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Contributed by LynR, FreeTaxUSA Agent, Tax Pro and Henry, FreeTaxUSA Agent, Tax Pro Among several changes to the tax code introduced by the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, gambling (or wager) losses took a hit. Starting January 1, 2026, deductible gambling losses are limited to 90% of…
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: 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…
Filing an amended return for 2025 - entered the K-1 estate form. Only box 11 and itemized list is filled out on the form as the estate was a loss. Does the software automatically calculate the carryover loss when I file 2026 & 2027?
Hello, I am a tax preparer and use my business email for my clients. Recently, I have not been receiving the code to log into their accounts. I have been using the email for years so it not misspelled. This is a huge problem. Can someone please explain why? Even better, can someone help me resolve this issue?
Hi, I need help confirming whether I entered the correct cost basis for RSU and ESPP sales reported on my Fidelity 1099-B. Situation: On my 1099-B from Fidelity, I had two types of stock sales: Section 1: Long-term transactions reported to IRS (Box D checked) Two equities were sold: Equity X: Cost basis in 1099-B matched…
I’m exploring the idea of opening a museum in Virginia and trying to understand the tax and financial responsibilities involved before getting started. I’d like to learn how taxes work for a new museum, especially if it operates as a nonprofit organization. Are there differences in federal and Virginia tax requirements for…
I am getting a red alert for a 1099-NEC. It is fine. I had to type it in by hand. I think the program is mad because I tried to upload the document and it could not read it, so it thinks there is an error. I cannot submit my return without resolving the issue.
After completing my entire tax return and getting to Free Tax USA's payment portal, it won't process my credit card transaction. Tried multiple cards, multiple browsers, and manual entry. After multiple service requests I was told to use a different tax software to complete my return. They will not issue a service code or…
would like to know when softwaRE WILL BE AVAILABLE TO START FILING 2026 TAXES?
I have received multiple K-1s, each of has entries in Boxes 1, 2, and 3, and more than 3 codes for Boxes 11 and 13, so that I need to enter 3*N forms. I get many warnings telling me that I need to (re)enter some numbers manually in other forms. The problem I have (besides the cumbersomeness of the whole process) is that…
Hello, I entered $0 for Form 8938 Part V, Line 23. The generated form leaves Line 23 blank. The IRS form instructions for 8938 expressly says to use/report zero. My previous accountant also reported "$0" in those cases. Does the e-file transmitted to the IRS preserve that value as zero? I would prefer to know for certain…
does paying the estimated tax at the time of the conversion avoid an underpayment penalty or does the estimated tax have to be paid equally over the course of the year?
I'm now old enough to draw Social Security benefits. I will still be working full time. I plan to start benefits in 2027. How will this affect my tax liability?
I have a high tax basis based on non-recourse liabilities on my K1 but my distribution is showing as a gain due to negative basis. Where do I enter information about my tax basis?
to click link in their email to get my reply I do not see: Any messages Or, any place remotely resembling a message center what to do? I had asked if there was a way to upload a .tax file from others/turbo tax that would be convenient
I’m using FreeTaxUSA and have a question about QBI aggregation. I have two businesses for the tax year: A sole proprietorship reported on Schedule C An S corporation reported on a K-1 Assuming both businesses meet all of the IRS requirements to be aggregated for QBI purposes, how do you actually enter the aggregation in…
completing our taxes with Free Tax USA, how would I incorporate this form into my completing tax for electronic federal & state filing?
Been going through the posts regarding adjusting the etv (estimated tax value) and 1099nec that Amazon sends us for reviewing products. We make no money off this by simply reviewing, but we're still sent a 10099nec due to the bartering we're doing. I've seen some articles answering this question saying: 1. The 1099 NEC…
Hello, I contributed the maximum to my Roth IRA for this year in Jan, and discovered that my income will exceed the $155k single filer limit by the end of the year after performing a large Roth conversion in my 401K. Will I receive a 1099-R before the April 2027 filing deadline if I remove the excess contributions and…
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