Just an FYI that HSA/FSA accounts can be SUPER helpful for pregnancy and new baby costs. If your employer offers either, consider maxing them out for 2025. You can use pre-tax dollars for qualified medical expenses which effectively gives you a discount equal to your tax rate. With a new baby, you'll definitely use it all!

Congratulations on your upcoming arrival! Just wanted to add one more important consideration - if you're planning to change your tax withholdings for 2025 to account for the new dependent, make sure to update your W-4 with HR after the baby is born. The child tax credit and additional dependent exemption can significantly reduce your tax liability, so you might want to adjust your withholdings to avoid a massive refund (essentially giving the government an interest-free loan all year). Also, don't forget about the Dependent Care FSA if you're planning to use daycare or a nanny once you return to work. For 2025, you can contribute up to $5,000 pre-tax for dependent care expenses. Combined with an HSA for medical expenses, these accounts can provide substantial tax savings during that expensive first year with a new baby!

I've been preparing trust returns professionally for about 8 years, and I completely understand your frustration with TurboTax Business. It's really not designed well for fiduciary returns. Based on your description of a straightforward complex trust, I'd strongly recommend TaxAct Estates & Trusts. I've used it for several clients and it handles Form 1041 and K-1 generation very well. The interface is much cleaner than TurboTax, and at around $200-250 for the software, it's significantly cheaper than what you're probably paying for TurboTax Business with all their add-on fees. Another solid option is ATX from Wolters Kluwer - they offer a pay-per-return model that might work well if you're only filing one trust return. It's about $150-200 per return but includes excellent support and handles more complex scenarios if your trust situation ever becomes more complicated. I'd avoid H&R Block for trust returns - while it technically supports them, the interface feels clunky for fiduciary work. Drake is excellent but probably overkill (and expensive) for a single simple trust. One tip: whichever software you choose, make sure you have your trust document handy during preparation. The income distribution deduction calculations can be tricky if you're not clear on the trust's distribution provisions.

I've been dealing with trust tax prep for my elderly parents' estate planning and can definitely echo the TurboTax Business frustrations. The software feels like it was designed for regular business returns and then they just tacked on trust capabilities as an afterthought. One option that hasn't been mentioned yet is TaxWorks from The Tax Book. I stumbled across it while researching alternatives and it's specifically designed for fiduciary returns. The pricing is very reasonable for individual filers (around $180 for the 1041 module) and the interface is clean and forms-focused. They also have excellent customer support that actually understands trust taxation, which was a huge relief after dealing with TurboTax's generic support team. The software handles all the standard trust scenarios well - income distribution deductions, DNI calculations, K-1 generation, etc. What I particularly liked was that it doesn't try to oversimplify things with interview-style questions that don't really apply to trust situations. You can jump straight to the forms you need and fill them out efficiently. Worth checking out if you're looking for something between the consumer-grade software that doesn't handle trusts well and the expensive professional packages that might be overkill for a simple complex trust.

Based on my experience with tax preparation, yes, college dorm payments generally count as rent for tax purposes. When TurboTax asks about rent payments, they're typically trying to determine eligibility for various credits and deductions that may be available to renters. A few key points to consider: 1. **State-specific benefits**: While not all states offer renter's credits, answering "yes" to the rent question helps the software determine what benefits you might qualify for in your specific state. 2. **Documentation**: Make sure you have your housing statement separate from your tuition bill - this helps clearly show the housing costs versus educational expenses. 3. **Dependency status**: Since you mentioned your parents helped cover costs, check whether they're claiming you as a dependent. This can affect which tax benefits you personally can claim, even if you paid for housing. 4. **Funding source doesn't matter**: Whether you paid with loans, savings, or family help, you're still considered the one who paid rent since you were responsible for the housing payment. For your $9,800 in dorm costs, I'd recommend answering "yes" to the rent question and let TurboTax guide you through any state-specific benefits you might qualify for. The software will handle the complexities of what counts toward different types of credits and deductions.

