Bogleheads.org

And they all pass through the $7500 tax credit via lease, which you can then buy out immediately. Bottom line is comparable to the OP's two options. No, they absolutely will not, whether leased or bought. All three models you listed are assembled outside of North America and thus lost eligibility for the $7500 federal tax credit immediately when the Inflation Reduction Act was signed last summer, as did the Ioniq 5, which is still a good $10K-$15K cheaper than the models you recommended. (Not saying the premium is worth it or not, but your recommendations are plainly way over budget. Also, 2 of the 3 are a lot smaller, and none of the 3 offers the Ioniq 5's super-fast charging.) The domestic content provision does not hold when you lease a...

One more reason to file MFS for 2022 may be the EV tax credit - if one spouse has a low enough income to be eligible, but their combined income would make the MFS return ineligible.

I am setting up dual monitors for a ho e office. I was going g to do two 27 inch monitors. However I am wondering if it is worth going with 32 inch monitors instead. I do a lot of writing. No video editing. Is 32 inch too big for dual monitors? I wonder if it will be over whelming. I bought a 4HD 32 inch recently and used it to replace 2 smaller monitors. I run it with display scaling of 125%, and am very comfortable. I think you may even be able to make do with one 32 at that resolution/scaling. For 150% or even 200% display scaling (if that's what you're comfortable with), you might need 2 to get enough screen space (or 1 + 1 smaller monitor). I think monitor prices are skewed higher by gamer requirements. So, if you're not running highl...

Pdxnative wrote: ↑Sat Jan 28, 2023 9:57 am

Consumer credit applies when buying it for one’s own use though.

The IRS says

Buy it for your own use, not for resale

That's slightly ambiguous, but I think renting it out means making use of it (to make money for yourself). The key thing the IRS seems to be concerned about is that it's not bought for resale.

I think that someone who bought a car, and then rented it out on Turo can qualify for the credit. This is similar.

Disclaimer: I am not an accountant and could definitely be wrong.

Do you intend to buy out (either early or at lease end)? I've never leased, so no expert, but I believe some lessors don't allow early buyouts (or make it prohibitively expensive). And some (Tesla's leasing arm for one) don't allow lease end buyout, i.e., they don't have a guaranteed buyout value. (Of course, given that Tesla has slashed prices, the residual value for older leases is likely higher than the market value anyway). Perhaps we are talking about different things. I am thinking in my case in the OP, the family member B will buy and lease it to member A. That’s not what I was suggesting. I was suggesting leasing directly from finance company to get the credit rolled into the lease. If family member wants to set up a commercial ent...

Theseus wrote: ↑Fri Jan 27, 2023 4:20 pm
Thank you. Leasing might be the best approach.

Do you intend to buy out (either early or at lease end)?

I've never leased, so no expert, but I believe some lessors don't allow early buyouts (or make it prohibitively expensive). And some (Tesla's leasing arm for one) don't allow lease end buyout, i.e., they don't have a guaranteed buyout value. (Of course, given that Tesla has slashed prices, the residual value for older leases is likely higher than the market value anyway).

At least with the desktop version, it has shown tax due/refund at every step for as long as I can remember. I generally don't pay that much attention to the temporary numbers after partial entry of income (although I do look when I start entering deductions).

There is also the NIIT to be added, another 3.8%. But it still doesn't get to 47%.

You can drop to forms mode to figure out what's happening. But honestly, I wouldn't bother till everything is input.

RickBoglehead wrote: ↑Fri Jan 27, 2023 11:26 am
Thanks. That's why I posted. Tax credit has existed for years, yet I can't find any definitive answer in what should be definitive.

There might be an analogy with Federal tax credits for energy efficient upgrades to your home. Even prior to the iRA, there were residential credits, and these have been extended further. States offer credits/rebates for energy improvements (and EVs) too. The tax handling of the basis should be similar for EVs.

Here is what the IRS says about residential energy credits

https://www.irs.gov/instructions/i5695'

You must reduce the basis of your home by the amount of any credit allowed.

Theseus wrote: ↑Fri Jan 27, 2023 6:17 am A family member A doesn’t qualify for the $7500 EV tax credit. But family member B does qualify. Can family member B buy the EV and claim the $7500 credit and turn around and sell the car to the family member A? Would this be illegal?

https://www.irs.gov/credits-deductions/ ... 3-or-after

To qualify, you must:

Buy it for your own use, not for resale

Note too that there might be sales tax on resale (although many states exempt sales tax for sales to a close family member).

