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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…
After trying to e-file my 1040 online, I got a notice from FTU saying "The IRS is rejecting your return because they expected your return to have Premium Tax Credit information on Form 8962." I realized I hand't entered my 1095-A info, which I have now completed. I'm self-employed, with Schedule C. But now when I go to…
will i need to enter the taxpayer PRIOR YEAR AGI or IP PIN to EFILE HIS RETURN ?, or i should be able to use my efin number TO EFILE WORRING ABOUT PRIOR AGI OR IPPIN
Hi! Have not yet paid any quarterly taxes for 2025 and am looking at how to lower the underpayment penalty. For Q1-Q3, my income was around $40,000. For Q4, my income was $30,000. Would like to pay the quarterly tax for Q4 before the January 15th deadline and minimize the underpayment penalty for the year. Does freetax…
I changed my email address and I just got a response from RyanV. His reply was sent to my old email address. It is the one that was used when I first posted a question on one of his posts. https://community.freetaxusa.com/discussion/2687/freetaxusa-2025-software-is-now-live#latest My question is this. If you change your…
Our 2025 Software has launched. Find it on the homepage - https://www.freetaxusa.com/ You can start entering your information as soon as you'd like.
Hello, I am trying to figure out if freetaxusa supports form 8881? In particular, I would like to claim 'Credit for Small Employer Pension Plan Startup Costs'. Thanks!
Just last month the IRS announced new limits for 401k and IRA contributions. Check out this press release from the IRS for all the details. A few of the highlights from the release include- "individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025." "The catch-up…
Hi, January 2025 deposited $8000 (50 and older) to 2025 Roth IRA. Due to increase in wages my magi is too high and I will contact vanguard this week and have $8000 plus earnings re-characterized as a new IRA. My concern, what steps must be taken to fill out taxes properly. It should be a simple process but the more I read…
How do I handle multiple 1099-b forms? Do I total all the proceeds and cost basis' and enter each total sum?
how much is the percentage tax implications of the federal and NJ state to made a conversion of US$10,280 pre tax to ROTH IRA for the 2025.
Wondering if it's possible to do a backdoor roth ira conversion using FreeTaxUSA?
I filed my taxes a few weeks ago and I have not gotten any updates. Where is my tax refund?
This is my first year driving door dash. I made 300$ and never received a tax form. Wondering where in the software I would report this?
Can I claim an education credit on my taxes?
I'm hoping for a decent refund this year. When is the soonest I can file? And when would my refund come? Thx.
This past year Monopoly and McDonalds had there giveaway where they did cash and other prizes. Sadly didn't win any cash prize, but I did come away with a haul of non-cash prizes. I'm curious what threshold there is for having to claim any of this as income and what anybody would use to determine value.
I'm looking to see if any other FreeTaxUSA users are looking at the new floor on charitable donations. Starting in the 2026 tax year itemizers who make charitable contributions will only be able to claim a tax deduction to the extent that their qualified contributions exceed 0.5% of their adjusted gross income (AGI). My…
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