Last year her income for all sources was less than std deduction ..so no question of overpayment as no tax was due.
She did file 1116 - foreign tax credit and declared tax paid $824 but of no use because she did not owe any US tax
but this year i.e. 2021 her total income is about 15k so its little more than std deduction. so she will owe little tax but she has paid foreign taxes about $1100 - so she can get foreign tax credit which can offset her tax liability ? correct me if am wrong.
You are right ..IRS has accepted but that does not mean they can send a notice in future ...yes than can but at that time can we show the details at that time ? what is the penalty for not declaring individual trade required by tax law ?
Because entering each trade by choosing 8949 option C (only short term) and sending form 8453 by mail is very difficult - as statement received from foreign broker is not really clear ..they dont believe in each trade..they just give total capital gains for the year
