So if I want to buy bonds for my kids, how exactly would I format that? Would it be "Child Name POD My Name" or the other way around?

For buying bonds as gifts for your kids, you would format it as "Child's Name POD Your Name" in the registration box. This makes your child the primary owner with you as the beneficiary who can cash them if needed while they're minors. If your child is very young, this is usually the best approach since they can't manage the bonds themselves yet, but they're still considered the owner. Once they're older, they can cash them with proper ID. Just make sure to include their Social Security Number on the form too.

There's a $5,000 annual limit per person for purchasing paper savings bonds. So if your refund is $5,000 and you're the only registrant, you could use the whole thing. If you're buying for multiple people (like kids), each person can have up to $5,000 in bonds purchased for them annually.

Also remember bonds only come in $50 increments, so make sure your amounts are divisible by 50 on the form!

Does the 83(b) election apply to stock options too, or just restricted stock? My offer letter mentions ISOs but I'm not sure if this is relevant for my situation.

The 83(b) election generally applies to restricted stock, not stock options. For ISOs (Incentive Stock Options), you typically don't need to make an 83(b) election because you don't actually own the shares until you exercise the options. With ISOs, you don't pay taxes when they're granted or as they vest. You only pay taxes when you exercise the options (buy the shares) and later when you sell the shares. However, there are some complex AMT (Alternative Minimum Tax) considerations with ISOs that might apply depending on your situation. If your compensation includes actual restricted stock (not just options), then the 83(b) would be relevant. Check your specific grant documents to confirm exactly what type of equity you're receiving.

I filed one last year and never got any formal acknowledgment from the IRS. My tax advisor said that's normal - you just need to keep your certified mail receipt as proof you sent it within the 30-day window. When you file your taxes, you'll attach a copy of the election form. I also sent a copy with a self-addressed stamped envelope requesting they stamp it as received and return it, but never got that back either.

This is super helpful, thank you!! So to clarify - on my 2023 Form 8606, I'll only complete lines 1-7 (or 1-8)? And then for 2024, I'll need to report the actual conversion on that year's form?

Exactly! For 2023, you'll only complete Part I (lines 1-7 or 1-8) to establish your nondeductible contribution and basis. You won't complete Part II (the conversion section) on your 2023 form. Then on your 2024 Form 8606, you'll complete both parts. Part I will show any new 2024 contributions, and Part II will show your April 2024 conversion of the 2023 contribution. Your basis from the 2023 form carries over to the 2024 form. This ensures you don't get taxed twice on the money. The important thing is making sure you file the 2023 Form 8606 to establish that initial basis, even if you're not reporting a conversion on it.

I switched to FreeTaxUSA after TurboTax kept calculating my Form 8606 wrong. It has better handling of backdoor Roth conversions and actually explains the basis calculations clearly. Plus it's way cheaper!

Wait, student loans count as support provided by the student?? I had no idea. What about if the parent is a cosigner on the loan? And do parent PLUS loans count as support from the parent?

Student loans are indeed considered support provided by the student even if a parent cosigns, because the student is ultimately responsible for repaying the loan. This is a common misunderstanding that causes problems during audits. For Parent PLUS loans, those DO count as support provided by the parent because the parent is legally responsible for repaying them, not the student. This distinction is important when calculating the total support. Another thing people often miss is that qualified tuition paid directly by the parent to the educational institution always counts as support from the parent.

Yes, you should include the full tuition amount in the total support calculation. The scholarship portion counts as support provided by a third party (not by either you or your son). So when determining if you provided more than 50% of support, the formula would be: (Amount you paid) ÷ (Total support including full tuition) > 50% The "total support" denominator includes everything: full tuition (including scholarship portion), housing, food, medical, etc. from ALL sources.

I'm sure we don't qualify for FMLA - we're truly a small independent business with just 12 employees total. I did check into my state's laws and unfortunately we're in a state with minimal protections beyond the federal requirements. I'm going to look into the temporary disability option that a few people mentioned. I had no idea that might be available to me! And I'm definitely not going to file for unemployment fraudulently. After reading everyone's comments, I can see that's a terrible idea that could come back to haunt both me and my employer.

This is so true. My sister works for our state's unemployment department and they absolutely compare birth records with unemployment claims. They also check social media sometimes. Someone at her office caught a claimant posting about their new baby on Facebook during the exact period they claimed to be "laid off" and actively seeking work.