Has anyone used the "Pass-Through Entity" section in the Business Income area of TurboTax? I had similar issues last year and discovered that's where limited partnership entries need to be made, not in the regular Schedule E rental property section.

I had this exact same problem last year! The issue is that TurboTax has a confusing interface for partnership losses. You need to enter your K-1 information through the "Business Income" section, not the main Schedule E section that most people try to use first. Go to Federal > Income > Business Income > Partnership/S-Corp (K-1). Enter all the information from your K-1s there, including the passive loss amounts from Box 2 or Box 3. TurboTax will automatically flow these to the correct lines on Schedule E once you complete the K-1 entry process. Also, make sure you're not missing the "Passive Activity Loss" section if your losses exceed your passive income - TurboTax sometimes requires you to fill out additional forms for passive loss carryovers, and this isn't always obvious in the main workflow.

I work at a bank (not SOFI). Digital banks often have different processing schedules for ACH transfers compared to traditional banks. While the Federal Reserve might process the transaction on the DDD, it can take 1-3 additional business days for the receiving bank to post it. Since your DDD was Tuesday, and today is Friday, I'd say wait until Monday before assuming there's a problem.

I'm having the exact same issue with SOFI! My DDD was 3/18 and it's now 3/22 with no deposit. Called SOFI customer service yesterday and they said they're "processing" it but couldn't give me a timeline. It's so frustrating because my transcript shows the 846 code with the correct date and account number. At least I'm not alone in this - seems like SOFI is definitely holding these deposits longer than they should be. Going to give it until Tuesday like others suggested before escalating further.

Don't forget to consider state taxes too! While the federal treatment might be non-taxable, Minnesota might have different rules for disability settlements. When I had a similar situation in Illinois, the federal government didn't tax my settlement but the state wanted their cut. Check with the Minnesota Department of Revenue or a local tax professional familiar with state-specific rules.

I'm dealing with a very similar situation right now with a different insurance company. One thing I learned from my attorney is that you should get a detailed breakdown of the settlement amount in writing that specifically categorizes each component - back benefits, attorney fees, any interest or penalties, and the debt forgiveness portion. This documentation will be crucial for tax purposes and also for protecting your SSDI eligibility. The categorization helps show that the bulk of the settlement is just replacement of benefits you should have received anyway, not new income. Also, regarding the trust - make sure you set that up BEFORE the settlement funds hit your personal account if possible. Having a large lump sum in your account, even temporarily, could potentially impact SSDI eligibility depending on the timing of their reviews. Some attorneys can arrange for the settlement to be paid directly into a properly structured special needs trust. The fact that your attorney mentioned it's probably not taxable is encouraging, but definitely get that professional tax opinion before the money arrives. Better to spend a few hundred on proper advice now than deal with IRS issues later.

I ran into this exact issue last year! Schwab didn't report some of my smaller distributions on the 1099-DIV, and when I called them, they said distributions under $10 don't need to be reported on the form according to IRS rules. Is your distribution possibly split across multiple small payments that individually fall below reporting thresholds?

This is a great question that many new investors face! Based on what you've described, it sounds like you've discovered the distribution in your Schwab Tax Center was classified as "return of capital," which explains why it didn't appear on your 1099-DIV. Here's the key takeaway: return of capital distributions are NOT taxable income in the year you receive them, so you don't need to report that $175 as dividend income on your current tax return. However, you do need to track it because it reduces your cost basis in the ETF. Think of it this way - the ETF is essentially returning part of your original investment to you, rather than paying you profits (which would be taxable dividends). When you eventually sell the ETF, you'll calculate your capital gain or loss using the reduced cost basis. Since this is only your second year investing, I'd recommend keeping a simple spreadsheet to track these adjustments. Most brokerages like Schwab will automatically adjust your cost basis in their systems, but having your own records is always helpful. You're being very responsible by double-checking everything - that attention to detail will serve you well as your investment portfolio grows!

I went through this exact same situation last month! The "Nonrefundable credits 1030" message is super frustrating, especially when you're trying to file for free as a recent grad. Since you mentioned you're making student loan payments, that's definitely what's triggering the upgrade requirement - the student loan interest deduction forces you into the paid version on TurboTax. Here's what I'd recommend: Before paying the $113, try the IRS Free File program that Tyler mentioned above. Since you're a recent grad, you'll almost certainly qualify based on income. Go to irs.gov/filing/free-file-do-your-federal-taxes-for-free and access TurboTax through there - you'll get the same deluxe features for free, including handling your student loan interest and any state move complications. If for some reason Free File doesn't work out, FreeTaxUSA is genuinely great for multi-state situations. I used it when I moved from Texas to Colorado and it handled everything smoothly for way less money. Don't feel bad about almost falling for the upsell - they make it seem like you absolutely need to upgrade when often you don't, or there are free alternatives that do the same thing!

Just wanted to chime in as someone who works in tax preparation - the suggestions about IRS Free File are spot on! The "Nonrefundable credits 1030" error you're seeing is indeed triggered by your student loan interest deduction. TurboTax's commercial version forces you to upgrade for this, but the Free File version through the IRS portal includes all these features at no cost. Since your income as a recent grad likely qualifies you (under $73,000 AGI), definitely try the IRS Free File route first. You can access TurboTax's full deluxe features completely free, including handling your Minnesota to Arizona move and student loan interest. One tip: when using Free File, make sure you have your 1098-E form (student loan interest statement) handy - you'll need the exact amount paid in interest for 2024. Your cross-state move shouldn't complicate things much since you'll just need to file part-year resident returns for both states. If Free File doesn't work out for any reason, FreeTaxUSA really is excellent for your situation and costs a fraction of TurboTax's upgrade fee. Good luck!