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Contributed by: AndyS, FreeTaxUSA Agent, Tax Pro The One Big Beautiful Bill Act (OBBBA) passed this year and will introduce several tax law changes, affecting 2025 tax returns. One of these changes is the child tax credit (CTC). Many taxpayers with dependents find a lot of relief with the child tax credit on their tax…
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law. This new law extended and replaced the Tax Cuts and Jobs Act (TCJA), which was set to expire at the end of 2025. The OBBBA takes effect from 2025 through 2028. You may be wondering what…
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: 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…
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro The sale of an inherited home is a significant event that comes with its own set of tax implications and requirements. Understanding how to correctly enter Form 1099-S from a sale is crucial for accurate tax reporting and compliance. Information required to report the sale…
Hi, everyone. My question is whether an erroneous store refund is taxable income. In two unrelated instances, I returned merchandise that I had purchased, and I received a refund for more than I had paid. The first time, I bought something on sale and when I returned it, the store mistakenly refunded me the full price. The…
Hi, everyone. I have a question about what qualifies as business income. During the tax year in question, I translated written materials for a nonprofit organization approximately a dozen times. For one of my assignments, I was offered and I accepted financial compensation. How should this income be reflected on my tax…
Wondering how the import works and if everything carries over from my old tax returns?
I was one of five children to inherit this property back in 1968. My sibling didn't want the property so I paid the tax and built a cabin on it. In 2010 the siblings sign the property over to me. I need to know how I figure the basic price for this property. Im selling the property on a contract for deed. So will the basic…
Is anyone on here using FreeTaxUSA to prepare other people's taxes? I'd be curious to hear your thoughts on how it works for you and your clients. I'm wondering how many returns I can file and if I would have to create a new account for each client? I'm hoping to prepare around 10 returns this year- mostly family, friends,…
I had a scholarship covering my college tuition, how do I report that?
My husband is retired and I still work. We file separate returns. Will we get the additional $6,000 senior discount if we continue to do this? Or do we have to file jointly?
I’m going to try to explain this the best I can I apologize if it’s hard to understand. the beginning of the year I started doing product reviews. The companys or person sends me the money for the product I need for the product,then I order it and after I receive it and can test the product I give my honest opinion and…
I’m amending 2022 and 2023 to report margin interest so I can carry it forward. Used FreeTaxUSA, entered the interest, but Form 4952 didn’t show up in the amended forms. No change in tax since I’m still taking the standard deduction. I believe that I should have significnat carry forward left because all of my sales were…
I'm planning to open a new position in QQQI, from what I'm reading it's taxed as a ROC. From my understanding, I would not owe any taxes at the end of the year on the ROC portion unless if I sell my shares. If I do not sell my shares the cost basis keeps going down until it reaches zero, then each year I would owe taxes on…
Free Tax USA provide Software services for Business tax filling ? If yes please give all the necessary information about the software
I'm doing a test run of my 2025 taxes and noticed that the 1099-R entry never asks if I made a QCD. I'm over 70 1/2, box 2b is checked, box 7 code is 7 and IRA/SEP/SIMPLE box is checked. I won't get a 1099-R from my custodian with box 7 code Y since I write my own IRA checks and send them to the charity. Am I missing…
My wife is now receiving monthly payments after qualifying as eligible under her long term care insurance. What are the tax ramifications of this? These payment are covering not quite half of her monthly residential memory/dementia care costs - how do the two income vs expense work taxwise?
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