Has anyone used TurboTax for reporting trader status? Their interface is confusing me when I try to enter these platform fees as business expenses.

Maya, I went through the exact same situation with similar commission amounts last year. Here's what I learned after digging deep into this: 1. **Trading commissions** - These are already baked into your cost basis on your 1099-B forms. When you buy stock for $1000 with a $5 commission, your cost basis is reported as $1005. When you sell for $1200 with another $5 commission, proceeds show as $1195. So those per-trade fees are already handled. 2. **Platform subscription fees** - These are the tricky ones. Your monthly ThinkorSwim fees, data packages, or premium features aren't included in cost basis calculations. Under current tax law (post-2017), these generally can't be deducted as miscellaneous itemized deductions. 3. **The trader status exception** - If you qualify as a "trader" rather than an "investor" in the IRS's eyes, you can deduct platform fees as business expenses on Schedule C. The requirements are strict: frequent trading (think hundreds of trades), short holding periods (days/weeks not months), and substantial time commitment to trading activities. With $25k in total fees, it's definitely worth having a tax professional review your situation. They can help determine if you might qualify for trader status and ensure you're not missing any legitimate deductions while staying compliant with IRS rules.

I've been dealing with similar concerns about my CK Spend account! From everything I've read here and experienced myself, the app is definitely not reliable for showing closure notifications. What I ended up doing was setting up email filters specifically for Credit Karma messages so nothing gets lost in spam, and I do a small test transfer ($1-2) every couple weeks to make sure the account is still functional. One thing I'd add - if you're really worried, you might want to call their customer service directly to confirm your account status. Yes, the wait times can be brutal, but getting confirmation straight from them might give you the peace of mind you need. Just be prepared to spend some time on hold! Given all the uncertainty with the Intuit acquisition and the account closures people are reporting, I'd honestly recommend moving most of your funds out ASAP and just using CK Spend as a temporary spot for your refund. The stress of wondering "what if" just isn't worth it when there are so many reliable alternatives out there.

I've been through this exact same worry! The app definitely doesn't give you clear notification if your account gets closed. When mine was restricted (not fully closed, but similar situation), everything looked totally normal in the app but I couldn't actually do anything - no transfers, no purchases, nothing worked even though it showed my balance. Here's what I learned: Credit Karma sends email notifications for closures, but they often get filtered into spam or promotions folders. The app can show "normal" status for days or even weeks after an account is actually closed. The only reliable way to know for sure is to test functionality - try a small transfer like $1-5 to another account. If it goes through, you're good. If it fails or gets stuck, that's your warning sign. Since your refund is coming next month, I'd honestly move most of your current balance out now while you know everything is working. Use CK Spend just as a temporary landing spot for the refund, then transfer it out immediately. I know it's an extra step, but with all the unpredictable closures happening, the peace of mind is worth it. You don't want to be stuck waiting weeks for a paper check when you need that money. Also set up email alerts/filters for Credit Karma messages so nothing gets missed. Better to be overly cautious with this situation!

11 Random tip: make sure you're also tracking any leftover GoFundMe money if you didn't use it all for medical expenses. If you use the extra for non-medical purposes, that doesn't change the gift status, but it might affect your medical expense deduction calculations.

Just to clarify one more important point - while the GoFundMe money is considered gifts and not taxable income to you, make sure you keep detailed records of how you used the funds. The IRS may want to see that the money was actually used for the stated medical purpose if there are ever any questions. Also, don't forget that you can potentially deduct medical expenses that you paid out of pocket beyond what the GoFundMe covered. If you had additional medical costs related to your TMJ treatment that weren't covered by the campaign funds, those could still count toward your medical expense deduction if you itemize and meet the 7.5% AGI threshold. Keep all your medical bills, insurance statements, and GoFundMe records organized together - it'll make things much easier if you ever need to reference them later!

I've been lurking in this community for a while but finally decided to jump in with a question. Reading through this thread has been incredibly enlightening! I'm in a similar situation to the original poster - first time really diving into my own taxes after having them done professionally for years. One thing that's still confusing me: I see everyone mentioning the standard deduction of $13,850 for single filers, but I'm married filing jointly. My spouse and I have a combined gross income of about $145k, and we've been trying to figure out whether to itemize or take the standard deduction. We have about $19k in potential itemized deductions (mortgage interest, state taxes, charitable donations), but I keep seeing different numbers for what the standard deduction is for married couples. Can someone clarify what the standard deduction amount is for married filing jointly in 2025? And based on what everyone's shared here about using gross income as the starting point, would our calculation be: $145k gross - $27,700 standard deduction (if that's the right number) = $117,300 taxable income? Or should we itemize since our deductions are lower than what I think the standard deduction is? Also, this whole thread about gross vs. net income really opened my eyes to why our tax software always asks for W-2 box numbers instead of letting us just enter our take-home pay. It all makes so much more sense now!

This whole discussion has been a goldmine of information! As someone who's been doing their own taxes for a few years but still gets confused by some concepts, the explanations about gross vs. net income really clicked for me. I wanted to share something that might help other newcomers: I used to get frustrated when my calculated refund didn't match what I expected, and it was because I was mentally mixing up the concepts discussed here. I'd look at how much was withheld from my paychecks throughout the year and think "that's a lot of money, so my refund should be big" - but I wasn't considering that those withholdings were supposed to cover my actual tax liability. The key insight for me was understanding that withholdings are just prepayments. If your withholdings closely match what you actually owe in taxes, your refund will be small (which is actually good - it means you weren't giving the government an interest-free loan all year). A huge refund usually means you had way too much withheld. For anyone just starting out with taxes, I'd recommend focusing on getting these foundational concepts right before worrying about more advanced strategies. Understanding gross vs. net income, how deductions work, and why withholdings are separate from your tax calculation will make everything else much clearer.

I went through something very similar when I got promoted at Amazon last year! The key thing to understand is that your refund isn't actually "your money" - it's just the amount you overpaid in taxes throughout the year. When Amazon's payroll system calculated your withholding more accurately with your higher income, you ended up keeping more of your actual earnings in each paycheck instead of giving the IRS an interest-free loan. Here's what probably happened: at $36k, you were likely in the 12% tax bracket, and Amazon was withholding conservatively. At $49k, you're still mostly in the 12% bracket but closer to the 22% threshold, so the withholding algorithm got more precise. This is actually GOOD for your finances - you had access to more of your money throughout the year. To verify this, look at Box 2 (Federal income tax withheld) on both W-2s. I bet this year's withholding didn't increase proportionally to your income increase. You basically got your "refund" spread across 26 paychecks instead of one lump sum. If you prefer getting a bigger refund next year, you can submit a new W-4 and use line 4c to request additional withholding - maybe $30-40 per paycheck to get back to that $800 range you're used to.

I completely understand your frustration - this same thing happened to me when I transferred from a different fulfillment center and my income jumped! The shock of expecting one amount and getting something totally different is real. One thing I'd add to all the great advice here is to also check if Amazon changed how they're handling your shift differentials or peak season pay. When I moved from nights to days, I lost the shift differential but didn't realize how that affected my withholding calculations throughout the year. Same thing can happen if you were getting peak pay last year that you didn't get this year, or vice versa. Also, if you're like me and were really counting on that refund money, consider setting up a separate savings account and having Amazon direct deposit a small amount from each paycheck into it. I do $35 per check and it basically recreates that "windfall" feeling when I need it for big expenses, except I'm earning a tiny bit of interest on it instead of giving the government a free loan. The hardest part is adjusting your mental budgeting, but once you realize you've actually been getting more money all year long, it starts to feel less like you got ripped off and more like the system is finally working better for you!