Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro With the introduction of online brokerage accounts and apps for smart phones, more people are investing in the stock market on their own. The statement you get from your brokerage company will likely be a composite or consolidated statement and will have several 1099…
Contributed by: Tricia D, FreeTaxUSA Agent April is approaching fast, and you’re eager to file your federal tax return. However, you’re still waiting for a document from a family estate. With a week left to file on time, you learn your grandfather's estate filing is running late and you won't receive a Schedule K-1 with…
Contributed by: RachelR, FreeTaxUSA Agent, Tax Pro and Henry, FreeTaxUSA Agent, Tax Pro This article applies to 2024 and later. The basic example assumed both the traditional IRA contribution and the Roth conversion step happened in the same year (for example, both events happened during 2024, for the 2024 tax year).…
Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro Not receiving your tax refund when expected can be extremely frustrating. To make the issue worse, the IRS is not very clear as to why your refund is taking more time. While FreeTaxUSA doesn't have any control over IRS refund processing, we can provide some ideas on why…
In K-1 box 20, three of the codes I have: AJ (excess business loss limitation), N, and Z (ABI Pass-through entitiy reporting) all say "STMT" and there is an attached statement with more information. Free Tax USA is asking me to put numbers in each box, but there isn't just one number in the attached statements for a couple…
Can I amend my 2023 federal return only - and not amend my state return? Also, do I need to wait for my amended return to be processed before I file for 2024?
For Form 8960 (Net Investment Income Tax), Line 9b allows a deduction for taxes properly allocable to net investment income. According to IRS Reg. §1.1411-4(f)(3) and the Form 8960 instructions, the deduction base is not subject to the $10,000 SALT cap used on Schedule A. Instead, the IRS allows the full amount of…
I had a pre-existing IRA w/ 16k in it that I converted entirely to a Roth IRA in 2024. Then I did my usual backdoor Roth IRA in 2024 of 7k. So I need to pay taxes on the 16k. How do I reflect this situation inside FreeTaxUSA when I'm doing my taxes this year. Please help! Thanks
Hello Community, Occasionally in tax support, we see a trend in the types of questions we get. This year we are seeing more questions about the Underpayment Pentalty than normal. The IRS has said they are seeing an increase in taxpayers who are subject to the Underpayment Penalty. So, it isn't a surprise we are seeing more…
How do I report income from a 1099-S Form (Proceeds From Real Estate Transactions)?
where do I put this on my taxes. PGE paid me to use my property??? 1099-s
I formed a new LLC late 2024 for rental properties. I only have 1 1/2 month in 2024 and lots of expenses. So Net for 2024 is a loss. How do I file taxes for the LLC and how to add it to my Federal taxes? Thank you all M. A. Shweikani
Hello, I filled out all my tax info but wish to only submit my state tax documents at this time and hold off on filing my federal tax until later in the year. I know freetaxusa charges 14.99/state tax, and I'm happy to pay this. But after putting in my credit card info in the final steps, will there be a way for me to only…
My partner and I are registered domestic partners in CA. We individually filed federal tax returns. We then filed a joint CA tax return through FreeTaxUSA, as we read that is what we were supposed to do. However, FreeTaxUSA does not allow the option to unselect sending the federal return. We already sent our separate…
So, I filed the free Federal and I saw that FreeTaxUSA would efile my State. So, I was willing to pay the $15 for the to eFile. They took my money and then after charging my card they told me that I would need to download everything and file it. I would not have filed it through them if this was the case. My taxes are…
This page @ IRS https://www.irs.gov/credits-deductions/home-energy-tax-credits links to this page https://www.energy.gov/policy/articles/making-our-homes-more-efficient-clean-energy-tax-credits-consumers Which says that Heat Pumps are deductible, up to 30% of cost. But your software won't allow me to select anything about…
I rent some web hosting from a provider, I paid for several domain names, and I subscribe to a few services that assist me in my work. How do I claim these?
I relied on TurboTax for 19 years and suddenly NOTHING. I mean after TurboTax Regular to Deluxe to Premier —-NOTHING.
Hello, I lived and earned money in NJ for half the year and then moved to and earned money in CA for half the year. However, my address listed on my W2 from NJ is my current CA address (I wanted an address that would be valid at the time my W2 was sent out.) How do I clearly indicate that I was a NJ resident for the first…
When I was switching jobs in 2023, I signed up briefly for the ACA in order to keep some form of health insurance. I let it expire in October of that year since my employer provided health insurance started. I used that employer-provided insurance for all of 2024, so you can imagine my surprise when I received a 1095-A for…
I’ve never had this problem before but this year my fed is due in red. I took off my dependents due to someone else claiming them I’m trying to file myself like I did before but this time it’s showing in red.. can someone tell me why
Hi I am sure that these questions have been asked, however, I've seen different websites and calculators with different answers. I want to sell Long-Term Investments from my regular (non-Roth) account this year (2025). I will have NO income to report for this year. So... What will my Federal capital gains tax rate be? 1a)…
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