There may be slight variations, but I think Zillow gets its numbers from local government land records. Every state maintains records of sales prices and deeds (mostly at the county level). You can check your local land records office for the primary source.

And yes, many/most are online.

According to publication 551 https://www.irs.gov/publications/p551 The basis of property you buy is usually its cost. The cost is the amount you pay in cash, debt obligations, other property, or services. Your cost also includes amounts you pay for the following items. Sales tax. Freight. Installation and testing. Excise taxes. Legal and accounting fees (when they must be capitalized). Revenue stamps. Recording fees. Real estate taxes (if assumed for the seller). This would seem to imply that sales tax can be added to basis (just as destination charges can be added). However, now that I think about it, I do agree with psteinx that preparation costs likely can't be deducted from sale price if they aren't directly related to selling. But, lon...

jw2s wrote: ↑Thu Jan 26, 2023 2:09 pm Thank you.

So you compare out the door price to selling price?

In that case, yeah, it would be very rare to sell a car for more than the out the door price!

Even prior to COVID, I'm sure it happened with collectibles, and even with some low run, high demand cars (before production caught up). Although i suspect in a lot of cases, people just didn't report the gain.

I think you can also add in costs such as any prep work, ads, repairs, detailing etc. done for the purpose of selling.

ADDED: In response to your other question about a trade in vs Carmax, consider the tax break you might get on a trade in vs a pure sale at Carmax. Although you can use Carmax to get a price online for negotiating with the dealer.

No expert on car loans, but I think 5-6% is on the low side for used car loans these days. Certainly, a low DTI, high score downpayment etc. will help in any case.

I"m particularly interested in Audi and Hyundai's offerings, but I think those don't qualify for the fed tax credit? Are you aware that you can lease an EV under recent rule changes, and the dealer can pass on the credits to you (in whole or in part). If this widens your search, check out the Kia EV6. It has gotten great reviews, and we probably would have seriously considered it if they were available last year. FWIW, we have been driving only EVs since the late 90's and currently drive the 2022 Audi Etron. My wife loves it, but I find it too big and heavy for my taste. I am not a fan of the Tesla, finding the interior controls too cumbersome and distractive when driving, but their supercharger network is a huge plus for now. The Ion...

I have a question for Turbo-Tax users. What makes it worth $40? Serious question because I'm currently using FreeTaxUSA, previously used TaxAct, and previously another free or small e-file charge program. What am I missing? Is it just the continuity/comfort of using the same program for decades? Our taxes have never been too complex. Is that it? Thanks all for the feedback. Good points were made and might give it another look. I'm running Turbotax online to check my FreeTaxUSA return. I was using TaxAct to check and twice there were unresolvable differences. I need to file state return here in PA, and found the the PA e-file kind of confusing, so last year I spent $14 to FreeTaxUSA to make sure it was correct. You're saying the Federal ret...

I have a question for Turbo-Tax users. What makes it worth $40? Serious question because I'm currently using FreeTaxUSA, previously used TaxAct, and previously another free or small e-file charge program. What am I missing? Is it just the continuity/comfort of using the same program for decades? Our taxes have never been too complex. Is that it? I've been getting TT free from Fidelity for years, but I would definitely pay for it if needed. I'm very frugal, but the cost ($35 or so) strikes me as minimal and a bargain compared to getting a CPA. It would be false economy to go to another provider. I remember trying TaxCut once around 15+ years back. It did not handle company stock option sales very well, so I switched back to TT (TaxCut refun...

Interesting that having the highest gross profit per vehicle provides a lot of competitive flexibility: https://www.wsj.com/articles/teslas-price-cuts-are-roiling-the-car-market-11674327793?st=9efoxsqyf2qqxy1&reflink=share_mobilewebshare Yes, but it's a matter of tradeoffs. For instance, drops in the the price of used Teslas also hurts Tesla. Does Tesla lease cars via a subsidiary the way other manufacturers do? If so, it could start accumulating an inventory of off lease Teslas. Overall though, I think this is the equivalent of other manufacturers increasing rebates when new car inventory accumulates (the tax credit is another factor too). And of course, manufacturers that sell through dealers don't sometimes need to explicitly reduce...

