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…
I'm trying to finish my taxes on e-file and I come to the healthcare part I get the Obama health care it's asking me all these questions and I have no idea I don't do anything for healthcare I just have an insurance card I don't understand what to do on that part
My refund said it should have went in my account on 4/16/25. I have double checked my routing number, bank account number and double checked with bank. It is all correct. But the bank hasn't seen my deposit.
I contributed $2,000 to my HSA in 2024, and I just discovered I was covered under Medi-Cal the entire year. As such, I shouldn't have contributed to an HSA, and I am working with my HSA Administrator on a withdrawal of my account balance. I have not filed for 2024 yet. However, my account balance at 12/31/24 (and today)…
I have a New York State (NYS) public disability pension. This is federally taxed because I am under normal retirement age but should not be taxed by New York State where the minimum age doesn't matter. FreeTaxUSA is incorrectly including my disability pension in my NYS IT-201 AGI. It should be subtracting it on line 26 (I…
I have been going through all the literature and I need clarification on whether or not I'm reporting the taxes I paid on my Roth IRA conversion to the IRS. Here's my situation: I converted some pre-taxed dollars from my employer-sponsored 401K plan to my Roth IRA. The IRS classifies a conversion from a 401K to a Roth IRA…
I have an airbnb rental. My average rental days is less than 7 days and I actively participated in the business. I read up on airbnb reporting guidance that I should report my rental activities on Schedule E. However, when I use schedule E in FreeTaxUSA, it's default to be passive income. What do I need to do to make it…
So this might be a mess to explain, but I need some help figuring out what to file in regard to Roth IRA contributions. I maxed out my 2024 Roth IRA contributions, but then had a misunderstanding and thought I had overcontributed, so I filed a withdrawal of excess contributions and removed $1000 from the account. Turns out…
My husband contributed of $7000 to his Roth IRA 2024 in 2/22/24 but our income was over the limit. So he sold and withdrew $11k of his contribution and earning on 3/21/25. When I file tax, freetaxusa website said I need to fix the withdraw amount (it can not be over the contribution of $7000). How can I file tax in this…
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
How can I prep and attach forms 5471 and FBAR to my 1040?
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