Great question about multiple account types! The lot selection methods (FIFO, LIFO, specific identification) only matter for taxable accounts since there are no tax consequences for trades within tax-advantaged accounts like IRAs. In your Roth IRA and traditional IRA, you can buy and sell without worrying about capital gains taxes or lot selection - the tax treatment is determined by the account type itself (tax-free growth in Roth, tax-deferred in traditional). So you can treat those accounts completely separately from a tax optimization standpoint. For your taxable brokerage account though, definitely apply all the strategies discussed in this thread. You might even want to coordinate between accounts for overall portfolio management - like if you want to reduce exposure to a particular stock, you could sell from your taxable account using specific identification to optimize taxes, while keeping the position in your IRA intact. Regarding ETFs vs individual stocks - the lot selection rules work exactly the same way. ETFs are just treated like any other security for tax purposes. However, one thing to watch out for is that some ETFs have built-in tax efficiency features (like in-kind redemptions) that can affect your overall tax situation, but that doesn't change how lot selection works when you sell. This is actually a really smart way to think about coordinating your strategy across account types!

This has been such an enlightening discussion! As someone who's been casually investing for a while but only recently started paying attention to tax implications, I'm realizing how much money I've probably left on the table by not understanding lot selection methods. One thing I'm curious about that I haven't seen mentioned - how do stock splits affect your cost basis and lot selection strategy? I have a few positions that have split over the years, and I'm wondering if that complicates the FIFO/LIFO/SpecID decision-making process. Also, for those who have been doing this for a while, do you ever find yourself becoming too focused on tax optimization at the expense of good investment decisions? I'm worried about falling into the trap of letting the tax tail wag the investment dog, as someone mentioned earlier, but I also don't want to ignore potential tax savings. Thanks to everyone who has shared their experiences and tools - this thread has been incredibly valuable for understanding not just the mechanics but the strategic thinking behind lot selection decisions!

Since you're dealing with an international situation and this is your first time filing US taxes, I'd recommend also checking if you qualify for any tax treaty benefits between the US and your home country. Many countries have agreements that can reduce or eliminate tax on certain types of income like bank bonuses. Also, keep in mind that as a J-1 visa holder, you might be considered a "nonresident alien" for tax purposes even if you were physically present in the US for several months. This could affect which forms you need to file (possibly Form 1040NR instead of regular 1040) and how your income is taxed. Before you spend too much time chasing down the 1099-INT, it might be worth consulting with someone who specializes in international tax situations to make sure you're filing the right forms altogether. The tax treatment for temporary visa holders can be quite different from regular residents.

As someone who went through a similar situation with missing tax documents after my exchange program, I'd suggest trying a multi-pronged approach. First, definitely call Chase directly - but be persistent. Sometimes the first representative can't help, so don't hesitate to ask to be transferred to their tax documents department specifically. When you call, have your account number, SSN, and the dates you were in the US ready. Second, check your Chase online account again but look under "Statements" rather than just "Tax Documents" - sometimes the 1099-INT information appears in your year-end account statements even if the dedicated tax section isn't working. If you absolutely can't get the form, you can file without it using the $475 amount you know. The IRS already has Chase's copy, so as long as your reported amount matches theirs, you'll be fine. Just document your attempts to obtain the form (save emails, note phone call dates/times). One more thing - since you mentioned this is your first US tax filing and you're on a J-1 visa, double-check whether you should be filing Form 1040NR (for nonresident aliens) instead of the regular 1040. The filing requirements can be different for temporary visa holders, and it might affect how this bonus income is treated.

anyone else notice how the dates are actually better than last year? usually theres like a 21 day wait but these are showing 10-14 days

Thanks for sharing this detailed schedule! As someone who's been through the tax refund waiting game multiple times, I appreciate having concrete dates to work with. One thing I'd add is that even with these official timeframes, it's worth checking your "Where's My Refund" tool on the IRS website regularly since individual circumstances can still cause delays beyond what's shown here. For those with EITC/CTC, the March delay is frustrating but it's actually mandated by the PATH Act - they legally have to hold those refunds until mid-February before they can even start processing them, so March is unfortunately realistic. Also heads up that if you're claiming any new credits or deductions this year, or if there are any discrepancies with prior year info, you might see additional delays even beyond these schedules. The IRS has definitely been more thorough with their reviews lately.

