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If I could give 10 stars I would If I could give 10 stars I would Such an amazing service so needed during the times when EDD almost never picks up Claimyr gets me on the phone with EDD every time without fail faster. A much needed service without Claimyr I would have never received the payment I needed to support me during my postpartum recovery. Thank you so much Claimyr!
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Really made a difference, save me time and energy from going to a local office for making the call.
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Was a bit nervous or untrusting at first, but my calls went thru. First time the wait was a bit long but their customer chat line on their page was helpful and put me at ease that I would receive my call. Today my call dropped because of EDD and Claimyr heard my concern on the same chat and another call was made within the hour.
An incredibly helpful service
An incredibly helpful service! Got me connected to a CA EDD agent without major hassle (outside of EDD's agents dropping calls – which Claimyr has free protection for). If you need to file a new claim and can't do it online, pay the $ to Claimyr to get the process started. Absolutely worth it!
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Used this service a couple times now. Before I'd call 200 times in less than a weak frustrated as can be. But using claimyr with a couple hours of waiting i was on the line with an representative or on hold. Dropped a couple times but each reconnected not long after and was mission accomplished, thanks to Claimyr.
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I tried for weeks to get thru to EDD PFL program with no luck. I gave this a try thinking it may be a scam. OMG! It worked and They got thru within an hour and my claim is going to finally get paid!! I upgraded to the $60 call. Best $60 spent!
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There's one scenario where selling before long term might make sense that hasn't been mentioned yet. If you have capital losses to offset the gains, then the short vs long term question becomes less important. For example, if you have $10k in short term gains but also $10k in losses to harvest, they offset each other. This strategy is called tax-loss harvesting and can be really useful for managing your tax liability regardless of your bracket.
Does it matter if the losses are short term or long term when you're offsetting gains? Like can I use long term losses to offset short term gains?
Great question! The IRS has specific rules about how losses and gains offset each other. First, short-term losses are used to offset short-term gains, and long-term losses are used to offset long-term gains. If you have excess in either category, then you can use them to offset the other type. For example, if you have $10k in short-term losses but only $5k in short-term gains, you'd first offset those short-term gains completely. Then you'd have $5k in short-term losses remaining, which could be used to offset long-term gains. If you still have excess losses after offsetting all gains, you can deduct up to $3,000 against other income, and carry forward any remaining losses to future years.
I think everyone's missing an important point here - tax-advantaged accounts! If you're worried about capital gains taxes, you should be maxing out your 401k, IRA, HSA etc first before investing in taxable accounts. I'm in a similar income bracket ($230k household) and haven't paid a cent in capital gains taxes in years because most of my investments are in tax advantaged accounts. Only have to worry about this stuff for my brokerage account.
This doesn't answer OP's question at all. They're clearly asking about taxable accounts where capital gains matter. Not everyone can fit all their investments into tax advantaged accounts especially at higher income levels where contribution limits are an issue.
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Has anyone had their credit rejected because of missing permits? I installed mine last summer and my electrician said I didn't need a permit for a basic Level 2 charger on an existing 240v dryer outlet. Now I'm worried after seeing this thread.
I claimed the credit last year for a similar setup, and it went through fine. I included a statement from my electrician certifying the installation met local code requirements, plus his license number. No issues with the IRS. The important thing is being able to document you followed local requirements. If you didn't need a permit, get something in writing stating that. Could be from your electrician, local building department, or even a printout of the relevant code section.
Thanks, that's reassuring. I have the invoice from my electrician that states "installation complies with local electrical code" and includes his license number. I'll reach out to him for a more specific statement about the permit exemption just to be safe.
So you're saying I can claim the 30% credit on my Tesla Wall Connector without a permit if my town doesn't require one? How much is the average credit people are getting? Just installed mine and paid around $1,800 for the charger + installation.
You can claim 30% of the costs for both the charger and installation up to a max credit of $1,000. So with your $1,800 total, your credit would be $540 (30% of $1,800). And yes, if your town doesn't require a permit, you don't need one for the credit - but document that exemption!
