Don't forget there are other requirements for the EV credit besides just income limits! The vehicle has to be assembled in North America and the battery components/minerals have requirements too. I wasted so much time figuring out my AGI situation only to discover the car I wanted didn't qualify because of where the battery minerals came from.

Just wanted to share my experience since I went through this exact situation last year. I was single making $142k and had about $15k in capital gains from selling some tech stocks. I was really worried about going over the $150k limit. What I learned is that it's not just about the capital gains - you also need to consider any other income changes throughout the year like bonuses, side income, or even things like unemployment compensation if you had any job changes. But more importantly, don't forget that certain deductions can help lower your AGI too. I ended up maximizing my 401k contributions (which reduces your AGI) and also made a traditional IRA contribution since I was still eligible. Between those two moves, I was able to stay under the threshold even with the capital gains. The EV credit saved me way more than the tax benefits I gave up by not doing a Roth IRA that year. Also, make sure you're looking at the right year - the income limits apply to the tax year you take delivery of the vehicle, not when you order it. So if you order now but don't take delivery until 2025, it's your 2025 income that matters.

I've been following this discussion and wanted to share another perspective on your asset protection strategy. While everyone's focused on the HSA mechanics, have you considered whether this level of separation is actually necessary under your state's laws? Many states have "transmutation" doctrines where separate property can become marital property if it's commingled, but they also recognize that passive appreciation of separate property remains separate as long as it's properly documented. The key is usually having clear records of the pre-marital value and showing that any growth was due to market forces rather than marital contributions or active management. Before going through complex tracking systems or service fees, you might want to consult with a family law attorney in your state about whether your current HSA structure already provides adequate protection. In some jurisdictions, simply having documentation of your account balance on your wedding date (like a statement) might be sufficient to protect the pre-marital portion, even if the growth occurs in the same account. The rollover approach mentioned by Clay is probably the simplest and most cost-effective solution if you do need clearer separation - it creates an official paper trail without ongoing fees or complex tracking requirements.

Just wanted to add another data point to this discussion. I went through a similar situation last year when I got engaged and was concerned about keeping my HSA assets separate. After reading through all the advice here, I ended up doing the simple rollover approach that Clay and StarStrider mentioned. I transferred my entire HSA balance to a different provider about a month before my wedding. This created a clear paper trail showing the exact value of my pre-marital HSA assets. The process was straightforward - no tax implications since it was a direct trustee-to-trustee transfer, and it took about 2 weeks to complete. My family law attorney confirmed that this documentation would be more than sufficient in our state to establish the pre-marital character of those assets. Any growth after the wedding date is technically marital property, but the original balance plus its proportional share of growth can be traced back to separate property. Much simpler than trying to open a second HSA (which as others confirmed, you can't do without HDHP coverage) or paying for ongoing tracking services. Sometimes the simple solutions really are the best ones.

Don't forget that HYSA interest is taxed at your ordinary income tax rate, not the lower capital gains rates. This surprises some people who are new to these accounts.

Great question! You're absolutely correct about how HYSA interest is taxed. Since you mentioned this is your first HYSA, here's a helpful tip: keep your monthly statements throughout the year so you can track your interest earnings. Some people like to set aside a small percentage of each interest payment (maybe 20-25% depending on your tax bracket) in a separate account to cover the taxes owed. Also, if you end up earning significantly more interest than expected due to rate increases or growing your balance, you might want to consider whether you need to make quarterly estimated tax payments. But with your projected $185, you're probably fine just handling it when you file your annual return. The IRS generally doesn't require quarterly payments unless you expect to owe $1,000 or more in additional taxes.

Just wanted to share my experience as someone who went through this exact process last year with my two kids on an H1B visa! You can definitely apply for ITINs and claim your children as dependents on the same tax return. Here are a few key tips from my experience: 1. Make sure you're using the most current W-7 form - the IRS updates it periodically and they'll reject outdated versions 2. For the supporting documents, certified copies from the issuing agency work just as well as originals and are much safer to mail 3. When filling out your 1040, write "ITIN Applied For" in the SSN field for each child 4. Processing typically takes 7-11 weeks, but you can still e-file your return while the ITIN applications are pending The Child Tax Credit alone made this worth doing immediately rather than waiting until next year. For two kids, you're looking at potentially $4,000-$6,000 in tax benefits depending on your income level. One thing I wish I'd known earlier - if you have any issues or questions after submitting, calling the IRS directly can be nearly impossible. Consider keeping documentation of everything you submit and maybe look into services that can help you get through to an actual IRS agent if needed. Good luck with your first tax filing as a US resident!

This is such valuable information for first-time filers! I'm in a similar situation - just got my H1B approved and will be filing taxes as a resident for the first time this year. One thing I wanted to add that might help others: I called several tax preparation services in my area, and many of them have experience with ITIN applications and can help walk you through the process. Some even offer to mail your documents using certified mail with tracking, which gave me more peace of mind than regular mail. Also, just a heads up - make sure to keep copies of absolutely everything you submit. I've heard stories of applications getting lost in the mail, and having copies makes it much easier to resubmit if needed. The timeframe is definitely important to keep in mind. Since you're filing for 2024 taxes, you have until the tax deadline to submit everything, but the earlier you get your ITIN applications in, the better. The IRS processes them in the order they receive them, so submitting in January/February typically means faster processing than waiting until March or April. Has anyone had experience with the IRS Taxpayer Assistance Centers for ITIN applications? I'm wondering if it's worth making an appointment to have them review everything in person before submitting.

Whatever you do, don't use those sketchy "tax resolution" companies you see advertising on TV or radio. My brother was in a similar situation (5 years unfiled) and paid one of those companies $3,000 upfront. They literally did NOTHING except file a basic power of attorney form and then kept asking for more money for "additional work." Just file the returns yourself using good tax software or find a reputable local EA (Enrolled Agent) or CPA who specializes in back tax returns. You'll save thousands and actually get your situation resolved.

I was in almost the exact same situation a few years ago - hadn't filed for 3 years and was paralyzed by fear and confusion about where to start. Here's what I learned from going through the process: First, don't wait any longer! File your 2024 return on time in April 2025 - there's no benefit to adding another year to your backlog. You can work on the back years simultaneously. Since you've had taxes withheld from your paychecks, you're likely due refunds for most or all of those years, which means you probably won't face penalties (the IRS only penalizes when you owe). However, you need to file soon because refunds expire after 3 years - you've already lost any 2020 refund permanently. Here's my recommended approach: Start by requesting your wage and income transcripts from the IRS website (they're free) for any years where you don't have your tax documents. Then file the oldest year first and work forward chronologically. The good news is that if you're getting refunds, the IRS will process each year separately, so you don't have to worry about them withholding money from newer years to cover older debts. Each refund will come to you directly. Don't let fear keep you frozen - the reality is almost always better than what you're imagining, especially if you've been having taxes withheld. You've got this!