I almost messed up my tax loss harvesting by forgetting about the special rules for mutual funds! If anyone's planning to sell mutual funds (not ETFs) on December 31st, remember that mutual funds only trade once per day after market close. You have to place your order before the fund's cutoff time (usually 4pm Eastern) for it to execute on that day. Miss the cutoff and your trade gets processed on the next business day, which would be next year!

Just want to add another important timing consideration - if you're planning to do tax loss harvesting with international stocks or ADRs (American Depositary Receipts), be extra careful about the settlement timing. While US stocks typically settle T+2, some international securities can have longer settlement periods. Also, if you're holding stocks in a foreign market that trades on a different schedule (like Tokyo or London), make sure you understand when their December 31st equivalent deadline falls in your local time zone. I had a friend who missed harvesting losses on some European stocks because he didn't account for the time difference properly. The key takeaway remains the same - it's the trade date that matters, not settlement - but just wanted to flag these additional complexities for anyone with international holdings in their portfolio.

I'm dealing with this right now too! Got my 570 code about 10 days ago and received the dreaded "60-day review" letter yesterday. This is my first time experiencing this and it's honestly pretty stressful since I was planning to use my refund to pay down some student loans. From what I've been researching, it seems like the IRS has really ramped up their review processes this year. I filed a pretty straightforward return - just W-2 income, student loan interest deduction, and standard deduction. Nothing that should raise red flags, but here we are! One thing that's been helpful is checking my transcript every Friday to see if there are any updates. I've also been keeping a log of the dates and codes just in case I need to reference them later. The uncertainty is the worst part - not knowing if it's going to be resolved in 2 weeks or the full 60 days makes it really hard to plan anything. Hang in there! From what I'm seeing in this thread and other forums, most people are getting resolved within 30-45 days even though they say 60. Fingers crossed we're both in that faster group!

Same exact situation here! Got hit with the 570 code about 2 weeks ago and just received my review letter yesterday. This is my first time dealing with this too and it's honestly nerve-wracking. What's frustrating is that I filed the most basic return possible - just my W-2, standard deduction, nothing fancy. I'm a recent grad too so I was really counting on that refund to help with some expenses while I get settled in my new job. From everything I've been reading here and other forums, it seems like the IRS is just being extra cautious this year. Probably a combination of being understaffed and wanting to crack down on fraud. Unfortunately that means legitimate taxpayers like us get caught in the crossfire. I've been checking my transcript every few days and keeping screenshots just in case. The waiting is the worst part since there's literally nothing we can do except... wait. But it's reassuring to see so many others going through the same thing and most seem to get resolved within 30-45 days despite the scary 60-day warning. Hoping we all get our 571 codes soon! Will definitely update if I see any movement on mine.

Has anybody used care.com or similar services for finding backup childcare? I'm wondering if using an agency vs hiring directly affects the tax deduction situation at all.

One thing to keep in mind is that your irregular 1099 schedule might actually work in your favor for justifying these additional childcare expenses. Since you can't predict when you'll be called in for those 14+ hour shifts or overnight assignments, having backup childcare available becomes a legitimate necessity for maintaining your income. The key is documentation - keep a detailed log of your work calls/assignments and how they correlate with your childcare needs. This will help support your claim that the nanny/au pair expenses are directly tied to your ability to work, especially during times when regular daycare isn't available (evenings, weekends, extended hours). Also consider that with your unpredictable schedule, you might qualify for a higher percentage of the Child and Dependent Care Credit if your irregular income puts you in a lower AGI bracket. The credit percentage can be up to 35% of qualifying expenses for lower income levels.

Another option: if your spouse was from a country that has a tax treaty with the US, check if there are any special provisions that might help. My wife is from Canada and there were specific rules that applied to our situation when she got her green card.

I went through this exact same situation two years ago when my husband got his green card in July. The key thing to understand is that without making the 6013(h) election, your wife would be considered a "dual-status alien" for 2024 - meaning she'd be a non-resident for the months before getting her green card and a resident afterward. This creates a really complicated filing situation where you'd have to file separately, and she'd need to file a dual-status return (which is basically two tax returns stapled together). The 6013(h) election lets you treat her as a US resident for the ENTIRE year, so you can file jointly and simplify everything. A few important things to keep in mind: First, once you make this election, you can't revoke it for that tax year. Second, as others mentioned, ALL of her worldwide income for the full year becomes taxable in the US. Third, you'll need to attach a statement to your return specifically stating you're making the 6013(h) election. We found it was definitely worth it in our case because the tax savings from filing jointly more than offset the additional income inclusion. But definitely run the numbers both ways to be sure!

Has anyone used both a professional appraiser and the IRS's Art Appraisal Services for valuable collectibles in an estate? My parents have some artwork that might need special handling on the 706.

This is exactly the kind of complex estate planning question that keeps me up at night! I'm dealing with a similar situation with my grandmother's estate planning. One additional consideration that might be worth discussing with your mother's financial advisor - the timing of when she passes could significantly impact the filing threshold since the basic exclusion amount changes each year (it's inflation-adjusted). For 2024, it's $13.61 million, and it will likely be higher in future years until the current law sunsets after 2025. Also, don't forget that if your mother remarries (I know this might seem unlikely, but it happens!), that could complicate the DSUE situation since she can only carry forward the DSUE from her last deceased spouse. Just something to keep in the back of your mind for comprehensive planning. Given the complexity here, I'd really recommend getting a second opinion from an estate tax specialist who deals with portability elections regularly. The peace of mind is worth the consultation fee, especially when you're dealing with estates of this size.