I'm a tax preparer and wanted to jump in to confirm what everyone else is saying - your dad's heart is in the right place, but he's definitely misunderstanding how taxes work! The key thing to remember is that we have a "progressive" tax system. This means you only pay higher tax rates on income ABOVE certain thresholds, not on your entire income. So even if you did hit the 12% bracket (which you won't at $16k), you'd only pay 12% on the dollars above that threshold. At your income level of around $16,128, here's what would actually happen: - First ~$14,000: $0 in federal income tax (standard deduction) - Remaining ~$2,128: 10% federal tax = about $213 - Total federal income tax for the year: ~$213 You'd also pay FICA taxes (Social Security/Medicare) of about 7.65%, but that's unavoidable regardless of your income level and isn't affected by working fewer hours. So to save $213 in taxes, your dad is suggesting you give up thousands in income. That math just doesn't work out! Keep that third day if you can handle it with school - you're building great financial habits that will serve you well in the future.

As someone who went through this exact same situation during college, I can't stress enough how important it is to understand that working MORE hours is almost always better financially, even with taxes! I made the mistake of listening to similar advice from family members and cut my hours during my sophomore year. Looking back, I probably lost out on $3,000+ that year just to save maybe $200-300 in taxes. That money could have really helped with textbooks, living expenses, or just building up my emergency fund. The tax system is designed so that earning more money always leaves you with more take-home pay, even after taxes. The people explaining marginal tax brackets above are spot on - you're only taxed at higher rates on the income ABOVE each threshold, not your entire paycheck. Plus, there are other benefits to consider beyond just the immediate money. Working more hours gives you more experience, potentially better references for future jobs, and helps you build good work habits. Some employers also offer benefits like employee discounts or even tuition assistance programs if you work enough hours. My advice? Keep that third day if you can balance it with your studies. Your future self will thank you for the extra savings and work experience!

Be careful about timing here! If you're going to file amended returns, remember there's a deadline. Generally, you have 3 years from the original filing date or 2 years from when you paid the tax, whichever is later. So if you're talking about tax years 2022, 2023, and 2024, you're still well within the window, but don't delay too long.

I went through something very similar when I moved here from the UK in 2021. Had dividend income from British stocks that I completely missed reporting for two years. The anxiety was real! Here's what worked for me: I ended up using the Streamlined Filing Compliance Procedures that @Abigail Spencer mentioned. It was definitely the right path for someone in your situation. Since you genuinely didn't know about the reporting requirement (which is totally understandable as a new resident), this should qualify as non-willful non-compliance. The process was actually more straightforward than I expected. I filed amended returns for the missed years, included the required statement explaining my circumstances as a recent immigrant who wasn't aware of the foreign reporting requirements, and filed the missing FBARs. No penalties under the streamlined procedure. One tip: document everything about when you moved here, when you started working, and your genuine lack of knowledge about these requirements. The IRS wants to see that this was an honest mistake, not intentional tax avoidance. Your situation - small dividend amounts, proper W-2 reporting, coming forward voluntarily - checks all the boxes for non-willful behavior. Don't stress too much about this. The IRS actually handles these cases quite reasonably when people come forward voluntarily like you're doing.

4 Hey, don't forget that IRA withdrawals themselves are taxable income (unless it's a Roth), separate from any gift tax issues! So you'll pay income tax on the withdrawal first, then potentially gift tax if you exceed the annual exclusion when giving it to your spouse.

Just want to add another consideration that might be relevant - if you're planning multiple years of transfers, you might want to spread them out strategically. Since the annual exclusion resets each year, you could potentially transfer $175,000 this year and another $175,000 next year (assuming the limit stays the same or increases with inflation adjustments). Also, timing matters for IRA withdrawals if you're doing this over multiple years. Once you hit 73, you'll have required minimum distributions (RMDs) that might affect your withdrawal strategy. If you're planning ahead, it might be worth calculating whether it makes sense to do larger transfers now while you have more control over the timing and amounts. One more thing - keep good records of everything! Gift tax returns and documentation become really important for estate planning purposes down the road, especially with the current high lifetime exemption amounts potentially changing in the future.

This thread is so helpful! I'm a freelance graphic designer and deal with irregular income, so when my tax refund gets held up like this it really throws off my cash flow planning. My CashApp refund has been pending for 3 days now and it's driving me crazy seeing it just sit there. What really gets me is that CashApp markets itself as being faster and more convenient than traditional banks, but then they hold government deposits longer than most credit unions do. It feels like false advertising honestly. Has anyone tried calling the CashApp phone support line for tax refund holds? I know their chat support is pretty useless, but wondering if the phone agents have more insight into specific deposit timelines. At this point I just want to know if I should expect it Monday or if I'm looking at the full 7-day wait. The uncertainty is worse than just knowing it'll take a week! Thanks everyone for sharing your experiences - at least I know I'm not alone in this frustrating limbo! 😩

This is such a widespread issue with CashApp! I'm a small business owner and this exact scenario has happened to me twice now. What's particularly frustrating is that CashApp's customer service seems completely unaware of how disruptive this is for people who depend on their refunds for business expenses or bills. I've started keeping a spreadsheet tracking the pattern - last year my refund showed pending on 2/14 and cleared on 2/21 (7 days). This year it's been pending since 2/24 and still waiting. The inconsistency makes it impossible to plan ahead. One thing that helped me cope with the uncertainty was setting up account alerts through my bank's mobile app so I get notified the instant it actually clears, rather than obsessively checking CashApp every few hours. At least that way you can go about your day and get a notification when it's actually available. For anyone dealing with this regularly, I'd seriously recommend switching to a local credit union next year. I opened an account at one as a backup and their tax refunds clear same-day or next-day after the IRS sends them. No more week-long holds on YOUR money! 🙄

I've seen this happen before, and sometimes the issue isn't with the IRS processing but with how the amendment was prepared. Back in 2022, I had a similar situation where my amended return showed $0 adjustment because I had made an error in how I calculated the change. Have you considered getting a second opinion on your amendment from a tax professional? It might be worth paying for an hour of a CPA's time to review what you submitted. In my case, I had to submit a second amended return to correct the first one, which was a headache but eventually resolved the issue. Sometimes the DIY approach with amendments can lead to technical errors that aren't obvious to non-professionals.

I'm going through something very similar right now! Filed my amended return in June and it's been showing that same frustrating $0 adjustment since September. What I've learned from talking to multiple IRS reps is that when your amendment involves claiming additional credits (especially CTC or EITC), it automatically triggers what they call an "identity verification review." The $0 is basically a placeholder while they verify you're eligible for the credits you're claiming. The really annoying part is that this review can take 16-20 weeks from the processing date, not the filing date. So even though yours was "processed" in September, the clock for the review period actually started then. As for the CTC payments stopping - that's standard procedure when there's any kind of review involving child-related credits. They pause all payments until the review is complete to avoid overpayments. I know it's incredibly frustrating, but from what I've seen in this community, most people eventually get their full refund once the review is complete. Hang in there!