Just a heads-up - I learned this the hard way. The mortgage interest statement (Form 1098) you receive from your lender doesn't necessarily reflect what's actually deductible. My second home is under an LLC for liability protection, and this created complications with my mortgage interest deduction.

Great discussion here! I wanted to add one more consideration that's particularly relevant for higher-income earners like yourself - the timing of when you close on your second home can impact your deduction for the first year. Since mortgage interest is deductible when paid (not when accrued), if you close late in the year, you might only get a few months of deductible interest for that tax year. However, you may also be able to deduct points paid at closing if they meet certain criteria. Also, don't forget about the mortgage insurance premium deduction if applicable - it's been extended through 2025 and phases out for higher incomes, but it could provide additional tax benefits alongside your mortgage interest deduction. The phaseout begins at $100k AGI for joint filers and is completely eliminated at $109k AGI. Given your mention of being in a higher income bracket, it's worth running the numbers to see if itemizing (with mortgage interest, property taxes up to the SALT cap, and other deductions) will exceed the standard deduction for your filing status.

This thread is amazing - so much great info! I just completed the IP PIN process for both my kids after reading through everyone's advice. The document prep tip was clutch - had everything ready and got through both applications in about an hour. For anyone still hesitating, DO IT! With tax season starting soon, now is the perfect time to get this protection in place. Also want to mention that the IRS website actually has a really helpful FAQ section about IP PINs that answered a lot of my questions. One thing I learned is that if your child has never filed a tax return before, you might need to call the IRS to verify some info, but the phone support was actually pretty helpful. Thanks everyone for sharing your experiences - this community is awesome! 🙌

Just wanted to jump in and say THANK YOU to everyone who contributed to this thread! As a parent of three young kids, I've been putting off dealing with identity protection because it seemed so overwhelming. Reading through all your real experiences and step-by-step tips has made this feel totally manageable. I'm planning to tackle the IP PINs this weekend - already gathered all the documents and set aside the 2-3 hours like you all suggested. The spreadsheet idea for tracking everything is genius too. It's so reassuring to see a community actually helping each other with practical advice instead of just complaining. You've all given me the confidence to finally protect my kids properly! 🙏

Somethng else to consider - you should look into FSA options too. If your plan offers an FSA and his offers an HSA, you can actually use both in the same year (with some limitations). might give you more tax-free dollars for medical stuff especially with a pregnacy coming!

Great question! I went through this exact situation when my wife and I got married. The key thing to remember is that HSA eligibility for spouse expenses is tied to your tax filing status, not your insurance coverage. Since you're keeping separate employer plans, your husband can absolutely use his HSA funds for your pregnancy and birth expenses - but only if you file your taxes as married filing jointly. Here's what I learned: if you file jointly, the IRS treats HSA funds as available for qualified medical expenses for both spouses, regardless of who has which insurance plan. But if you file separately, each person's HSA can only cover their own expenses. For your specific situation with potential pregnancy costs, I'd strongly recommend running the numbers on both filing scenarios before you need to use the HSA funds. Most couples save more money filing jointly anyway, especially when you factor in the HSA benefits. Just make sure you're confident about your filing choice before using his HSA for your medical expenses, because if you change your mind and file separately later, those distributions would be considered non-qualified and subject to taxes plus penalties. The separate insurance plans won't be an issue at all - it's really just about that tax filing status decision.

Back in 2022, I had a similar situation with Chime. Was denied their advance but still got my deposit 2 days before the official date. If you're concerned about timing, I'd recommend checking your transcript every Tuesday and Friday morning (when they typically update) once the PATH hold lifts. When you see an 846 code with a date, you'll know your official DDD. Then subtract 2-4 days for Credit Karma's early deposit feature. That's been the most reliable method in my experience.

I've been using Credit Karma Money for two years now and can confirm that the early deposit feature works independently of their advance program. Last year I was also denied the advance but still received my refund 3 days before my DDD. The key thing to understand is that Credit Karma receives the ACH file from the Treasury before your official deposit date, and they choose to release those funds immediately rather than holding them until the scheduled date like traditional banks do. Just keep monitoring your transcript for the 846 code - that's when you'll know your official timeline and can expect Credit Karma to deposit 2-4 days earlier depending on how the weekend falls.

Has anyone noticed that tax software handles the Foreign Tax Credit Simplified Limitation for AMT differently? I used TurboTax last year and H&R Block this year, and they gave me completely different results for basically identical situations. TurboTax recommended filing Form 1116 while H&R Block said to take the simplified election.

I've been dealing with this exact situation for the past three years and wanted to share what I've learned through trial and error. The Foreign Tax Credit Simplified Limitation for AMT is one of those areas where the IRS instructions are particularly unclear. Here's what I wish someone had told me earlier: even though you qualify for the simplified election (under $300), it's worth calculating both methods if you're subject to AMT. The reason is that AMT has different income calculations, and sometimes the foreign source income limitation works out differently. For your specific situation with $290 in foreign taxes and $4,200 in dividend income, I'd recommend running the numbers both ways. The simplified election is definitely easier, but if you're already close to AMT territory, filing Form 1116 might give you a better result. The key is that Form 1116 lets you use the actual foreign source income calculations, which can be more favorable than the simplified approach when AMT is involved. One practical tip: if you decide to file Form 1116, make sure you elect the simplified limitation on Form 6251 line 6. This saves you from having to do separate AMT foreign source income calculations, which is where things get really complicated. Also, keep good records of your foreign taxes paid - even if you take the simplified election this year, you might want to switch to Form 1116 next year if your foreign investments grow.