So a standalone policy is more appropriate for you than a hybrid. It's nice to have a variety of solutions available for everyone. Just to be clear, while that product is technically a life insurance policy, you're really not buying life insurance in the true sense. The "life insurance" is basically a return of premium, so if you die without ever needing care, you didn't waste your money. The rider charge and all that other complicated stuff is rather irrelevant to the purchase. You are buying the specified benefit, for the specified premium, all guaranteed. FYI, there are annuity-based hybrid products that do allow rollovers and 1035 exchanges to fund them. Moneyguard is not one of them. This could be a good option for some peop...

sc9182 wrote: ↑Sat Jan 21, 2023 5:27 am
Hope you got no trade-in to do — as Tesla’s trade-in process is a bit delayed and their quoted trade-in prices be as low/worse than Carvana (has this considered/announced bankruptcy!?). Skip trade-in drama/trauma with Tesla - and rather “sell” it to friends or local dealers (street/cash purchase - some dealers call it) - but do understand that used-car prices have taken over double digit tumble of late ..

In many (most?) states, you get a sales tax break on the value of your trade in if you trade to the same dealer at the time of purchase. You would lose that by selling elsewhere.

I mentioned being interested in LTC policies to a financial 'advisor' and received a pitch/term sheet for Lincoln Moneyguard's LTC/Life policy. FWIW, I have a MyGA coming due in a few months and would like to roll it over into another insurance/annuity product for deferral purposes. Many good points made previously about how bad a combo life insurance / LTC product is for your financial health. I won’t repeat those. From a practical point of view, you can’t 1035 exchange from an annuity to a life insurance product. You can go from life to annuity, but not annuity to life. So you would lose the tax deferral if you trade in a MYGA for a life insurance policy. In my view, if your “advisor” pitched the Moneyguard idea to you knowing that you w...

This is bc hybrids are either annuities or permanent insurance policies with a rider and not vanilla ltci policies. Even with all the rate increases, you get more ltci per dollar out of straight vanilla policies. Frankly the industry wants to sell you hybrids bc they have mastered making money on them. You get more for your dollar, if you go on claim. If you die without ever needing care, you get nothing. Hybrids guarantee a benefit, generally more than you paid in. Therefore a hybrid will provide less per dollar for care than a standalone would. It's a tradeoff, one that could be either more or less appropriate for different people. The industry wants to sell hybrids because there is more certainty. They know how to price them more accura...

hoofaman wrote: ↑Fri Jan 20, 2023 6:45 am Without your own garage and dedicated charger owning an EV seems like it would be a headache

i remember reading that around 70% (could be off on the %ages) of EV returnees/sellers did so because they had no dedicated charger.

(2) Telsa vs the rest : I feel like a Tesla (esp a Model 3) is the no-brainer pick for someone like me who wants their first EV. The recent price drop + fed tax credit makes it quite affordable, and the Supercharger network seems much more extensive than others. Also tons more of them out there than any other EV (I have relatives that own Teslas) so seems easier to get advanced word on any issues, parts, etc... But if anyone disagrees and things there are others I should look at, let me know. I"m particularly interested in Audi and Hyundai's offerings, but I think those don't qualify for the fed tax credit? See this for the cars that qualify https://www.irs.gov/credits-deductions/manufacturers-and-models-for-new-qualified-clean-vehicl...

I mentioned being interested in LTC policies to a financial 'advisor' and received a pitch/term sheet for Lincoln Moneyguard's LTC/Life policy. FWIW, I have a MyGA coming due in a few months and would like to roll it over into another insurance/annuity product for deferral purposes. The numbers are complicated enough that I can't analyze them easily. I'm not at all inclined to purchase a hybrid policy. I see reviews for this particular policy on bogleheads are poor. But for my own education, I'm curious about specific bad points in these policies. I know my 'advisor' is suggesting it because she would make a good commission on it, but I want to reject it as politely as possible. What specifically could I mention as negatives and reasons for...

Correct me if I'm wrong, but my understanding is that Tesla's self-driving feature relies only on cameras rather than a combination of cameras, radar, and LiDAR *( https://www.pcmag.com/news/tesla-is-developing-a-self-driving-system-that-only-uses-cameras ). As someone who has done research on attention and perception, this is approach terrifies me. Animals developed nervous systems to control their movements. These systems integrate haptic, auditory, proprioceptive, and kinesthetic input as well as visual input. I read about Tesla planning to put radar back into some cars recently, but I don't remember if it was in the context of self-driving. I think part of the reason Tesla went camera only was that LIDAR sensors were expensive at that ...

