Just want to add another perspective here - I was in almost the exact same situation as Diego a couple years ago. Had about $6,000 in crypto losses from 2020-2021 that I never reported because I was a broke college student at the time and didn't think I needed to file returns. When I finally got around to filing those back returns in 2023, I discovered I could have actually gotten refunds for both years! Even though I had no regular income, I had some small amounts of interest income and tax withholdings from a part-time job that would have resulted in refunds. The capital losses just made the refunds slightly larger. So don't assume you'll owe nothing or get nothing back from those previous years - you might be pleasantly surprised. And definitely file sooner rather than later since you only have three years from the original due date to claim any refunds. For 2021 returns, that deadline is coming up in April 2025!

One more thing to keep in mind - if you do end up filing those back returns for 2021 and 2022, make sure to file them in chronological order and wait for each one to be processed before filing the next year. The IRS systems can get confused if you file multiple years out of sequence, especially when capital losses are involved. I learned this the hard way when I tried to file 2020, 2021, and 2022 returns all at once. The IRS couldn't properly track my loss carryforwards between years and I had to spend months on the phone (before I knew about services like Claimyr!) getting it sorted out. Filing them one at a time and confirming each is processed takes longer, but it prevents major headaches down the road. Also, when you do get to your 2025 return, double-check that the loss carryforward amount on Schedule D matches what you calculated from your previous returns. The IRS computers don't always pick up carryforwards automatically, so you'll want to have your documentation ready to support the numbers you're claiming.

As someone who's dealt with similar financial situations, I'd definitely recommend skipping the Emerald Card altogether. The fees and limitations just aren't worth it, especially when you're trying to pay off high-interest debt quickly. Here's what I'd suggest: File your taxes electronically with direct deposit to your existing bank account. The IRS typically processes e-filed returns with direct deposit in 21 days or less, which is actually faster than dealing with all the transfer delays and fees from the Emerald Card. Since you're military, you qualify for free tax filing through several programs. The IRS Free File program has multiple options, and as others mentioned, TurboTax Military Edition is completely free for service members (including state taxes in most cases). For your credit card situation - once your refund hits your bank account, you can immediately pay off that $2700 balance and stop those brutal APR charges. That alone will save you way more money than any perceived "speed" benefit from a tax advance. One last tip: Before you leave for basic training, set up online banking access if you haven't already, and consider setting up at least minimum automatic payments on that credit card as a backup. You don't want any missed payments while you're in training. Good luck with basic - you've got this!

Another military member here who learned this lesson the hard way! I used the Emerald Card my first year and regretted it immediately. Between the withdrawal fees, transfer delays, and account maintenance charges, I probably lost close to $100 that could have gone toward my own debt payoff. Here's what worked much better for me: I used the IRS Free File program (completely free for military) and had my refund direct deposited to my checking account. Got my refund in 19 days, no fees, no hassle. Since you're heading to basic training, definitely get this sorted before you leave. The last thing you want is trying to navigate prepaid card customer service from a pay phone during your limited personal time. Direct deposit to your regular bank account is set-it-and-forget-it, which is exactly what you need when you're focused on training. Also, once you get that refund and pay off the credit card, consider keeping it open with a zero balance if it's your oldest account - it'll help your credit score in the long run. Good luck at basic training!

I went through this exact situation two years ago with a medical practice buyout - had my equity stake sold but left before the acquisition closed, and the K-1 was delayed for months. Here's what I learned from that experience: First, escalate immediately to someone with actual authority. Don't keep dealing with accounting clerks who just say "we're working on it." Find the managing partner of the acquiring firm or the deal attorney who handled the transaction. They have the power to prioritize your request and usually understand the urgency better than mid-level accounting staff. Second, check your buyout agreement for any clauses about tax document delivery. Mine had a specific provision requiring K-1 distribution within 75 days of the partnership's filing deadline. When I referenced this in my escalation email, things moved much faster. Third, if you do end up filing an extension, be strategic about your estimated payment. For a $175k buyout, you're likely looking at significant tax liability. I'd suggest estimating conservatively high rather than low - you can always get a refund, but underpayment penalties are a hassle. The key is documentation and escalation. Don't let them keep brushing you off - this is a legal obligation, not a favor. Good luck getting this resolved!

