I've only claimed it for 3 previous tax years (2020, 2021, and 2022), so this would be my 4th and final year of eligibility. I did check that part!

Perfect! Then you should be good to go on that front. The 4-year limit trips up a lot of people, especially if they've taken gap years or had a non-traditional education path. Since this is your 4th year claiming it, make sure to keep extra good documentation in case of an audit.

If you claim your son as a dependent, then YOU (the parent) would claim the AOTC on your tax return, not your son on his return. The person who claims the student as a dependent gets to claim the education credits. The only exception is the refundable portion we're discussing here. If your son meets all AOTC qualifications but doesn't meet the disqualifying factors (like not being a full-time student for 5+ months), then he could potentially receive the refundable portion on his return even if you claim the non-refundable portion.

Thanks for this advice! When you say to keep copies of everything, how long do you typically hold onto those records? And has any US client ever withheld any taxes from your payments despite having the W-8BEN on file?

I keep all my records for at least 7 years, which is what our tax office recommends in Australia. It's better to be safe than sorry when it comes to tax documentation, especially for international work. I've never had a US client withhold taxes after properly filing the W-8BEN form. That's actually the whole purpose of the form - it certifies you're not subject to US tax withholding. In the rare case where a client does withhold something, you should contact them immediately as they've likely made an error in their accounting system.

This is super helpful! Do you know if there's a specific form or section in the NZ tax return where international income needs to be reported differently than domestic income? I'm just starting out with US clients too.

I honestly hadn't considered identity theft! I did trade on the platform, but definitely not enough to generate $29,800 in proceeds. Is there a way to check if someone else accessed my account? I'm going to download my credit reports right now just to be safe.

Most trading platforms have login histories you can request that show IP addresses, devices, and timestamps of account access. Contact WealthSurge's security team specifically and ask for this information - explain your situation and they should provide it. Also, when you get your trading records, look carefully for any transactions you don't recognize or that happened after you thought you stopped using the platform. If you do find evidence of unauthorized access, file a police report immediately - you'll need it to dispute the tax bill on grounds of identity theft.

What's the best way to respond? Should you call or send a letter? And does it have to be certified mail or anything specific?

Did you give notice or just walk out? I'm worried about how to handle it professionally if I do decide to leave. Also, were you able to use the tax experience on your resume effectively even though you didn't finish the season?

I gave one week's notice, which was less than they wanted but all I could handle mentally. I was honest but professional - just said the hours and stress were more than I anticipated and affecting my health. My direct supervisor was actually understanding even if upper management wasn't thrilled. I absolutely still list the experience on my resume! I just write the months I worked there (Jan-March) without drawing attention to the fact I left before April 15. During interviews, if asked directly, I'm honest that the 70+ hour weeks were not sustainable with my health, but I emphasize what I learned. Most interviewers seem to respect the honesty rather than seeing it as a red flag.

Most tax prep places already require using their specific software. The software itself isn't usually the problem - it's the volume of clients, unrealistic appointment scheduling, and dealing with people who are stressed about money and taking it out on you.

I actually used a small local tax preparer last year who has since closed their business. I tried reaching out to them directly but their phone is disconnected. I don't have access to whatever software they used. That would've been the easy solution!

That's unfortunate about your preparer closing shop. In that case, the transcript route others suggested is probably your best bet. For the future, I'd recommend always saving a PDF copy of your complete return somewhere secure like a password-protected cloud storage. I learned that lesson the hard way too. I've had good experiences with the IRS transcript system for basic stuff, but for something specific like Form 5329, you might need to go with one of the other suggestions here to get the full details.

Good question. I've had to reference previous 5329s when dealing with multiple years of early withdrawals. The IRS sometimes gets confused about which tax years penalties have already been paid for.