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Has anyone noticed that the child tax credit formula treats single parents differently than married couples? I'm right at the edge of the phaseout threshold as a single parent ($198,500 income) but my sister and brother-in-law make more combined and don't start losing the credit yet. Seems unfair tbh.
That's how all the tax brackets work though? Singles get phased out at lower amounts than married filing jointly. It's not unique to the child tax credit formula. Married couples filing jointly have a $400k threshold vs $200k for other filing statuses.
True, but the gap seems bigger for this credit than for other things. And considering single parents have all the responsibility with no support, you'd think they'd give us a break on the child tax credit formula at least. I just find it frustrating that two incomes totaling $390k can get the full credit while a single parent making $210k gets less help per child. The cost of raising kids doesn't magically go down just because there's only one parent in the household.
Quick question about the child tax credit formula - does anyone know if you can still claim the credit if your child turned 17 during the tax year? My daughter's birthday was in November 2024, and I'm getting different answers from different sources about whether she qualifies for the 2024 tax year (filing in 2025).
Unfortunately, the rule is that the child must be under 17 at the END of the tax year (December 31st) to qualify for the child tax credit. Since your daughter turned 17 in November 2024, she wouldn't qualify for the 2024 tax credit when you file in 2025. However, check if you qualify for the Credit for Other Dependents (worth up to $500) which has no age limit as long as she's your dependent.
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Don't forget that different providers have different processing times! I set up my solo 401k with Fidelity last year on December 29th and it was fine, but a friend tried with Vanguard on the 30th and had issues because they needed like 5-7 business days to process. Call your intended provider RIGHT NOW to check their specific requirements!
Shoot I didn't even think about that! I was planning to go with Schwab. Does anyone know how long they typically take to process?
With Schwab, you're cutting it close but might still be okay. Last I checked, they can typically establish a solo 401k within 1-2 business days if all your paperwork is complete and accurate. I'd recommend calling them directly ASAP though - their customer service can tell you exactly what you need and might even be able to expedite the process if you explain the deadline situation. One important thing: make sure you have your EIN ready! If you don't already have an Employer Identification Number from the IRS for your business, you'll need that before opening a solo 401k. That's another process that could add time.
Just to clarify something important - there's a difference between ESTABLISHING the plan and CONTRIBUTING to it. Dec 31 is the deadline to establish the plan document. But you actually have until your tax filing deadline (usually April 15 of the next year) to make your employee contributions, and if you file an extension, you have until Oct 15 for your employer contributions. So don't stress too much about moving the money tonight!
This is great information but I'm still a bit confused. So if I just get the paperwork submitted tonight, I'm good? And then I can actually fund it later? Does the solo 401k need to be with the same bank where I have my business checking account?
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One thing nobody has mentioned yet - have you looked into Section 382 limitations? If you're considering incorporating a new business that might eventually use these NOLs, you should know that there are strict rules about ownership changes when NOLs are involved. Section 382 of the tax code limits how much of an NOL can be used after an "ownership change." The IRS doesn't want people trading companies just for their tax attributes. So if you start a new corporation that you want to eventually use these losses in, be very careful about any ownership changes, investment rounds, etc. I had a client with substantial NOLs who unknowingly triggered Section 382 limitations by bringing in new investors, and it severely restricted how much of their NOLs they could use each year going forward.
Does this Section 382 stuff apply to all business types or just C-corps? I've got an S-corp with some losses and am thinking about bringing in a partner next year. Would that trigger these limitations?
Section 382 primarily applies to C corporations, not pass-through entities like S corporations where losses generally flow through to shareholders. However, S corporations that were previously C corporations and are carrying C corporation NOLs would still be subject to these limitations. For your S-corp situation, adding a partner wouldn't trigger Section 382, but it could affect how losses are allocated among shareholders. When ownership percentages change in an S-corp, it can affect the allocation of losses based on each shareholder's basis and the number of days in the tax year that each ownership percentage was in effect. Different rules apply, but you should definitely consult with a tax professional before adding that partner.
Might be an unpopular opinion but with a loss that big ($2.8 million) I wouldn't rely on forum advice. This is definitely "hire a tax attorney who specializes in business losses" territory. The consultation fee will be worth it because they might identify options none of us here would know about. Different business structures, potential for a partial sale of rights, reorganization possibilities - these are complex areas with lots of exceptions and special rules. A specialist might find creative but fully legal approaches that could help you monetize at least some portion of these losses.
You're absolutely right. I appreciate all the advice here, but I think I do need professional help with this. Does anyone have recommendations for how to find a tax attorney who specifically specializes in business losses and NOLs? Is there a particular certification or background I should look for?
Look for a tax attorney who is also a CPA - that combination is powerful for complex business tax issues. I'd specifically ask potential attorneys about their experience with NOL monetization strategies and business restructuring for tax purposes. The best ones will typically have backgrounds working at either the IRS, major accounting firms in their business tax departments, or law firms with dedicated tax practices. You want someone who has actually handled similar situations, not just someone who understands the general tax code.
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I messed up a similar situation last year with distributions from my IRA. From personal experience, here's what will probably happen if you don't amend: 1. In about 6-12 months, you'll get a CP2000 notice saying they found unreported income 2. They'll calculate the additional tax plus interest and penalties 3. You'll either have to pay it or contest it It's way easier to just file the 1040-X now. The penalties will be lower and you'll avoid the stress of getting that IRS letter.
Thanks for sharing your experience! How complicated was it to file the amendment? I've never done one before and I'm worried I'll mess it up somehow.
Filing the amendment through TurboTax was pretty straightforward. Since you already filed with them, you just log in, choose the option to amend your 2023 return, and follow the prompts. It'll ask what you're changing, and you'd select "income" and then add the 1099-R information. The system recalculates everything automatically. Just review the changes carefully before submitting. If your situation is simple like mine was (just adding a missed form), it shouldn't take more than 30-45 minutes. The hardest part is waiting for processing - paper amendments can take 6+ months to process currently.
Just curious, did your 1099-R have code G in box 7? That code is specifically for a direct rollover to a Roth IRA and has specific tax implications. If your form doesn't have the right code, it could affect how it should be reported.
Not the OP, but I think that's what they meant by "Form G" - they were referring to the distribution code in box 7. That's super important for determining the tax treatment.
You're right - it does have code G in box 7. I just double-checked the form. Does that change anything about how I should handle this?
NeonNebula
The easiest way to spot a fraudulent preparer is if they base their fee on a percentage of your refund. That creates an obvious incentive for them to inflate your refund by any means necessary! Legitimate professionals charge based on the complexity of your return, not the outcome.
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Isabella Costa
•Is there a way to report these places? There's a tax office near me that has a giant sign saying "WE GET YOU MAXIMUM REFUNDS GUARANTEED" and they advertise that they "only charge a percentage of what they save you." Seems super sketch.
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Ravi Malhotra
Quick tip: Always ask for the preparer's PTIN (Preparer Tax Identification Number). All legitimate tax preparers must have one. If they can't provide it or get weird when you ask, RUN. Also, never sign a blank return or one you haven't reviewed completely!
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