you'll likely get a CP2000 notice in the mail asking you to explain the discrepancy. This creates unnecessary paperwork and stress, even if you don't end up owing any additional tax. Since you mentioned these are long-term gains and you're likely in a lower income bracket, you're probably right that they'll be taxed at 0%. But reporting them is still required and honestly pretty straightforward once you have your 1099-B form. Just fill out Schedule D and Form 8949 - it's a few extra lines but saves you potential headaches later. Better to spend 15 minutes reporting them correctly now than dealing with IRS correspondence later!

One thing to consider - if you manage to transfer everything to your personal account before 21 (which might be possible depending on your state), make sure you understand the cost basis of all your investments. This is SUPER important for when you eventually sell. The cost basis is the original purchase price of each investment and determines how much gain or loss you'll have when selling. Since UGMA accounts often involve investments made over many years, you might have different cost basis for different lots of the same stock or ETF. Make sure this information transfers correctly or you could end up overpaying on taxes later.

Just wanted to add another important consideration - make sure you have a clear understanding of what happens to any automatic investments or dividend reinvestment plans (DRIPs) that might be set up in the UGMA account. If you have automatic monthly contributions going into the UGMA or dividends being automatically reinvested, you'll need to coordinate the timing of your transfer carefully. You don't want new money flowing into an account you're trying to close, and you definitely don't want to miss out on dividend payments during the transfer process. I'd recommend contacting both your current UGMA custodian and your new brokerage to ask about their typical transfer timeline. Some transfers can take 2-3 weeks, and you want to make sure any pending transactions or scheduled investments are handled properly. Also ask if there are any transfer fees - some brokerages charge $50-100 for outgoing transfers, which could eat into your $27k if you're not prepared for it.