This has been such an insightful discussion! As someone new to this community, I'm really impressed by the depth of practical experience being shared here. I'm facing a very similar situation with my small marketing consultancy and two kids in college. The tuition burden is definitely challenging, and I was initially drawn to the idea of making it tax-deductible through business expenses. But it's crystal clear from everyone's responses that directly deducting tuition is a non-starter. What I find most valuable is hearing about the legitimate employment strategies that actually work. My kids are already helping me informally - my daughter manages our Instagram and creates graphics, while my son handles basic website maintenance. Formalizing this into proper employment with market-rate pay and solid documentation sounds like the right approach. The emphasis on treating family members exactly like any other employee really resonates. I think my biggest challenge will be shifting from the casual "can you help with this?" approach to maintaining professional boundaries and expectations, even with my own kids. I'm particularly interested in the tools mentioned for time tracking and the professional services like taxr.ai for getting proper guidance before implementing anything. Given the complexity and potential audit risks, having expert validation seems essential. One question for the group - for those who've made this transition from informal help to formal employment, how did you handle the conversation with your kids about the change? Did they embrace the more structured approach, or was there resistance to the increased accountability and documentation requirements?

As a newcomer to this community, I'm finding this discussion incredibly valuable! I'm in a similar situation with my small business and college expenses that are really straining our budget. The unanimous advice against trying to deduct tuition directly as a business expense is noted - clearly that's not a viable path. But I'm encouraged by all the examples of legitimate family employment arrangements that people have successfully implemented. What strikes me most is how everyone emphasizes treating this like a real business relationship with proper documentation, market rates, and genuine work requirements. It makes complete sense that the IRS would scrutinize these arrangements, so having everything above board from the start seems essential. I'm particularly interested in the time-tracking and documentation systems people have mentioned. My kids already help with various tasks in my consulting business - mostly social media and basic administrative work - but it's all been very informal. Moving to a structured employment arrangement with clear expectations and proper record-keeping sounds like it could benefit everyone involved. The services mentioned here (taxr.ai and Claimyr) seem worth investigating before making any changes. Getting professional guidance upfront would definitely give me more confidence in whatever approach I decide to take. One thing I'm curious about - for those paying family members for marketing work, how do you measure and document the value they're providing to the business? Are you tracking metrics like social media engagement, website traffic, or other KPIs to justify the business expense?

I'm dealing with a similar inheritance situation right now and this thread has been incredibly helpful! My grandmother recently passed and left me about $35,000, plus some stocks that I have no idea how to handle tax-wise. From reading everyone's responses, it sounds like the cash inheritance itself won't be taxable, which is a huge relief. But I'm still confused about those stocks - if they've gone up in value since she bought them years ago, do I need to figure out what she originally paid for them? Or does that step-up basis thing mentioned earlier mean I only care about their value when she passed away? Also, should I be proactive about getting documentation from the estate executor, or just wait for them to provide whatever they think I need? I don't want to be a pest, but I also don't want to miss something important for tax purposes later. Thanks for all the great advice everyone has shared - it's made this whole process feel much less overwhelming!

I went through almost the exact same situation about 6 months ago when my grandfather passed and left me $42,000. I was completely panicking about the tax implications and spent way too much time researching online with conflicting information everywhere. The advice everyone has given here is spot on - you don't owe any federal income tax on the inheritance itself. The estate would have handled any necessary taxes before distributing funds to beneficiaries. Since you're in California, you also don't have to worry about state inheritance taxes. One thing I wish I had known earlier is to keep really good records of everything, even though it's "just" cash. I created a simple folder with the date I received the inheritance, the exact amount, and any documentation from the estate attorney. It gives me peace of mind and will be helpful if I ever need to show the source of those funds later. Also, don't stress about not getting any tax forms for the inheritance - you typically won't receive a 1099 or anything like that for inherited cash because it's not considered taxable income to you. The only forms you'll get in the future are for any interest or gains you earn from investing that money. Your grandfather sounds like he was thoughtful to leave you this gift. Take some time to decide what to do with it, but rest assured the IRS won't be coming after you for taxes on the inheritance itself!