It's certainly a relevant issue regarding Tesla stock valuation. Musk himself said in June that Full Self-Driving is “essential. It’s really the difference between Tesla being worth a lot of money or worth basically zero”. Well, not zero. Leaving aside the "FSD" stuff, the cars are pretty good. But it's probably the only way to possibly justify the valuation of Tesla compared to other car makers, which are now also offering good EVs. And the self-driving hype certainly played a big role in Tesla's success. The problem with Autonomous driving is that the last 1-2% takes 90% of the effort. There are a lot of things that humans do easily (responding to emergency workers, for instance, but not to random people making hand signs), tha...

I would consider a Mustang Mach-E over a model Y.

Or if I wanted to splurge, a Porsche Taycan.

The accrued interest and bond premium should be reported on an income tax return as adjustments to interest income, not capital losses. Schedule B should have the following sublines of line 1 "Fidelity" as payer with an amount including 163 (sum of the interest payments) "Accrued Interest" as payer with an amount including -76 "Bond Premium" as payer with an amount including -9 Line 2 of Schedule B will be the sum of those for a net of $78 for that Treasury. After sublines for all the interest payers but before the sublines for the adjustments, there should be a "Subtotal" subline with the sum of the amounts from all the interest payers. Thanks, that's very helpful. I know I should wait till the actu...

I bought some secondary Treasuries last year. Only one matured before the end of the year. I'm looking at preliminary 2022 Tax Info that Fidelity shows me for the purchase and redemption I bought $10000 worth for $10085. My ticket shows a market price of $10,009, $76 in accrued interest. I earned interest worth $163 in 2 payouts. I got $10000 at redemption. Fidelity shows this for my cost basis Original Cost $10,009 Adjusted Cost $10,000.00 I'm confused as to how to enter this on my tax return. 1) Presumably, I can take a loss of $10000 (redemption) - $10085 (purchase price) = -85 on short term capital losses? Do I have to adjust the basis manually to account for the accrued interest? 2) I have to enter interest of $170 on my Schedule B Is ...

How was the transition from Vanguard to Fidelity? Did you go in person to a brick and mortar Fidelity store? Old school phone with a human? Or the web interface to transfer your assets? I used Fidelity's transfer function on their Web site to transfer a number of Vanguard accounts. It was pretty easy. I didn't need to speak with anyone.This was a mix of IRA and non-IRA, and it was all done within days. The one issue I had: if my Vanguard account had a money market fund, the amount transferred was missing the last day's interest. I ended up with several Vanguard accounts that had balances under a dollar. I had to do a second transfer. I think this was a Vanguard issue, because I specified "transfer entire balance." I would think t...

If you want a Tesla, sure. But there are better EVs on the market now and there will be even more in a year. I personally wouldn’t (and didn’t) buy one when I bought an EV. Agreed that there are better EVs than Tesla. But the question for me is, $45k Model Y or $62k Lyriq? Wouldn’t the current Boglehead-approved EV be a base model Chevy Bolt? Perhaps if it came with an upgraded home insurance policy. They have a knack for spontaneously catching on fire. No, they don't. I think around 0.01% or so of Bolt's caught fire, GM issued a recall and is replacing/has replaced battery packs. Also note that the problem was from LG's battery. I would say ICE's are more dangerous (although we're talking miniscule numbers here in any case).

sambb wrote: ↑Mon Jan 16, 2023 2:18 am based on the autopilot sensor issues and phantom braking, i wouldnt buy until the new sensors are fitted, regardless of price.

Are you talking about Tesla possibly adding radar to some vehicles? Didn't Musk say just a few months back that Radar + camera was worse than pure camera?

I suspect Tesla may be the first manufacturer to drop prices because the have better efficiencies and managed supply chains. Other manufacturer s might be forced to do the same despite not having the same efficiencies as Tesla. In pre pandemic times, Ford used to offer $7000 off mainstream models like Escape and Mustang which stickered around $30k. Most of the other manufacturers don't have EV inventory piling up, they have long wait lists. Tesla had inventory (and of course, qualification for the tax credit was another factor). I think it's as simple as that. Historically, American car manufacturers used to drop prices through rebates when inventory rose and/or before a new model year (especially one with significant changes) was introduc...

aqan wrote: ↑Sun Jan 15, 2023 6:09 pm

AerialWombat wrote: ↑Sat Jan 14, 2023 9:59 am

CletusCaddy wrote: ↑Sat Jan 14, 2023 9:50 am

beardsicles wrote: ↑Sat Jan 14, 2023 9:49 am If you want a Tesla, sure. But there are better EVs on the market now and there will be even more in a year. I personally wouldn’t (and didn’t) buy one when I bought an EV.

