Does the web version work well on smaller screens like iPhones? Or is it really only usable on iPad?

It works on iPhones too, but honestly it's a bit cramped. I tried doing it on my iPhone once when I was traveling and had to do a lot of pinching and zooming. It's doable in a pinch, but I wouldn't recommend it for your primary filing device. iPad is really the sweet spot - big enough screen to see everything clearly but you still get the convenience of mobile. If you only have an iPhone, it might be worth seeing if a friend or family member has an iPad you could borrow just for tax day.

I just filed with a Schedule C using the mobile app last month, so they must have fixed that! It worked perfectly for my freelance writing business - I was able to enter all my 1099s and expenses without any issues.

Thanks for bringing this up, but I don't think it applies in our situation. Both my parents are alive but separated. Neither of them has dependent children living with them - my brother and I are both adults supporting them, not living with them. But good to know about this filing status for future reference!

You're right, it doesn't apply in your specific situation. I just wanted to mention it since it's something people often overlook. Another consideration is that if either of your parents receives Social Security benefits, claiming them as a dependent might affect how those benefits are taxed. Usually only matters if they have other significant income alongside Social Security, but something to be aware of.

That's not entirely accurate. While the personal exemption was suspended, there's still a $500 credit for non-child dependents. Plus, claiming a parent as a dependent might allow you to file as Head of Household (if they live with you), which has more favorable tax rates and a higher standard deduction. You might also be able to deduct medical expenses you pay for them. Definitely can be worth it.

TurboTax does show the status of your federal refund in your account dashboard. For state refunds, it depends on which state you're in. Some states are integrated in the TurboTax tracking system, but for others, you'll still need to go to your state's tax department website to check. I'm in Texas so no state income tax to worry about, but when I lived in Illinois I had to check separately.

Thanks for the info! I'm in Michigan so I'll probably need to check separately. Was hoping they'd improved the tracking system since last year. I'll still use TurboTax since I'm familiar with it, but wish they'd make this part easier.

In my experience, TurboTax "Free Edition" usually tries to upsell you if you have anything beyond the most basic return. If you have any deductions, credits, self-employment income, etc., they'll tell you that you need to upgrade to Deluxe or higher. I switched to FreeTaxUSA a couple years ago and haven't looked back - much more straightforward pricing.

Thanks, that's interesting! Do the same general tax advantages apply? Like with the SEP, would I still see a similar reduction in my current tax burden if I contributed the same amount to a Solo 401k?

Yes, you'd get the same tax deduction for equivalent contributions. The tax treatment is identical - both reduce your current tax burden and grow tax-deferred until withdrawal. The main advantage of Solo 401k is that you can potentially contribute more in total. For example, in 2023 you could contribute up to $22,500 as an "employee" contribution plus the same employer contribution you'd make with a SEP (up to 25% of compensation with a combined limit of $66,000). If you're over 50, you also get an additional $7,500 catch-up contribution option with the Solo 401k. Many people don't realize that a Solo 401k can be fairly simple to set up with major brokerages like Fidelity, Vanguard, or Charles Schwab.

This is so true. I maxed out my SEP last year and felt great about the tax savings, then my biggest client terminated their contract unexpectedly. I would have been in serious trouble if I hadn't kept a decent emergency fund. How much did you end up paying in penalties when you had to take that early distribution?

This is really helpful, thank you! Do you think it's better to amend the returns to married filing jointly or just remove the excess contributions? We've been filing separately because my spouse has an income-based student loan repayment plan, so filing jointly would increase those payments. But maybe the Roth IRA penalties would be worse?

Whether to amend to MFJ or remove excess contributions depends on your complete financial picture. You need to calculate both scenarios to see which costs less overall. For the student loan consideration, calculate how much the income-based payments would increase if filing jointly versus the cost of Roth IRA penalties (6% per year on excess contributions) plus any potential tax benefits lost by filing separately. Sometimes it's cheaper to pay higher student loan payments for a year than pay IRS penalties and miss out on tax credits only available to joint filers. This is definitely a situation where running the numbers both ways is essential before deciding.

Yes, I got hit with this exact situation last year. The IRS sent me a CP2000 notice about unreported income, and during that review, they flagged my Roth contributions while I was MFS with income over $10k. Ended up with penalties for 3 years of contributions plus interest. It was a mess to clean up, so I recommend being proactive before they find it.