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…
In 2024, i had one after tax contribution which didnt have automatic in plan conversion. So i transferred that directly to my Roth IRA After i enabled in plan converstion, i rolled them over to Roth IRA a few times. Now i have received 1099-R G and 1099-R H forms When i fill it in freetax usa it asks me if the 1099-R G…
Hello, in 2024 I was a California permanent resident while attending university in Illinois. For the final few months of the year I became a graduate student and received a W-2 for most of my income (which had Illinois and Federal taxes withheld). I also received a Graduate Fellowship totaling a little over 2600 for FY…
The business code I have used in the past is 541519, however the closest number I can get to on FreeTaxUSA is 541510. Is there a way to get the number I need, or should I use 541510, or unspecified?
i only have interest income from savings accounts reporting on 1099-INT. Last year, I filed state tax 2023 in CA with the same source of income. I relocated and lived in NC in 2024. I did not earn any income in both states other than the interest income from bank savings accounts. Question: Do I have to file tax for both…
Hello! I am trying to figure out a few things with an HSA. Opened an HSA Funded the HSA to 4150 (max individual) Found out that I was not covered, due to clerical error from insurance company. Closed the account, and given a 4760 check. I understand the excess, but how do I file the earnings on this amount (610)? Thanks!
Hi, I just have a question regarding paying my state taxes. I know FreeTaxUSA offers filing now and paying later, and I wanted to pay with a credit card. When I am on the section on how I want to pay my taxes it gives me Direct Debit or Mail in payment. I have seen that others have an option to file now and pay later and…
Ill try to make this short: I received amended K-1 (s-corp) in 2023 for 2021 tax year (went from loss to gain). Amended 2021 taxes no issues. Doing 2024 taxes, I see in K-1 Worksheet that qbi numbers for passthrough and deductions are for 2022, 2023 reflect the original 2021 filing as those returns were done by before 2021…
Hi everyone, I'm a full-time student and a New York resident. In summer 2024, I completed a paid internship in California (June to August). This internship was my only source of income in 2024 – I had no income in NY. Here’s the tricky part: My employer issued two separate W-2s for this one internship: W-2 (NY): Includes…
I put wrong informationn or free tax did about where to deposit money into
Can someone help me get a refund for my state?
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