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: Tricia D, FreeTaxUSA Agent April is approaching fast, and you’re eager to file your federal tax return. However, you’re still waiting for a document from a family estate. With a week left to file on time, you learn your grandfather's estate filing is running late and you won't receive a Schedule K-1 with…
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…
My daughter is a dual U.S. / E.U. citizen and goes to college in Colorado. This past summer, she had an internship in Europe for two months, where she made 4,700€ (about $5,100). However, because worked as an E.U. citizen, she was paid and taxed as such. The bank never filed any paperwork with the IRS, because they didn't…
I live in PA but work in NY. I've completed the steps to fill out the necessary Schedule G-L form to claim my resident credit, and FreeTaxUSA is displaying that the credit will be applied to my PA returns. I've also done my NY returns with FreeTaxUSA. However, I know that in order to receive the credit, I need to submit my…
I am attempting to submit an OIC (Offer in Compromise) for my 2023 returns. I went through the eligibility tool. At the end of that process, I am referred to 656-B which is supposedly a booklet containing form 656 and instructions etc. The link from the IRS referring to their own booklet is broken. If I search for 656-B on…
Looking to file MFJ on federal return however we live in different states. spouse 1 lives in NYC and earns all income in NYC Spouse 2 lives in NJ and earns no income how does the state filing work? thanks
So my fiance was beginning her own tax return process and she accidentally uploaded my previous year's tax return instead of her own. They were both saved on the same computer. How can she fix this issue so that the system doesn't believe that my previous tax return is hers?
I have Foreign Taxes Paid on my 1099-DIV. The software is forcing me to enter Foreign Passive Income. The prompt says it appears on the 1099-DIV . It does not. I have never been asked this before. I checked with my brokerage. They said they have no knowledge of it. Also, the taxes paid arent even to a specific country.. it…
Is there a bug in the current version of the software for state payments and refundable credits? I've done this and no matter what number I put into the "Enter the amount of tax withheld for Missouri" (I live in Illinois but work in Missouri) my Illinois tax amount remains unchanged. In the Summary for Illinois (my…
I live in one state and work in another state. How do I report the credit for taxes paid to another state?
This is my first time having to complete the Net Investment Income Tax Information (Form 8960) because of capital gains on an investment. FreeTaxUSA automatically put in the dollar values in the section I copied and pasted below. Where did FreeTaxUSA get those dollar amounts? Can you explain how they come up with those…
Hi! If I have rented out my primary residence and claimed depreciation expense to the rental income, and were to now sell the property, at what tax rate will the total depreciation expense be taxed at now? I'm seeing conflicting information of being taxed at 15% long term capital gains tax to max of 25% to at ordinary…
I own my home and meet the annual income and home value guidelines.
I want to contribute to my HSA in 2025 before the 2025 tax filing deadline and have it count for 2024. Is there somewhere during filing where I can specify that I want what I contribute to count towards 2024 and not 2025? I don't believe I see that option in FreeTaxUSA. Thanks!
Hi I am sure that these questions have been asked, however, I've seen different websites and calculators with different answers. I want to sell Long-Term Investments from my regular (non-Roth) account this year (2025). I will have NO income to report for this year. So... What will my Federal capital gains tax rate be? 1a)…
Foreign taxes paid but do not have the name of any countries
My schedule D line 16 was -60000 for 2022 and -5000 for 2023. This should mean I have a full -3000 to carry over for this 2024 (and many years to come), right? But it seems like for 2024 I'm only able to use the -2000 carry over from 2023. Is there something I'm missing?
If I did DoorDash under my dad's car, can I write it as a vehicle expense? A quick Google search yields mixed answers. According to this website, if you click the help button for the question that asks you if you own the car, it says this: "Also, to claim business vehicle expenses, the vehicle must be in the name of your…
on my 2023 state return i mistakenly selected deceased as my status. i have printed but have not filed as i am mailing my return. I want to remove the deceased status but can't figure out how to go edit be state return then reprint it. can someone please help?
This year I both contributed a non-deductible amount into my traditional IRA ($7,000) and also converted an existing deductible amount of my traditional IRA to a Roth IRA ($15,000) so I will need to pay taxes on the amount of $15,000. I'm not sure where to find a box to indicate that the $15,000 is the existing traditional…
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