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Something people often overlook - if your dependent has unearned income (like interest from a savings account) over $1,150, the reporting requirements can be different. Make sure you're tracking ALL their income sources, not just the W-2 wages!
I don't think she has much unearned income, maybe like $20 in her savings account. But that's good to know for the future. At what point would I need to include her unearned income on MY return instead of hers?
With just $20 in interest, you definitely don't need to worry about it for this year. That's well below any reporting threshold. For your question about when unearned income goes on your return versus hers - you have options when a dependent has significant unearned income. If your dependent has unearned income over $2,300 (for 2024), you can either have them file their own return reporting it OR you can include it on your return using Form 8814. Many parents choose to include it on their return to simplify things, but sometimes it's more tax-advantageous to have them file separately. It depends on both your tax situation and theirs.
Has anyone used FreeTaxUSA for filing dependent returns? My son is working part-time and needs to file, but I don't want to pay the ridiculous fees that TurboTax charges for a simple return.
I used FreeTaxUSA for my daughter's return last year and it was great! Completely free for federal and only $15 for state. Super straightforward for dependent returns, especially if they just have W-2 income. Highly recommend.
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Something no one mentioned yet - as a self-employed person filing as head of household, you should also look into the qualified business income deduction (QBI). You might be able to deduct up to 20% of your self-employment income on top of the HOH benefits! Also, keep track of all your work expenses. As a 1099 contractor, you can deduct them on Schedule C. And don't forget to make quarterly estimated tax payments to avoid penalties.
Thanks for bringing this up! I've been making quarterly payments but didn't know about the QBI deduction. With my income being around $40k, would I qualify for the full 20%? And does filing as head of household affect the QBI calculation at all?
At your income level of around $40k, you would qualify for the full 20% QBI deduction with no reductions or phase-outs. The QBI limitations don't kick in until much higher income levels (over $170k for single/HOH filers). Filing as head of household doesn't directly affect the QBI calculation, but it does affect your overall tax situation positively. The HOH status gives you better tax brackets and higher standard deduction, while the QBI is calculated based on your qualified business income from self-employment. They work separately but combine to reduce your total tax burden.
Malik Thompson
To add to what others have said, adding bank interest isn't a big deal but you definitely want to fix it. I'm a retired bookkeeper and have helped many people with small amendments like this. The reason banks send 1099-INT forms is because the IRS already knows about this income - the bank reports it directly to them. So if you don't include it, there's a mismatch between what the IRS knows you received and what you reported. For small amounts like $87, they might just adjust your tax bill automatically and send you a notice. If you use tax software, just look for the "amend return" option. It's usually pretty straightforward - you'll enter the additional income from the 1099-INT and submit the amendment electronically.
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Yara Khalil
•Thank you so much for explaining this! I had no idea the IRS already knows about the interest income. If they might adjust it automatically, should I still file an amendment or just wait to see if they send me a notice? I'm using TurboTax if that matters.
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Malik Thompson
•I would definitely recommend filing the amendment yourself rather than waiting for the IRS to adjust it. When you handle it proactively, you're in control of the process and can verify everything is correct. If the IRS makes an automatic adjustment, they sometimes include penalties and interest that you might avoid by amending quickly. With TurboTax, it's really easy to amend. Just log into your account, look for the option to amend your return, and follow the prompts to add the 1099-INT. The software will fill out Form 1040-X for you and guide you through the process. It's actually much simpler than most people think, and for a small amount like $87, the additional tax will be minimal.
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Isabella Ferreira
Something similar happened to me last year! Just adding that if you had any tax withheld on that interest (check box 4 on your 1099-INT), make sure to include that in your amendment too. Sometimes banks withhold a small percentage for taxes. I overlooked this part when I amended for a forgotten 1099-INT and ended up overpaying slightly. Every dollar counts!
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CosmicVoyager
•Good point about the withholding! Also, OP, if this is the first time you've earned bank interest over $10 (the reporting threshold), don't feel bad about not knowing. The tax code is ridiculously complicated and nobody teaches this stuff in school.
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