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Contributed by: TriciaD, FreeTaxUSA Agent, Tax Pro For many employees, the annual arrival of W-2 forms signals the start of tax season. While most people focus on wages, federal income tax withheld, and social security details, Box 14 often stands out as a source of confusion. What do the codes in Box 14 mean, and how do…
Contributed by: CoryF, FreeTaxUSA Agent, Tax Pro You’ve heard about the new ”No Tax on Overtime” deduction from the One Big Beautiful Bill Act (OBBBA), and you have your 2025 W-2. Now you’re wondering what this deduction means for you and how to apply it to your tax return. This article will help you understand the…
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 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: 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: 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: 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…
So y'day I was able to upload a Consolidated 1099 for one of my accounts. It worked ok-ish - it read it, it interpreted most of it ok but there were several errors. Today I wanted to do the same for another account. Same as y'day it said it read it ok, and then when it came back from this "success" the account wasn't even…
This year’s return is rare for me - I have both capital gains and losses. After completing my return I noticed that I wasn’t asked if I had gains or losses last year. Where on my return do I find the page/box to input that information? Thanks and regards, jakefromPA
Just realize this year while getting ready to file that I couldn't contribute to my Roth IRA on 2025. I have had the excess ang gains returned. How can a declare my gains this year since I haven't file my taxes? Is there a way to do this to avoid any amendement. Fidelity will send a tax form until next year. Thank you.
Could someone please help me with the Student Loan Interest Deduction? I can see it under the Deductions tab, but it is grayed out and without a check mark next to it. Is it not accessible? I'm sure I did it last year. Thanks in advance
I uploaded a 1099 composite from Fidelity that contains a mix of transactions, some of which are ESPP sales and others that are unrelated. I need to adjust the cost basis of the ESPP sales because the 10% ESPP discount was already added to my w2 taxable income. However I'm not able to find a way to edit the cost basis of…
I was not informed that I did not have a PIN last year, even tho I wrote it on my filing envelope. I spent many hours trying to contact rts.gov only to find out that I did not have a PIN last year. I helped a friend file her taxes and only at the end did they ask for her last years AGI, which she could not find. Instead of…
I am currently an online student at Grand Canyon University, and have its costs taken care of by financial aid loans and have received a stipend check for the leftovers. So I am wondering, does the amount of the student stipend checks have to go on the tax forms? And what types of Student Loans/financial Aid are required…
I recently filed my taxes and they were accepted. However, I just received a very late 1099-NEC for contract work I reported as self employment on my tax forms. Do I need to do something to correct this? Nothing was withheld so it is the same dollar amount as I self reported and less than $1000. Also, the payer got my TIN…
I filed my returns six weeks ago. I received my refund quickly, thank you. But, I have not received the hard copy I paid for. I need it ASAP! Please help.
This discussion was created from comments split from: When can I file for 2025?.
Hello, I am filing my taxes for 2025. I made a non-deductible traditional IRA contribution - meaning I was already taxed on that contribution. I am doing a standard deduction. How do I get the software to acknowledge this to create a F8606 form? If the software cannot do it, can I just submit it manually to ensure it's…
Hello! Aside from the federal side, overtime is exempt from being taxed in Alabama for the first half of the year (up to June 30th). FTUSA didn't prompt me in any way regarding my Alabama state taxes regarding this. How can I make sure I'm not paying state tax on the overtime I earned in the first half of the year? Thank…
We have a just turned 21 full time student that’s been living with us due to a falling out with her family. She works several jobs. She is looking to file her taxes and get her refund, but we know her mom has filed her own taxes claiming her as a dependent. How does she proceed?
I included my child as a non dependent in my tax return, and I provided that my ex was claiming the child. Under the childcare/dependent care section I claimed $0 for said child. When my ex went to file and claim dependent care on said child his return was denied as our child's SSN was already claimed on my return. Why did…
I filled out the routing# and account#'s on my form and checked off savings account yet the IRS mailed my refund anyhow. I verified that info is on my 1040. So what happenned that they didn't do direct deposit?
I receive Old Age Security (OAS) and Quebec Pension Plan (QPP) from Canada. These are GOVERNMENT pensions and I believe they are considered as Social Security according to the treaty between Canada and the USA. I pay tax only in the USA as I am a resident alien of the USA and a non-resident of Canada. I read that OAS and…
Hi everyone, I have a few questions regarding the 1099-K form I received from eBay. This is my first time having to file anything besides a W2 and I'm having some difficulty. I used to collect anime figures/dolls in my 20s but have since outgrown it and am trying to offload most of my collection. I sold from February 2025…
my state refund was sent to someone else what do I do
Hello, I have three W2 all Difficulty of Care Payments 1-Box 1 zero, Boxes 3,4,5,6 SSWages, Medicare Wages, SS Wages withheld, Medicare Wages withheld. Box 12A Gross 401K withheld, Box 14 FLI,NJUI, WF, SW. No State Taxes deducted. 2-Box 1 $465, Box 2 $9.38, Box 12A code II $5,745.00, Box 16 $465, Box 17 $5.82. 3-Box 1…
Why does the new car loan interest deduction calculation not match all of the articles I have read? I have a car loan that qualifies, but when I enter the information in FreeTaxUSA, it says the deduction is $0. The MAGI is over $100,000, and the filing status is married filing separately. The MAGI is $114,841, and the…
I received some advice to use my Roth IRA as a savings account (I'm not retired) so that my funds can be invested and not sitting in the bank, as long as I don't withdraw any growth that those funds had. This past year I needed a chuck to make a larger purchase and took it from my Roth. I took out an amount less than I…
With the OBBA and the new overtime deduction, how do I properly calculate the half amount of time and a half overtime? And where would I find the information on my forms?
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