I'm a tax professional who's dealt with many partnership buyout situations like this. Given that we're so close to the filing deadline and you still don't have your K-1, here's my recommendation: File Form 4868 for an automatic extension immediately. This gives you until October 15th to file your return. However, you still need to pay any estimated taxes owed by April 15th to avoid penalties. For estimating your tax liability on the $175k payout, look at your purchase agreement carefully. Partnership interest sales are generally treated as capital gains, but there can be ordinary income components (Section 751 assets like unrealized receivables, inventory, or depreciation recapture). A conservative approach would be to assume 20-25% might be ordinary income and the rest long-term capital gains. While waiting for the K-1, send one final certified letter to the company's registered agent demanding the form and citing their legal obligation under IRC Section 6031. Reference any specific timelines in your partnership agreement. If that doesn't work within 2 weeks, consider having an attorney send a demand letter. Document everything for potential penalty abatement requests later. The IRS is generally reasonable about delays caused by partnerships not providing required documents, especially when you can prove good faith efforts to obtain them. Don't try to file without the K-1 - partnership taxation is too complex for estimates on this amount.

One more angle to consider - if you're thinking about buying a house in the next few years, your filing status can affect mortgage qualification in some cases. When lenders calculate debt-to-income ratios, they'll look at your student loan payments. If filing separately keeps those payments lower (as others have mentioned with IBR plans), it could potentially improve your DTI ratio for mortgage approval. Also, don't forget about the timing aspect. You can actually prepare your taxes both ways and see the total impact before you file. Most tax software will let you switch between married filing jointly and separately to compare the results. Just make sure you're looking at the complete picture - federal taxes, state taxes, student loan payment changes, and any other income-based obligations. Given your situation (combined income under $75k, one spouse with federal student loans on IBR, and significant medical expenses), you're actually a perfect candidate for the "run it both ways" approach. The student loan payment reduction alone might make separate filing worth it, especially if you can also claim that dental work as a medical deduction on the lower separate income.

One thing to keep in mind when running the numbers both ways - make sure you're also factoring in any state-specific tax implications beyond just the federal calculation. Since you mentioned you're in Minnesota, you'll want to look at how the Minnesota tax brackets and credits work with your specific income split. Also, regarding the dental expenses, remember that if you do file separately and can claim those medical expenses, you might want to bunch other medical expenses into the same tax year if possible (like routine dental cleanings, eye exams, prescription costs, etc.). Every dollar over that 7.5% AGI threshold becomes deductible, so maximizing what you can claim in one year versus spreading it across multiple years can make a significant difference. For the student loan IBR calculations, make sure you understand exactly which income figure they use - some programs use your previous year's tax return, while others use current income projections. This timing difference can be important when planning your filing strategy year to year.

This is such a helpful thread! I'm dealing with a similar situation - switched from TaxAct to H&R Block this year and was panicking about finding my capital loss carryover. Thanks to everyone's advice, I was able to locate my 2023 Schedule D and found the carryforward amount on Line 21 ($2,340). One additional tip that might help others: if you're using H&R Block's online version, when you get to the capital gains section, there's actually a specific question that asks "Do you have capital losses from prior years?" It then walks you through entering the carryforward amount step by step. Much easier than trying to figure out where to input it manually. Also wanted to mention that I called H&R Block's customer support to double-check I was entering it correctly, and they were really helpful in explaining how the carryforward gets applied to this year's return. Their support line was way shorter than trying to call the IRS directly! Thanks again to everyone who shared their experiences - this community is amazing for helping navigate these tax complexities!

I went through this exact same situation last year when switching from TurboTax to FreeTaxUSA! The key is looking at your 2023 Schedule D, specifically Line 21 which shows "Net capital loss. Carryover to next year." That's the exact number you need. Since you mentioned having about $4,200 in stock losses but only using part of it, here's what likely happened: if you had other income, up to $3,000 of your capital loss would have been applied against that ordinary income on your Form 1040 Line 7 (shown as a negative number). The remaining amount above $3,000 would be your carryforward. Quick tip: if you can't find your physical return, try logging back into your TurboTax account - they usually keep previous years available for download as PDFs. That's how I found mine when I was in the same boat. The carryforward amount will be clearly listed on Schedule D Line 21, and you'll enter this as a "prior year carryover" in H&R Block's capital gains section, not as a new transaction. Don't worry if you can't find the exact amount right away - H&R Block's interview process will specifically ask about prior year capital losses, so you won't accidentally miss it. The important thing is making sure you claim it since capital loss carryforwards never expire and can be used indefinitely until fully utilized!