Just wanted to add - the timing of your donations matters too! Since your LLC is a partnership, the charitable contribution deduction has to be claimed in the tax year when the donation is actually made. So if you want the deduction for 2023, make sure you make the donation before December 31st. And don't forget, depending on your state, you might get state tax benefits too from the charitable giving. My LLC is in Michigan and we got both federal and state tax benefits from our donations last year.

Just to add some perspective as someone who's navigated this exact situation - you definitely want to run the numbers carefully before making large charitable donations solely for tax purposes. While charitable donations from your LLC partnership will reduce your taxable income that passes through to you, remember that you're typically only saving your marginal tax rate on each dollar donated. So if you're in the 22% tax bracket, a $1000 donation saves you about $220 in taxes - you're still out of pocket $780. That said, if you were planning to make charitable donations anyway, doing it through your LLC can be a smart move. Just make sure you're not falling into the trap of "spending a dollar to save 22 cents" unless the charitable giving aligns with your values and financial goals beyond just tax savings. Also, consider spreading larger donations across multiple tax years if it makes sense for your situation - sometimes that can optimize your overall tax benefit depending on your income fluctuations.

Watch out for the impact on financial aid! If you're hoping your kids might qualify for need-based financial aid for college, using Roth IRA withdrawals during the high school years can actually hurt you later. The FAFSA will count those withdrawals as income in the year you take them, even if they're tax-free contribution withdrawals. Higher income on the FAFSA means less financial aid eligibility. This caught my family by surprise and really messed up our aid eligibility for my oldest.

This is a really complex situation that touches on several different tax and financial planning considerations. Based on what you've shared, here are the key points to consider: **Roth IRA Withdrawal Rules:** - You can withdraw your original contributions (the money you put in) at any time without taxes or penalties - However, withdrawing earnings for private K-12 tuition would trigger a 10% penalty plus income taxes - You'd need to track your contribution basis carefully to avoid touching earnings **Alternative Options to Consider:** - 529 plans (as mentioned) can now be used for K-12 private tuition up to $10,000 per year per child - Coverdell ESAs have always allowed K-12 expenses but have low contribution limits - Home equity loans or education loans might preserve your retirement savings **Hidden Gotchas:** - FAFSA impact: Even tax-free Roth withdrawals count as "untaxed income" on financial aid forms, potentially reducing college aid eligibility - Opportunity cost: Money withdrawn now loses years of tax-free growth potential Given that you're 43 and have twins, I'd strongly recommend getting a comprehensive analysis before making any moves. The tools mentioned earlier in this thread (like taxr.ai) could help you model different scenarios and their long-term impacts. You might also want to speak with a fee-only financial planner who can look at your complete financial picture. The fact that you're thinking about this carefully shows you're on the right track - just make sure you understand all the implications before deciding!

I was in this exact situation last year and was freaking out about my refund. After doing some research like others suggested here, I found out my loans were protected. Got my full $3,842 refund deposited 16 days after filing. What a relief that was! The extension really does work if your loans qualify - just make sure you verify your specific loan type and status.

I went through this same worry last year! The key thing to understand is that if your federal student loans were in default before March 13, 2020, they should be protected from tax refund offset during the payment pause (which is extended through May 1, 2024). However, I'd recommend taking these steps to be absolutely sure: 1) Log into studentaid.gov to verify your loan types and holder information, 2) Call the Treasury Offset Program at 800-304-3107 to check if your refund is flagged for offset, and 3) If you're married filing jointly, consider Form 8379 (injured spouse) as backup protection. I found that being proactive and checking these things early gave me peace of mind rather than just hoping for the best. The extension protections are real, but it's worth confirming your specific situation since not all loan types are covered.

Honestly, just use FreeTaxUSA at this point. It's free for federal filing (state is $15) regardless of what forms you need. I switched from TaxAct three years ago when they pulled this same crap on me. Their "free" version gets more restricted every year. FreeTaxUSA doesn't have the slick interface of TurboTax or whatever, but it's straightforward and doesn't hit you with surprise fees at the end. W-2, 1098-E, investment income, all included in the free version.

I've worked in customer support for one of these tax software companies (not TaxAct). The bait and switch is 100% intentional. The marketing team literally calls it "conversion points" where they can catch people who've already invested time inputting all their info. The student loan interest deduction is one of the top triggers they use to force upgrades because it's common enough to catch lots of people but not universal. They know most people won't start over once they've put in all their information, so they'll just pay the fee.

I went through this exact same situation when I first moved to the US! The W9 requirement felt overwhelming at first, but it's really just standard banking paperwork. What helped me understand it better was thinking of the W9 as the bank's way of saying "we need to confirm you're a US person for tax purposes so we know which forms to use if we ever need to report anything about your account." Since you have an SSN and have been here over 12 months, you're considered a US person for tax purposes, which means W9 instead of the W-8BEN form that non-US persons fill out. The key thing to remember is that this doesn't create any new tax obligations for you. Joint accounts are still treated as one account for tax purposes, so there's no double taxation concern. The bank just needs your information on file to comply with federal reporting requirements. Once you submit it, you're done - it's not something you'll need to think about again unless you open new accounts. The whole process is much more straightforward than it initially seems when you're navigating the US system for the first time!

I'm also navigating this as someone relatively new to the US tax system, and I wanted to add something that helped me understand the bigger picture. The W9 is part of what's called "backup withholding" prevention. Essentially, if the bank doesn't have your correct taxpayer identification number (SSN) on file, they're required by law to withhold 24% of any interest or other payments they make to you and send it directly to the IRS. By filling out the W9 correctly, you're preventing this automatic withholding. Even though you don't have income right now, this protects you if the account ever earns interest in the future. Without the W9, that 24% would be automatically withheld from any interest payments, and you'd have to claim it back when filing taxes - which is just unnecessary paperwork and hassle. So think of the W9 as protecting your future self from automatic tax withholding, rather than creating any new tax obligations. It's actually working in your favor by ensuring you keep control over your money rather than having the bank automatically send portions to the IRS. This perspective helped me feel better about all the banking paperwork when I was getting established here. Hope it helps you too!