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 know FreeTaxUSA does not figure out Estimated Taxes (Federal and State) for the upcoming year. Hopefully FreeTaxUSA does finally incorporate this. Re: Misc > Payments > 202X Estimated Tax Payments. Would it be possible to let users know for example tell them to preview a 1040 PDF and look at Line 24 and divide by 4. This…
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My accountant messed up my state return, was supposed to amend it, but has gone silent. It is for NYS and the longer it goes on the more I owe in interest. I have completed the work myself for the amended 203-x. I want to send it through Freetax USA since that is electronic. But it wants me to enter all my information w2's…
Also, if I have the exact income details from the IRS transcript, is the 1099 tax ID still required? new sugguest.
79 worked all of 2024 company 401k,direct rollover to ira 2025 retired 2025 is first rmd due the year you retire ? thanks,marty
In reviewing my federal tax return, the IRS informed that the estimated tax payments did not agree with their records and sent me a bill for additional taxes due. In researching this issue, I discovered that I mistakenly sent this payment to the state instead. The state refunded the amount overpaid and I sent a payment for…
can I still file tax as mfj in order to keep the subsidiaries for health coverage from market place when we live different states? I already have the nc driver's license and about to register a vehicle in NC as well.
When doing my federal return at freetaxusa.com, one question is simply "Enter the total amount of sales tax you paid during 2023" and I don't know what to put here. Everything I read says to use the IRS Sales Tax Deduction Calculator. The calculator asks if I bought a house in 2023. We did, so when I select house, it says…
I filed my taxes and used the deduction for a used 2020 hybrid vehicle that was purchased in 2023. The refund was not accepted stating the VIN number wasn't correct. I have verified and it is correct. Any reason why?
I had my 2023 tax return prepared and amended by my accountant. I have since found another mistake and rather than continuing to deal with this person (he's not very helpful or responsive) I'd like to just make the second amendment myself. I understand that I need to input the original 2023 return first, but then what? Do…
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