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…
Hi For some reason, Schwab does not have the Cost Basis data for the Mutual Fund below. They have all the other data from funds that were transferred simultaneously from Edward Jones to TDA to Schwab. I do not understand why this information is missing and from 1 day only in 2023. Obviously, I should also have noticed it…
This is my first year using Free Tax USA and I had a question about how to enter my charitable donations. In the past I've used TurboTax and been able to enter multiple items into one donation. Is there a way to do that with Free Tax USA or do I have to enter each item individually? Also I definitely don't have any of the…
I have 2 1099-misc forms that are from gaming websites. They show the total payout but not my actual taxable winnings. I have all supporting documents but do not see anywhere to attach them.
There's a rental home in my name, and it's been rented for over 27.5 years; depreciation on the home has been fully completed. However, we occasionally have an asset, such as a water heater for 2024. -Should I put that down as an expense, or take depreciation for that? -If I enter it as an expense, where should I enter it…
I file separate tax returns for other family members. Can I use my account to file those returns?
My wife and I want to file separately for student loan repayment reasons. I had a 1099-G and she had a W2. I know we ultimately add together our totals and report 50% of each, but I am struggling to understand how to do this using FreeTax's systems. I know they cannot submit the return, but I assumed I could fill out their…
I own the vehicle how do I deduct business
I'm just trying to get help or any answers on what to do about my tax refund. I noticed that I never receive my tax refund and it's been over a month, I received a letter from the I.R.S talking about how I need to verify my identity. And I noticed when they told me to check my 1040 tax forms. After I filed, they asked me…
For reference, the total allocated amount was $2,700. The instructions are “The parties agree that 50% of individual settlement amounts are for alleged unpaid wages, and subject to payroll taxes to be reported on an IRS W-2 and 50% shall be allocated as penalties and interest and will be reported on IRS Form 1099.…
I bought a stock through robinhood without knowing it is PTP k-1. And, it is Publicly traded partnership (PTP). So, freetaxUSA refuses to file my tax. Questions: i haven't sold the stock yet, but received the schedule k-1. do i need to include it in my current tax? Anyway to get around such as using a different software?…
How do I claim the excess withheld taxes
I was filing my 2024 taxes and was informed my 2023 were not filed so I paid the $17.99 to file 2023 state taxes. I just received an email stating my ss# was already used to file taxes. So therefore my taxes were apparently already filed for 2023. How do I get a refund for the state filing I did for $17.99?
I inherited a property in Nov 2022. I started renting it out in April 2023. Stopped renting it in Feb 2024 and sold in August 2024. Which sections do I go in FreeTax USA? Do I report it as a sold assets, marking it inherited and only needing to do put in my Cost Basis and Sold Price? or do I need to go into the Rental…
Thanks
Hi, I received a 1099-G. The only line filled in is line 6 for taxable grant. I live in the state of MD. How do I file this?
Can I amend my 2023 federal return only - and not amend my state return? Also, do I need to wait for my amended return to be processed before I file for 2024?
This page @ IRS https://www.irs.gov/credits-deductions/home-energy-tax-credits links to this page https://www.energy.gov/policy/articles/making-our-homes-more-efficient-clean-energy-tax-credits-consumers Which says that Heat Pumps are deductible, up to 30% of cost. But your software won't allow me to select anything about…
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