Agreed that there are better EVs than Tesla.

But the question for me is, $45k Model Y or $62k Lyriq?

Wouldn’t the current Boglehead-approved EV be a base model Chevy Bolt?

Bolt is not a very good car IMO at least.

Very much a matter of individual preference, but it certainly seems to have got some decent reviews. I'm considering a Bolt EUV. Then again, I've driven a Chevy econobox for several years now, and have been reasonably happy with it.

TravelforFun wrote: ↑Sun Jan 15, 2023 6:23 pm So the EV tax credit is good until March 2023 but what if you order the car in January and don't get it until April?

TravelforFun

To be clear, the part that might change in March 2023 relates to battery origin requirements and only applies to half the credit, so it's only $3750 that is at stake.

But yes, you could lose that $3750 if you don't get the car till April.

The only additional point I would make is to also see what Carmax offers for your Camry.

Tesla has some unhappy customers due to this price drop. One guy had a January delivery date and was called and told he could get the car in December. He takes delivery and then the price drops 12k! I would not be happy either. Yes that is frustrating but he would have paid same price if he had taken delivery in January. Price is locked in when you order . OTOH if he would have been eligible for tax credit, he would have missed out by taking delivery in January rather than December . A lot of people tried to delay delivery because of this. Sorry, I don't get this. You mean he missed out on the tax credit by taking delivery in December, rather than Jan, right (assuming he would have been eligible for the credit because of AGI and the partic...

It appears that the new credit may be available to lessees regardless of AGI. I've never leased a car, but it might be worth it in this case. I had exactly the same thought, I've never leased too, but I'd certainly be interested in leasing the Mac-E or the Bolt EV/EUV if I can get the credit. However, this assumes that the leasing company will pass on the credit. [ I know dealers in some brands are just telling customers to check with their accountants, which is ridiculous since accountants can't do anything if the lessor doesn't pass on the credit.] For the Bolt at least, GM may assume that customers who make more than the AGI cutoff won't be interested in the Bolt (not knowing about Bogleheads :happy). And since Bolts meet the domestic c...

I was wondering if it is worth get Chase Private Client with the 2000 USD sign on bonus + free wires for this. Not sure how much of a pain it is to buy index ETFs with chase, given that I cannot use their self directed investment offer to get the bonus. Thank you! Chase doesn't have a great user interface (speaking only of web, not their mobile app), but it's pretty straightforward to buy index ETFs or even Vanguard index MFs. If you're not doing a lot of trading, I would definitely consider it. Sapphire or CPC wire is free. I'm CPC mostly for the other benefits. My personal experience with Chase has been pretty good in general (as long as you don't expect decent rates on their checking/saving accounts). YMMV, but I don't recollect any pro...

xpy1999 wrote: ↑Sun Jan 15, 2023 10:23 am If joint AGI is over the limit, and one's AGI is qualified if filing separately, does it make sense to file separate tax returns just for the purpose of EV credit?

You would have to run fed and state taxes both ways and see what works out better (taking the $7500 tax credit into account for the MFS case).

I think TT desktop allows you to compare both via worksheet. (ADDED -- I just tried this very roughly, and it still seems to require some tweaking).

[I think some states allow different filing status for Fed and State, so you can file MFS for Fed, MFJ for state. ]

I've used TT for state taxes for decades. Never had any problems. Indeed, a fair amount of information required only for the state return (Treasury interest, muni interest for my state) is filled out during the Federal interview.

TT is also very good at doing multi state returns, it correctly applies credits for taxes paid to the other state.

But in general, state returns seem to be a fairly straightforward walk through state forms. TT will not point out possible credits you failed to take. For instance, I filed taxes in a state that allowed a foreign tax credit, but TT for that state didn't point it out. I only learned about it from this forum.

Conclusion: This forum is more useful than TT state

quantAndHold wrote: ↑Fri Jan 13, 2023 10:16 pm

ray.james wrote: ↑Fri Jan 13, 2023 10:07 pm Hmnn that makes sense. They try to buy Prius. XLE is 29k. But with dealer mark up, it is 40 to 45k. The they see model 3 LR on Tesla site that can be ordered with no mark up and haggling needed at 49k. Then there is 7,500 to sweeten the deal to Prius price.

