Thanks for bringing up the cost basis point! Do you know if I need to track each batch of dividend shares separately for when I eventually sell? Like if I get quarterly stock dividends, do I need to track 4 different lots with different cost bases?

Yes, you should definitely track each distribution as a separate lot with its own cost basis and acquisition date. This becomes important when you sell, as you'll want to identify which specific shares you're selling to optimize your tax situation. Most brokers these days track this automatically in their systems, but it's good practice to keep your own records as well. I use a simple spreadsheet with distribution dates, number of shares, price per share on that date, and total value. It takes a little effort, but it makes tax time much easier, especially if you hold these investments for many years.

My broker does the same thing. I round to 3 decimal places for my records and it hasn't been an issue. The IRS isn't going to come after you for rounding $50.175 to $50.18 on your taxes. Just make sure your total dividend income for the year is reasonably accurate.

Do all states have free filing portals? I'm in Pennsylvania and always just pay whatever TurboTax charges for the state return because I didn't know there were other options.

Not all states have free filing portals, but many do now. Pennsylvania does have a free e-file system called "myPATH" that lets you file state returns directly. You just need info from your completed federal return. I'd recommend googling "[your state] free tax filing" to see what's available. Even states without their own portal often have partnerships with tax software companies to offer free filing for residents under certain income thresholds.

This is super good advice. So many of these services are making it harder to access your own information. Do you know if the PDF needs to be the "official" one from the tax service, or can you just print/save the screen as a PDF?

Thanks for bringing this up! In my case, I've already calculated that my total itemized deductions will be about $1,000 more than the standard deduction, even without the mortgage interest. I've got some significant medical expenses this year that pushed me over the threshold, plus state taxes and charitable donations. The mortgage interest is just icing on the cake at this point.

Ah, that makes perfect sense! If you're already itemizing for other reasons, then absolutely go for claiming that mortgage interest. Every dollar counts in that case. Given your situation with already being over the standard deduction threshold, I'd definitely claim the full amount of interest you paid. Just make sure you include a clear explanation statement with your return about why you're claiming interest from a 1098 that has your mother's name on it. Good luck!

Your tax guy is generally right, but there's an important exception that applies to the original poster's situation. When someone has an ownership interest in the property (name on the deed) AND makes the payments from their account, they can claim the deduction even without being on the loan. The key is having both ownership interest and making the payments. The IRS has addressed this in several rulings. If you only made payments but had no ownership interest, then your tax person was correct in your specific case.

Wait really? I did have marketplace insurance for part of the year while between school insurance periods. I had no idea this would affect my taxes since I didn't have income. Is this process complicated?

Yes, you absolutely need to file in that case! You'll need Form 8962 to reconcile any advance premium tax credits you received. The marketplace should have sent you Form 1095-A which has all the information you need. It's not super complicated, but you do need to complete the form to show the IRS that your subsidies were correct based on your actual income for the year. If you don't file, you might have problems getting subsidies in future years. Most tax software can walk you through this process pretty easily, even with zero income.

I tried it last year with very minimal income. It works fine but can be confusing since there are so many zeros. Make sure you still fill out all required fields even if they're zeros. For some reason, the system sometimes flags $0 as an error until you actually type in the zero rather than leaving it blank.

Thanks for mentioning this! I'm not claiming either of those credits, just getting back over-withheld taxes from my bonuses. So hopefully I won't be affected by those delays.

You should be fine then! Since you're just dealing with over-withholding on bonuses and not claiming those particular credits, your refund should follow the standard timeline. Just make sure to file electronically with direct deposit selected for the fastest processing.

Is there actually any evidence for this or is it just something you've noticed personally? I've never heard the IRS say anything about processing returns differently based on the day of the week.