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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…
Hi! For the 2025 tax year, I lived in Maryland and worked in Pennsylvania for the entire year. My wife was the same - we work for the same company, and we are filing married jointly. Each year I do the taxes in both Turbo Tax and FreeTaxUSA to see if I can get the numbers to match, then I file in FreeTAXUSA. Kind of just a…
I converted a rental to my primary residence and I'm carrying (for several years) disallowed deprecation losses. How can I get the application to add the correct forms? I expect a Schedule E with no rental activity and an 8582 for the loss carryover, but the application won't accept Schedule E input of zero days rental…
Does FreeTaxUSA support Forms 1041 plus State Fiduciary Returns? Thanks
This is great news! I received my Federal refund 7 days after I e-filed. That's warp speed, IMO.
I want to report this income as Hobby income (per Form 1099-NEC instructions, 3rd paragraph). However if I enter in the section specifically requesting 1099 info, I am forced to fill out a Schedule C and go the business route. If I do not use the 1099 section, and use Other Income, there is a Hobby Income option, but no…
thanks. I can’t figure it out.
Hello, I worked for Doordash throughout the year sporadically. I have been given a 1099-NEC and but it doesn't list the tips on it. They send that and the mileage information in a separate email so we know what we can put on our taxes. It asks on the 1099-NEC form how much of the total amount shown in box 1 ($1874) on the…
I have a couple of 1099-Rs that clearly indicate a taxable amount, but this amount isn't included in the Income summary (so the tax calculated is also wrong). Please see details below. What am I missing? One is for an in-service rollover within my employer 401(k) from Traditional to Roth which is a taxable event. I got a…
Good morning! I started an application for my taxes return. However I was told by an expert that due to the amount of my income, I didn't had to submit the application for tax return. I started the application but did not complete it or submitted like I was advice by the expert. Would this be fine or would I have to…
If I purchased a new air compressor for businesses purposes then I would be able to depreciate the cost. If a parent purchased a new air compressor for me and I then transfer that personal asset to my business then can I then still depreciate the cost of the air compressor even though I did not initially pay for it? Its…
I received check for class settlement in April 2025 and got w-2 and 1099 Misc when requested in Feb 2026. Have 2 issues: Check received was for bigger amount than w-2 and 1099 Misc together, so what to report? Received 2 of W-2, one for wages from settlement fund with all boxes filled but without CA SDI in box 14 and other…
My 18 year old daughter, who lives with me, filed her taxes with Freetaxusa and she answered No to the question "Can a parent (or somebody else) claim you as a dependent on their tax return?" when in fact I plan to claim her this year as I provided more than half her support for 2025. We started an amended return and…
I was working on a temporary-to-hire staffing and after some months I got hire by the actual factory for full time. I got my taxes 2025 form from the temp to hire staffing and my taxes 2025 from the actual company that hired me for full time. Should I fill my taxes with both taxes form at the same time or not?
I filed on 1/27
We have a long term cap gain but taxable income under $96,000 (joint return) and according to what I read there should be no cap gain tax when under $96,000. But yet the gain is being taxed with this software. Anyone else see this?
Just a heads up regarding payment for your state taxes using the bank routing payment. Check to make sure the software does not populate a past due date for your automatic withdraw for payment. In my case after not seeing money taken out of my checking account I contacted thru chat Freetaxusa and found that the payment was…
I do not fall under the California requirements for the children with unearned income reporting which are "a child under age 19 or a full-time student under age 24", yet I am being asked to provide both SSN and taxable income information for my parent(s) in the state filing flow. I have not checked anywhere that I was a…
Fidelity has already processed a "Return of Excess" in February 2026, returning my amount plus $115.85 in earnings. Since the correction happened in 2026, I won't get a 1099-R until next year. I know I need to report the $115.85 on my 2025 return and pay the 10% penalty. I have two issues in the software: I previously…
Where do I enter amounts of "pension and annuity exclusions," namely an IRA distribution, on the state (NY) tax form information so it shows up as a "subtraction" to income?
I took a Required Minimum Distribution from an IRA of $910 in 2025. Since it is below the $20,000 threshold, it is not taxable on my NYS Form IT-201 and should be included in the "New York State Subtractions" section. But, when filling out the info on FreeTaxUSA for my state form, I can not find where I put in that amount…
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…
Is there any reason I should create a LLC for my freelancing? Is there a certain amount of money I should be making annually before this makes sense? I know a lot of people create an LLC when starting a small business, but I don't fully understand why.
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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