Average markup over MSRP for a Prius XLE is currently $1,300.

I don't think Hybrids are competitors for pure EVs. That being said, I'm sure other EV manufacturers will also drop prices (or postpone price increases). And dealers who sell EVs may drop their markups.

Does Tesla have a financial arm for leasing? If so, I'm curious if they'll take a hit on residuals coming off lease.

I took my card with me on some international flights/trips last year and late 2021. I intend to do the same this year (with whatever addendum is required for a booster).

LifeIsGood wrote: ↑Sat Jan 14, 2023 6:04 am I don't know if it's still available but VMware had a Windows emulator for free personal use. It handled the task very capably.

You can get a free VMWare player running on Windows. I don't think you can get one running Windows as the guest OS without a license. There is a Windows emulator called Wine that does run on Linux, but I doubt it supports TT.

You can get development VMs that run Windows as a guest OS for VMware, VirtualBox , Hyper-V etc. from Microsoft. But I think these last only 3 months and are really meant for developers to build apps on Windows.

You could install Linux (Linux Mint 20.x) on your old laptop, then install/run Virtual Box and create a Windows virtual machine (using the same license you had before so it doesn't go to waste). Then if not Windows 10 or 11, you can do a free upgrade (still possible in 2022 and should be in 2023). Then run TurboTax in the Windows 10/11 virtual machine and play around with Linux (it will extend the life of the old hardware) If the laptop has an OEM Windows license, I don't think you can use it in a VM. Retail licenses are the most flexible, but even owners of OEM licenses, despite OEM license restrictions, can actually reactivate an OEM key on changed hardware. This option is primarily meant for people whose hardware has unexpectedly bit th...

I have replaced hard drives in laptops in the way distant past. The thing is just old, buggy, and has to go. I bet its close to 10 years old. I was just looking at some used/refurbished dell optiplex mini desktops. Problem is, I have no clue what the differences are in the intel processors making it hard to decide which one to get. Again, something I used to know a long long time ago. I realize that an i5 chip is faster than i3 chip. But if the i3 chip is a newer generation it can be faster than the i5 making the decision more complicated. Look at Dell Refurbished Systems https://www.dellrefurbished.com/desktop-computers They often have pretty good deals on older (off lease) Dell computers. An i5 should be fine, you likely want 8th generat...

Consumer Reports at least bases its reliability reports on consumer reported data. So, while your personal experience may have been good, it's not necessarily representative. I would think Consumer Reports would have counted those "few minor issues" against Tesla's reliability. When someone talks about a car's reliability, I would think it's usually about its ability to drive and that's probably why even on Consumer Reports' Model 3 reliability pages , it shows these general "trouble spots" that don't even apply to electric motors: Engine Major Engine Minor Engine Cooling Transmission Major Fuel System Exhaust They even provide an example of a reliability issue from their member survey: "This fault would cause musi...

I have replaced hard drives in laptops in the way distant past. The thing is just old, buggy, and has to go. I bet its close to 10 years old. I was just looking at some used/refurbished dell optiplex mini desktops. Problem is, I have no clue what the differences are in the intel processors making it hard to decide which one to get. Again, something I used to know a long long time ago. I realize that an i5 chip is faster than i3 chip. But if the i3 chip is a newer generation it can be faster than the i5 making the decision more complicated. Look at Dell Refurbished Systems https://www.dellrefurbished.com/desktop-computers They often have pretty good deals on older (off lease) Dell computers. An i5 should be fine, you likely want 8th generat...

enad wrote: ↑Fri Jan 13, 2023 6:26 pm You could install Linux (Linux Mint 20.x) on your old laptop, then install/run Virtual Box and create a Windows virtual machine (using the same license you had before so it doesn't go to waste). Then if not Windows 10 or 11, you can do a free upgrade (still possible in 2022 and should be in 2023). Then run TurboTax in the Windows 10/11 virtual machine and play around with Linux (it will extend the life of the old hardware)

If the laptop has an OEM Windows license, I don't think you can use it in a VM.

I prefer Fido, but there's nothing wrong with Schwab or ETrade.

ETrade also gives you access to Morgan Stanley advisers and products, although I doubt most Bogleheads would care much for either.