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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…
I did a invalid rollover to Roth IRA in 2025 and removed the amount plus the earnings in March 2026. How do I report it in a 2025 return since the 1099-R will not be issued until January 2027?
It appears there’s an issue with managing passkeys in the web interface. I am unable to delete existing passkeys. The issue is there when using the Firefox browser on my PC, and my iPad using Safari, so it’s not a browser issue. I have 3 of them in the dashboard at present. Can anyone confirm? There’s also an issue with…
When will the issue be resolved that prevent filing stating the IRS has not finalized the instructions for filing no tax on tips
For line 21 of Schedule E, my tax preparer previously split our real estate loss total between me and my wife by multiplying by 0.5. So it was the same number for everything and he wrote x 0.5 on the form. We are MFS for student loan purposes. I can't find a way to do this on FTUSA. Please let me know how this can be done.
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I’m trying to make sure I’m reporting a Backdoor Roth IRA correctly and would appreciate some guidance. Here’s my timeline: 2024 contribution On April 9, 2025, I contributed $7,000 to my Traditional IRA at Charles Schwab. I designated this contribution for tax year 2024. When I filed my 2024 tax return, I answered “No” to…
My wife has income derived from sale of vacation home that was the sole asset of a partnership with her siblings that was dissolved last year. Her share of the net proceeds was reported as other income (Code S, Gain from long-term sch d) on line 11 of the partnership K-1. The partnership was not publicly traded. Free tax…
Hello, In recent years FreeTaxUSA was not able to attach Form 1116, the Foreign Tax Credit form, to my Federal Income Tax Return Form 1040. Namely, as per Form 1116 instructions, even though my foreign tax credit was related to interest from a CD in a foreign bank, since I do not receive a qualified payee statement from…
In 2024, I had a property that we lived in for January and February, then rented out starting 3/1/2024 through the end of the year. Thus, I figured I had 60 days of personal use of the property and 306 days of rental use, about 83.6% rental use. My question concerns the allocation of expenses for the rental property…
Hello, I am trying to figure out if freetaxusa supports form 8881? In particular, I would like to claim 'Credit for Small Employer Pension Plan Startup Costs'. Thanks!
Hi there, I'm in California and I have a question about SDI on my W-2. I'm on the page that says "We need a little more info from your ______ W-2" and then "Do you have any State Disability Insurance (SDI) or Voluntary Plan Disability Insurance (VPDI) shown in Box 14 or Box 19 of this W-2?" The requests following are: If…
I contributed $7000 Roth IRA in Aug 2024, and then April 1, 2025 I removed entire account including all the funds out since I realized I didn't have earned income. Feb, 2026, I received 1099 R, and the amount is $6800 due to investment loss. Box 1 $6800 Box 2a: $0 Box 7: PJ Now I ran into issue with using Free Tax USA to…
My wife works as a dental hygienist and had almost $2000 of expenses in 2025 related to her job (uniforms, loupes, etc.) Am I correct that none of that is deductible this time?
I'm filling out Rental Income (Schedule E) as I had a rental property for the first 2 months of 2025. For those 2 months, I collected 0 income based upon a mediation agreement but incurred expenses. Once the property became vacant, it became my primary residence. When I filled out the rental income portion and answered…
I read that it is possible to submit a "corrected" tax return prior to April 15th. Is this true, and is it possible through Freetaxusa?
Hi- I'm married filling jointly. My spouse lived/worked fulltime in CO and I lived/worked half the year in CO and the other half in IL. How do I designate in the State tax return section this difference? FreeTaxUSA does seem to let me designate my spouse as a fulltime resident and myself as a parttime resident. Thank you!
I’m self employed and moved from WI to MN halfway through this year. What do I need to do or know to file in both states?
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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