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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…
Past Tuesday I sent my data (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?
I'm wondering where I report income for a rental property that I have?
The letter states schedule e is incomplete or missing. I filed self employed, and in partnership of our family handyman business. The request is to complete the schedule with info. That supports the number on line 5 of schedule 1. Plus attach supporting forms.
I mistakenly overcontributed to my HSA in 2024. I contacted my HSA provider to withdraw the excess fund in February 2024. I filed for an extension because I was told by my employer that I would get an updated Tax form from the HSA provider. I called my HSA and said this wasn't the case. My employer will not issue a W2…
last year I filed our tax return as married filing separately (MFS) for me and my husband. For 2024, I would like to file it as married filing jointly. Can I use my account? Or should I open a new account instead? Thanks!
Just that. I drive to students' houses and teach piano. I bought a car in 2024 (doing them now) and for the life of me, I can't find the answer to this question ANYWHERE. Where do I put the purchase of a new car? (This is NOT a question about mileage. It's about the purchase of a new car.)
I withdrew the excess roth ira contribution after 4/15 deadline but before the extension. Fidelity does not issue the 1099R until the following year February. In the 1099R screen, I attempted to report the taxable earnings on the withdrawal but I am required to fill out the employer details. Can I report the taxable…
I turned 73 in 2024 so was required to take my first RMD by April 1 of this year. However, I misunderstood the instructions and thought I had until the end of this year to take it. I am today completing the paperwork to receive the RMD. I filed for an extension to file my 2024 tax return (for reasons unrelated to the RMD…
A little confused as to where in the software I would enter this. Is it in the meal and entertainment section of business expenses in section C? If so do I calculate the full per diem rate for meals and enter that? Or am I supposed to deduct 20% (Im a merchant mariner and qualify for the 80% reinbursment.) Or have I got…
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 cannot log in to finish my taxes…anyone sloe having that problem?
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