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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…
Hello, When going through the State and Local Income Tax Refund Worksheet -- Schedule 1, Line 1 to calculate the taxable part of my 2025 state tax refund (shown on my 1099-G), there is an error that is being auto generated by your software on the worksheet that I cannot override. On the worksheet, line 1 is 1,366 per my…
How do I calculate MAGI?
Hi, I owed federal tax and scheduled a bank debit for April 13th. Based on my account statement, the debit hasn't gone through. Should I wait for the debit to occur or cancel the request and pay IRS separately?
My LLC is currently inactive with both $0 income and expenses. So, as far as I know, Schedule-C does not need to be prepared. but I still need to file 8995 to report loss carryforward. However, FreeTaxUSA requires me to add a Schedule-C to file 8995. Problem is that if I set the income and expenses on Schedule C to $0, I…
I am currently trying to send in my nonresident MS state 2024 return that I did not file last year. I had already submitted my 2024 federal and state return for MI, where I am located. I previously did my 2024 taxes on turbotax, and making the switch this year to freetaxusa. I've paid to have my MS state taxes to be…
My tax return was rejected because invalid coordinates on form 3468. After investigating, FTUSA input the wrong longitude on the form. The problem is 2-fold: My longitude is a negative number. I believe FTUSA is treating the negative sign as a digit, and it's saying "The Facility Longitude must be less than or equal to 10…
Do I have to file this year if my only source of income is my Social Security check?
How do I file for NY state only, already did the feds.
Hi, I just have a question regarding paying my state taxes. I know FreeTaxUSA offers filing now and paying later, and I wanted to pay with a credit card. When I am on the section on how I want to pay my taxes it gives me Direct Debit or Mail in payment. I have seen that others have an option to file now and pay later and…
Hi, I received a 1099-K from Paypal from selling some tickets on StubHub (several transactions totaling between ~$2k-3k). These were my personal use tickets that I ended up selling because I could no longer attend. I do not have a business doing this. The 1099-K form shows the gross amount I received and does not take into…
At the very end of filing, I am suddenly being pinged that the wages on my husbands w-2 for box 16 in the state of UT do not match what was put in the system except I didn't type in anything, the system auto-populated it from his uploaded w-2 and all the amounts are correct. We were residents in GA from 1/1/25 through…
Red alert is requiring me to add in my tips which i do not have any. Cannot get back to my information to check it.
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.
I'm trying to enter the sale of a business property in section 1 of the 4797. How do i go about this?
Hi, I'm having trouble figuring out how to properly input my rental property sale situation into FreeTaxUSA software. I had a rental condo that I rented from early 2021 to late 2024. Once the tenants moved out in late 2024, I no longer rented, I started prepping it for sale. I sold it in late-March 2025. I also depreciated…
My ex and two of my children were on her HCA plan for the month of January 2025. For the rest of 2025, all of my children were transferred over to my HCA plan. Do we both need to fill out the Part IV allocation information or is it only my ex that needs to submit that information, since she is the one allocating the…
I recently paid for resurfacing a commercial parking lot for a small business property I manage. I’m confused whether this cost should be treated as a repair (fully deductible in the same year) or as a capital improvement that needs to be depreciated over time. The work didn’t completely replace the structure but improved…
I am going through the HSA questions and I've selected this scenario for the HSA questions: 2025 tax year: January - May: HDHP self-only coverage June-Dec: No HDHP coverage 2024 tax year: January - December: HDHP self-only coverage However, the software is flagging that I am in violation of the last month rule and need to…
First time user of FreeTaxUSA. I've used TurboTax (downloaded/CD) since 1998. On FreeTaxUSA I uploaded my Consolidated 1099 from Vanguard. What was uploaded agreed with the Consolidated 1099 form I received from Vanguard. All my mutual fund sales on that form are long-term and Type E (Form 8949), meaning the basis is not…
What documentation, if any, will the IRS likely require now if a single Form 8606 was filed in 1989 for TY1988 documenting traditional IRA (tIRA) basis (non-deductible contribution); no additional 8606’s were ever filed; but distributions began for TY2024 without a TY2024 8606 form filed? Have been assisting my parents…
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…
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