Do you need to complete the whole application process to see the current amount, or does it show that information early in the process?

You'll see the current amount with penalties and interest fairly early in the process, usually on the second or third screen when you've entered your basic information. You don't need to complete the entire application or commit to any payment plan to view this information.

They used a local tax preparer, not software. That's part of the issue - they just have the paper copies the preparer gave them and aren't tech-savvy enough to navigate online tools themselves. I was hoping there might be a simple way to confirm the current amount without having to call since the phone wait times are so long.

Ugh, I feel even worse now knowing they saw me coming! Was there anything specific that made them charge me so much? I thought maybe it was the EIC calculations that were complicated, but you're saying that's actually simple?

The EIC and child tax credit calculations are completely automated in their software system. It's literally just clicking a few buttons and the computer does all the work. What they did was charge you their "deluxe" or "premium" package rates because you had tax credits. These places train their preparers to identify clients who might have refundable credits because those clients are often less price-sensitive (they're focused on the refund amount, not the preparation fee). They know you're getting a larger refund with those credits, so they take a bigger cut. Next year, remember that your return is actually quite straightforward and any of the major tax software options could handle it for a fraction of the cost.

Try Cash App Taxes next year (used to be Credit Karma Tax). Completely free for federal AND state, no income limits or hidden fees. I've used it for 3 years with W-2s, 1099s, and child credits with no issues.

Property tax reassessment varies by state. In California for example, Prop 19 changed things in 2021 - now inherited family homes get reassessed unless certain conditions are met (like you use it as your primary residence). Texas has different rules. You should check with your specific county tax assessor.

My health insurance is still through my employer, same plan as last year. But you know what, I'm going to go back and check those health insurance questions again to make sure I answered them the same way. I honestly tend to click through those sections pretty quickly since nothing changed, but maybe I did check something different. Thanks for the suggestion!

Not OP but this happened to me! I had 8 weeks of unemployment and had NO idea they barely withhold any taxes. Got absolutely wrecked at tax time. Now I always select the maximum withholding on unemployment.

No unemployment for me - been at the same job the whole time. But that's good to know about unemployment withholding being low. I actually might have some temporary layoffs coming up later this year, so I'll definitely remember to adjust the withholding if that happens. Thanks for the heads up!

No T5 slip yet since the film just hit festivals and hasn't had any commercial distribution. But that's good to know for the future! I am in Ontario - is the provincial credit something I apply for directly or does the production company handle that too?

The Ontario Film and Television Tax Credit is also handled by the production company, not individual investors. Similar to the federal CPTC, it's designed to incentivize production companies to create content in Ontario. As an investor, your tax benefits come primarily through how you classify your investment and any income it generates. When the film does eventually generate revenue, make sure the production company has your current address to send any T5 slips. For now, you'll just need to report the investment itself as we discussed above. Keep good records of all your investment documentation - if the film becomes commercially successful or if it fails entirely, the tax implications will differ.

You might be able to claim a capital loss if you can demonstrate that your investment has become worthless. You'd need documentation showing the production has been abandoned or the company has dissolved. Typically, you'd need to file an election under subsection 50(1) of the Income Tax Act to deem the investment disposed of at the end of the tax year. The CRA will want evidence that the investment has no reasonable chance of future value. A letter from the production company stating the project has been abandoned would be helpful.