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Anyone else think its crazy we cant update banking info in 2025? Like hello IRS get with the times š
Pro tip: call the IRS at 1-800-829-1040 and ask them to put a "trace" on your refund if it's been more than 21 days since you filed. They can sometimes expedite the paper check process or give you a better timeline. Also, definitely check that your address is correct in your IRS online account - I've seen people wait months for checks that went to old addresses!
This is super helpful! I didn't know about the trace option. Quick question - do you need any special documentation when you call to request the trace, or just your SSN and filing info?
Anyone know which EVs still qualify for the full $7500? I heard some only get partial credits now because of battery component requirements?
The list changes constantly! As of last month, these qualify for the FULL $7500: Chevy Blazer EV, Cadillac Lyriq, Tesla Model Y, Ford F-150 Lightning, and Chrysler Pacifica PHEV. Partial credits ($3750) go to: Tesla Model 3, Volkswagen ID.4, Ford Mustang Mach-E. But seriously check before buying - manufacturers keep adjusting their supply chains to qualify for different credit amounts.
This is exactly the kind of strategic tax planning that more people should be doing! I went through this same situation last year when I bought my Model Y. One thing I'd add - make sure you time your EV purchase correctly. The credit only applies in the tax year you take delivery of the vehicle, not when you order it. So if you're planning to buy early in 2025, you might want to wait until you've had a few months of adjusted withholding to make sure your strategy is working. Also, keep detailed records of your withholding adjustments. I created a simple spreadsheet tracking my monthly withholding changes and projected tax liability. This helped me fine-tune the W-4 adjustments mid-year when I realized I was on track to owe slightly more than the credit would cover. The peace of mind from maximizing that $7500 credit is totally worth the extra planning effort!
Great point about timing the purchase! I'm actually planning to buy in early 2025 and hadn't thought about waiting a few months to see how the withholding adjustments are working out first. Quick question - when you were tracking your withholding changes, did you use any particular method to estimate your monthly tax liability? I'm worried about accidentally undershooting or overshooting the target amount. Also, did you have to make multiple W-4 adjustments throughout the year or did you get it right the first time? I'm leaning toward being slightly conservative and maybe targeting owing around $6500-7000 instead of the full $7500, just to avoid any underpayment issues. Does that sound reasonable?
Has anyone used the Medical Expense Statement tool in TurboTax for this? I'm in a similar situation but confused about how to enter my mom's expenses that I paid versus what she paid herself.
I used TurboTax last year for a similar situation. When you get to the medical expenses section, they specifically ask who paid the expenses. Only include the ones YOU paid, not what your parents paid from their own money. TurboTax does a pretty good job walking you through it. Also, don't miss the section about claiming a parent as a dependent - there's a separate workflow for that. If you mess up and try to enter them as a regular dependent, it gets confusing fast.
Just wanted to add something that helped me when I was in this exact situation last year with my father's medical expenses. Make sure you're tracking not just the obvious medical costs, but also things like: - Medical equipment you bought for them (blood pressure monitors, diabetic supplies, etc.) - Transportation costs to medical appointments (mileage or actual costs) - Prescription glasses and hearing aids - Any dental work you paid for directly I found about $1,800 in additional deductible expenses I almost missed because I was only thinking about hospital and doctor bills. Also, if you're using a Health Savings Account (HSA) or Flexible Spending Account (FSA) to pay for any of their expenses, those don't count toward your itemized deduction since they're already tax-advantaged. One more tip - if you're close to the 7.5% AGI threshold, consider timing some medical expenses. For example, if you know your parents will need dental work or new glasses, paying for it in December versus January could make the difference in whether you get any deduction at all.
This is really helpful! I had no idea about the mileage deduction for medical appointments. My parents live about 30 minutes from their doctors and I drive them at least twice a month. That could add up to a decent amount over the year. Quick question - do you know if I can deduct mileage for driving them to pick up prescriptions too, or is it only for actual medical appointments? Also, what kind of documentation do I need to keep for the mileage? Just a simple log with dates and miles?
Just to clarify something important - when you select "non-covered" in TurboTax for your crypto, make sure you're still entering accurate cost basis info on your 8949. Non-covered doesn't mean the IRS doesn't care about the details - it just means the exchange isn't reporting the cost basis directly to them. You're still 100% responsible for accurate reporting. I'd recommend double-checking the calculations from bitcoin.tax, especially if you've done any tax loss harvesting or have transactions across multiple exchanges.
If they're non-covered, do I still need to include all the individual transactions on my 8949 or can I just enter the totals for short-term and long-term? Bitcoin.tax gives me both options.
You should still include all individual transactions on your 8949, even for non-covered assets. While summarizing might seem simpler, having the detailed transaction history is crucial if you ever get audited. TurboTax should allow you to either enter them manually or import them. If you have a lot of transactions, you can actually attach the detailed 8949 from bitcoin.tax as a PDF supplement to your return and just enter the totals in the main forms. Just make sure the attached 8949 has complete information including dates, cost basis, proceeds, and whether each transaction was short or long term.
Does anyone know how staking rewards should be reported? Are those also non-covered? I've been getting various amounts of crypto from staking throughout the year and I'm confused about how to report both the income portion and the capital gains when I eventually sold some.
Staking rewards are generally considered income at their fair market value when received. So you report them as "Other Income" and then that becomes your cost basis. When you later sell, that's a separate capital gain/loss transaction - also non-covered since it's crypto. It's a pain but you need to track the value of each reward when received, then track the gain/loss when sold.
Romeo Barrett
Same DDD here! 2/28 with Chime and nothing yet either. Last year mine came on Thursday (3 days early) so I'm hoping for tomorrow or Friday. The waiting game is torture but hang in there! š¤
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Liam Brown
ā¢Thanks for sharing! Really hoping it drops tomorrow too š¤ The anxiety is real when you're constantly refreshing lol. Did you get any notifications from Chime when it hit last year or did it just show up?
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Daniel Price
Same situation here with 2/28 DDD! I've had Chime for 3 years and they're usually pretty consistent with the early deposits. From my experience, Tuesday-Wednesday is when they typically release for Friday DDDs. Try not to stress too much - I know it's easier said than done when you're refreshing constantly! The money will hit when it hits š
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