Yes, absolutely keep your housing statements for multiple years! The IRS recommends keeping tax-related documents for at least 3 years after filing, and some situations may require longer retention (up to 7 years in certain cases). For dorm expenses specifically, I'd suggest creating a simple filing system where you keep: - Annual housing statements/receipts - Any financial aid documentation that shows how aid was allocated between tuition and housing - Records of any payments you made directly (whether from loans, savings, or family contributions) This becomes especially important if you ever get audited or need to amend a return. Plus, having organized records from previous years can help you better understand your tax situation and make more informed decisions about housing and financial aid in future years. Since you're planning to stay in dorms next year, you're being smart to get organized now. Consider scanning or photographing your documents as backups too - it's much easier to retrieve a digital copy than trying to get duplicate statements from the university years later!

Just wanted to share my experience since I was in almost the exact same situation as you. I'm also waiting on my Green Card approval but have had an SSN for years and been filing taxes properly. I was really confused about that backup withholding checkbox too. I ended up calling a tax professional who confirmed what others here are saying - your immigration status doesn't matter for this specific question. Since you have an SSN and have been filing taxes without issues, you should definitely check the box saying you're NOT subject to backup withholding. The key thing to understand is that backup withholding is basically a penalty for people who haven't been compliant with tax reporting in the past. If you've been filing your returns and paying taxes properly (which it sounds like you have), then you're exempt from it regardless of whether your Green Card is still pending. Don't overthink it - just check the box and move forward with transferring your investments to Fidelity like you planned. Robinhood's sketchy practices are definitely a good reason to switch!

This whole thread has been incredibly helpful! I'm actually in a very similar situation - waiting on my Green Card but have had an SSN for about 5 years now and always filed my taxes properly. I was stressing about this same Robinhood W9 confirmation because I wasn't sure if my immigration status would affect it. Reading through everyone's responses, it's clear that backup withholding is purely about tax compliance history, not immigration status. Since I've never had any issues with the IRS and have always reported my investment income correctly, I should definitely check the box saying I'm NOT subject to backup withholding. Thanks especially to the tax professional who explained that this is essentially a penalty system for people who haven't been compliant in the past. That really cleared up my confusion. Now I can confidently handle this form and stop procrastinating on it!

As someone who just went through this exact process for my Instagram Reels monetization, I can confirm everything mentioned here is spot on! The ITIN application definitely seems intimidating at first, but it's totally manageable once you break it down. One additional tip I'd add: when you're gathering your supporting documents for the W-7 form, make sure everything is consistent. I initially had slight variations in how my name appeared on different documents and it caused a delay in processing. The IRS is very particular about exact matches. Also, if you're planning to scale your content creation beyond just TikTok, getting your ITIN now is definitely the right move. I've been able to monetize across multiple US platforms with the same number, and it's opened up opportunities I wouldn't have had otherwise. The waiting period is tough (mine took about 9 weeks), but once you get that letter with your ITIN, it feels amazing to finally be able to properly monetize your content. Definitely worth pushing through the paperwork!

Hey Diego! I went through this exact same situation about 8 months ago when I got into TikTok's Creator Fund as a UK resident. The whole ITIN process was definitely confusing at first, but it's absolutely doable! A few things I learned that might help: 1. You definitely need an ITIN, not an SSN - the IRS Form W-7 is what you'll be filling out 2. The key is getting a letter from TikTok stating they require your TIN for tax reporting purposes - this qualifies you to apply even before earning income 3. DO NOT mail your original passport! I cannot stress this enough. Find a Certified Acceptance Agent in Australia through the IRS website directory 4. Budget about 8-12 weeks for processing, longer during tax season (Jan-April) 5. Look into the US-Australia tax treaty to reduce your withholding from 30% to 15% - you'll need to file a W-8BEN form later The waiting period is tough when you're excited to start earning, but once you get your ITIN, you're set not just for TikTok but for any other US platform you might want to join later. YouTube, Instagram Reels, Twitch - they all use the same number. Feel free to ask if you have any specific questions about the process. Good luck with your content creation journey!