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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: PhillipB, FreeTaxUSA Agent, Tax Pro The new tax law was signed on July 4, 2025. It includes a provision that allows people who are paid in tips to take a deduction of up to $25,000 if they meet certain requirements. The new law allows the deduction from 2025 until 2028. While the IRS has additional guidance…
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…
If my personal car was totaled in a fire, is that something to report when filing tax?
Past Tuesday I sent my information(EFIN and PTIN to FreeTaxUSA), but I haven't received any answer yet about whether I can sign or not taxes as a tax preparer. Is the system charging me for this new update?
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!
I did my taxes on this website for a few years and the IRS does not done at all.
I used FreeTaxUSA last year for the first time for my personal taxes. I was very happy with it, except for one notable exception that it did not provide for. That is it did not provide a tool which estimated the value of common donations - clothing, household, goods, etc. - like I had had with other tax services. I did not…
On December 31, 2024, I contributed the max to a traditional IRA ($7000). In early January 2025, I bought 25 shares of VTI in the IRA using that money. I thought I was within the income limit for contributions because in 2024 I had $0 W2, however, I had over $146,000 in stock options proceeds which I later realized (after…
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…
When will the 2025 Tax software be operational?
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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…
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