I think there's another major issue with your strategy that no one's mentioned yet. It assumes you can accurately predict which stocks will rise and which will fall. Even professional fund managers struggle with this consistently. What happens if 70% of your picks fall and only 30% rise? Or if they all rise but in different proportions than expected? Your whole strategy depends on having enough losses to harvest when needed, but the market doesn't conveniently provide those when tax time comes around. I've had years where almost everything in my portfolio went up (great for returns, terrible for tax harvesting) and other years where I had plenty of losses but not enough gains to offset!

Great discussion everyone! As someone who's been implementing tax-loss harvesting for a few years, I wanted to add a practical perspective on timing and execution. One thing that's helped me is thinking about this strategy in quarters rather than just at year-end. I review my positions every 3 months to identify harvesting opportunities throughout the year. This helps avoid the December rush when everyone is doing the same thing (which can actually move prices unfavorably). Also, consider using broad market ETFs for your diversified positions instead of individual stocks. Something like VTI or ITOT for your "winner" bucket gives you instant diversification without the stock-picking risk that Romeo mentioned. Then you can use sector ETFs or individual stocks for more targeted loss harvesting when opportunities arise. The key insight I've learned is to make investment decisions first, tax decisions second. Don't let the tail wag the dog - if you have a great long-term position that happens to be down, don't sell it just for tax harvesting if you believe in the underlying investment thesis. One last tip: keep a spreadsheet tracking your wash sale windows. Nothing worse than accidentally triggering the wash sale rule and losing your tax benefit!

Don't forget there are two types of dependents: qualifying child and qualifying relative. GF would fall under qualifying relative, which means: 1. They don't need to be related if they lived with you all year 2. Their gross income must be under $4,700 3. You must provide over half of total support 4. They can't be claimed as a qualifying child by someone else The support test is the big one. Calculate EVERYTHING: - Housing (fair rental value of space) - Food - Utilities - Medical/dental - Education - Clothing - Transportation Car insurance, health insurance and phone are definitely part of support calculation, so add those to her parents' side.

This is exactly the kind of situation where you really need to sit down and crunch the actual numbers with her parents. I went through something similar when my partner moved in with me during grad school. Here's what I learned: housing costs in expensive cities like Boston often make up the largest chunk of support. At $3,200/month rent, you're looking at $38,400 annually just for housing. Add food, utilities, and other living expenses, and you're probably providing $45,000+ in support. Meanwhile, her parents are covering car insurance (maybe $1,200/year?), cell phone ($600-1,200/year), and health insurance (this varies widely but could be $3,000-8,000/year depending on the plan). The key question is: what's her total annual support amount, and who provides more than half? Don't forget to include the fair rental value of her share of your apartment space, not just what you pay in rent. I'd recommend creating a spreadsheet with both sides of support and having an honest conversation with her family. In my case, it was clear I was providing about 75% of total support, so her parents agreed I should claim her. Most reasonable parents will understand the math once you lay it out clearly. Just make sure whoever claims her can actually benefit from the deduction - sometimes it makes more financial sense for the higher earner to claim the dependent even if it's close to 50/50 on support.

I had a very similar experience last year when I started a second job! In my case, it turned out to be an automatic recalculation of my Canada Workers Benefit. When you start earning additional income, the CRA's system can trigger a reassessment of your eligibility for various benefits. The amount you received ($386.27) sounds consistent with a CWB adjustment. What likely happened is that your new employment income put you in a different bracket for the benefit calculation, and they issued a payment to bring you up to what you should have received. Since you mentioned your CRA My Account isn't working right now, I'd suggest trying again in a few days - the system often gets overwhelmed around benefit payment periods. Once you can access it, you'll see exactly which benefit this was under the "Benefits and credits" section. Don't worry about having to return it - these automated adjustments are usually accurate. But getting the confirmation from your CRA account will give you peace of mind about what it was for.

I just want to chime in as someone who works in tax preparation - this type of surprise deposit is actually very common when people change their employment situation. The CRA's automated systems are constantly recalculating benefit eligibility based on updated payroll information from employers. Given that you started a second job 6 weeks ago, this is almost certainly a legitimate benefit adjustment. The most likely candidates are the Canada Workers Benefit (which adjusts based on working income changes) or a GST/HST credit recalculation. Both of these can trigger mid-year payments when your income situation changes. The $386.27 amount is right in the typical range for these adjustments. I wouldn't stress about it being an error - the CRA's benefit calculation system is quite reliable for these automated payments. Once your My Account portal is working again, you'll be able to see the exact breakdown and confirm which specific benefit it was. Keep the money - it's yours! But definitely check your account when you can access it, just for your own records and understanding of which benefits you're receiving.

Anyone have thoughts on passing the CPA exam? I'm also a B student and worried I won't be able to pass the exams, especially FAR with all the accounting rules. Would it be worth pursuing a tax career if I struggle with the CPA?

As someone who works at a mid-size tax firm, I want to echo what others have said - your VITA experience is actually more valuable than most people realize. We regularly hire candidates who've done volunteer tax prep because it shows they can handle real client interactions and navigate actual tax software. The skills that make someone successful in tax are really different from what makes someone good at financial or cost accounting. Tax work is more about research, problem-solving, and understanding how the code applies to specific situations. You need to be able to read regulations, interpret guidance, and communicate complex concepts clearly to clients. Your B average honestly isn't a red flag at all. I'd much rather hire someone who's genuinely interested in tax and has some practical experience (like VITA) than someone with a 4.0 who's never prepared a real return. The fact that you enjoyed the tax courses and felt confident in them is a much better indicator of your potential success. Don't let that recruiter's question shake your confidence. Focus on what you enjoyed about tax work and be ready to articulate why you're drawn to this field specifically. That passion and interest will carry you much further than perfect grades in every accounting class.

PSA: If this happens to you, also check your state tax return! When my federal return was fraudulently filed, the scammer also tried to file my state taxes. I had to go through a similar process with my state tax agency. They actually resolved it faster than the IRS did.

I'm so sorry you're going through this - tax identity theft is incredibly frustrating and violating. Unfortunately, the 6-month wait is pretty standard, but here are a few things that might help: 1. Keep detailed records of everything - dates you called, reference numbers, names of agents you spoke with. This will be crucial if you need to follow up. 2. Consider requesting a taxpayer advocate if your case gets delayed beyond the normal timeframes. They can sometimes help expedite legitimate hardship cases. 3. As others mentioned, definitely get that IP PIN for next year. It's free and prevents this from happening again. Regarding whether the fraudster gets caught - the IRS does investigate, but they typically focus on organized fraud rings rather than individual cases. Many identity thieves use stolen information from data breaches, so they're often part of larger criminal operations that are harder to trace back to individuals. The silver lining is that you WILL get your refund eventually. I know that doesn't help with immediate expenses, but the IRS does make victims whole in these situations. Hang in there!