I hadn't really considered a reverse mortgage. Are the fees for those reasonable? I've heard mixed things about them over the years. Also, wouldn't I need to be purchasing my new home before I could get a reverse mortgage on it? Since I don't currently own a property in my new town yet.

The fees can be substantial - typically 2-5% of the home's value. But compared to the tax hit from a large IRA withdrawal, it might still be advantageous. There actually is a specific type called a HECM for Purchase that lets you buy a new home with a reverse mortgage. You make a down payment (usually around 50-60% of the purchase price) and the reverse mortgage covers the rest. You'd never have mortgage payments, though you'd still be responsible for taxes, insurance, and maintenance.

A 1031 exchange wouldn't work if they're planning to live in the new property as their primary residence. The replacement property in a 1031 exchange must be used for business or investment purposes.

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.

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.

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.

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?

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.

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.

Which tax software gives the most detailed tracking? I used FreeTaxUSA this year and their tracking doesn't seem to have any more info than the IRS site.

In my experience, TurboTax and H&R Block tend to have the most detailed tracking features built into their apps and websites. They pull data from the IRS but present it in a more user-friendly format with better explanations. FreeTaxUSA is great for filing affordably, but their after-filing support isn't as robust as the premium services. TaxAct falls somewhere in the middle - better tracking than FreeTaxUSA but not quite as comprehensive as TurboTax.

That's actually reassuring! Did you do anything special to get your refund moving or did it just suddenly appear one day? I'm hoping mine moves along without me having to do anything.