Do all states have free filing portals? I'm in Pennsylvania and always just pay whatever TurboTax charges for the state return because I didn't know there were other options.

Not all states have free filing portals, but many do now. Pennsylvania does have a free e-file system called "myPATH" that lets you file state returns directly. You just need info from your completed federal return. I'd recommend googling "[your state] free tax filing" to see what's available. Even states without their own portal often have partnerships with tax software companies to offer free filing for residents under certain income thresholds.

This is super good advice. So many of these services are making it harder to access your own information. Do you know if the PDF needs to be the "official" one from the tax service, or can you just print/save the screen as a PDF?

Thanks for bringing up the cost basis point! Do you know if I need to track each batch of dividend shares separately for when I eventually sell? Like if I get quarterly stock dividends, do I need to track 4 different lots with different cost bases?

Yes, you should definitely track each distribution as a separate lot with its own cost basis and acquisition date. This becomes important when you sell, as you'll want to identify which specific shares you're selling to optimize your tax situation. Most brokers these days track this automatically in their systems, but it's good practice to keep your own records as well. I use a simple spreadsheet with distribution dates, number of shares, price per share on that date, and total value. It takes a little effort, but it makes tax time much easier, especially if you hold these investments for many years.

My broker does the same thing. I round to 3 decimal places for my records and it hasn't been an issue. The IRS isn't going to come after you for rounding $50.175 to $50.18 on your taxes. Just make sure your total dividend income for the year is reasonably accurate.

Thank you for this advice. We made an appointment with a tax preparer for tomorrow to get last year's return filed properly. Do you know if we should wait to contact the IRS until after we've filed that missing return, or should we call them now to try to put a hold on the CP504?

I would contact the IRS immediately about the CP504, even before the tax return is completed. Let them know you're actively working on filing the missing return and have an appointment scheduled. Request a temporary hold on collection activities while you get everything in order. When you call, be prepared with your boyfriend's financial information because they might ask about his current income and expenses to determine what kind of payment arrangement is appropriate. The missing return is important, but addressing the immediate levy threat should be your first priority.

How much did they take from his paycheck? Is it like a fixed amount or a percentage?

Thanks for mentioning this! I'm not claiming either of those credits, just getting back over-withheld taxes from my bonuses. So hopefully I won't be affected by those delays.

You should be fine then! Since you're just dealing with over-withholding on bonuses and not claiming those particular credits, your refund should follow the standard timeline. Just make sure to file electronically with direct deposit selected for the fastest processing.

Is there actually any evidence for this or is it just something you've noticed personally? I've never heard the IRS say anything about processing returns differently based on the day of the week.

I actually hadn't thought to check the partnership agreement for that. I inherited this share and just kind of accepted what I was told. Is this something that would be obvious in the agreement or would it be buried in legal language?

It would typically be in a section about "Distributions" or "Tax Matters." It might use language like "The Partnership shall make distributions to Partners in amounts at least sufficient to cover their tax liabilities resulting from allocated Partnership income." If you can't find your copy of the agreement, you should request one from the management company. Even without a specific tax distribution provision, you could try negotiating with the other partners. Sometimes partnerships can do special tax distributions even without a formal requirement if all partners agree.

Selling a minority interest in a private partnership can be really difficult though. I tried to sell my share in a similar situation and the discounts were ridiculous - like 70% below what I thought it was worth based on the underlying real estate.