Just wanted to add that timing matters for when you can claim these benefits! For special needs adoptions, the credit is available in the year the adoption is finalized. But employer benefits can sometimes be available earlier - like during the "placement" period before finalization. If your employer offers benefits for expenses during placement, you might be able to get some financial help sooner. Check your employer plan details. Then when you finalize the adoption, you can claim the full tax credit regardless of expenses (for special needs adoptions). Also, if you can't use the full adoption credit in one year because your tax liability is too low, remember the credit can carry forward for up to 5 years. Super helpful for many adoptive families!

This is such valuable information, everyone! As someone who works with adoptive families regularly, I want to emphasize how important it is to understand that special needs adoptions from foster care are treated differently than private adoptions for tax purposes. The key distinction is that "special needs" for tax purposes doesn't necessarily mean the child has disabilities - it means they meet certain criteria that make them harder to place (like age, ethnicity, sibling groups, or medical conditions). Most children adopted from foster care qualify as "special needs" for tax purposes. One additional tip: Make sure you get proper documentation from your adoption agency or state that confirms the special needs designation. You'll need this for your tax filing. The IRS can request this documentation, so keep it with your tax records. Also, don't forget that if you adopt siblings, you can claim the full credit amount for EACH child - so potentially over $30,000 in tax credits for two children, plus whatever your employer benefit provides. It's really significant financial support that can help offset the costs and lost income during the adoption process.

9 Whatever you do, don't use Liberty Tax! My brother paid them $800 for three years of back taxes last year. They made several mistakes that resulted in him getting audited. When he went back to them for help, they wanted to charge him an additional $250 for "audit assistance" even though it was their error. Go with a reputable CPA or do it yourself with good software.

23 quick PSA: If you qualify for IRS Free File (income under $73,000), you can use free versions of tax software even for prior years. go to irs.gov/freefile and check which ones offer prior year returns. i did 2 years of back taxes thru them last yr for $0.

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.

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 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!