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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…
My gf received a letter in the mail from the IRS about 34,000 she owes in back taxes over the last 5 years. She filed, but wasn’t able to pay. She called the IRS and she asked the agent if she could do a payment plan. The agent said yes and that the lowest payment they could accept was 936 a month until it was paid off.…
From what I am reading… -For a backdoor Roth - The situation is that I have an existing traditional IRA from previous 401k contributions which are all pretax. If I create a new account to house annual after-tax contributions that are to be converted to ROTH via backdoor conversions, does the pro rata rule applies in this…
I don't want to go through the questionnaire. I just want the forms like the govts free file fillable forms works.: show me the form, I put in numbers, the software does the math that it can, and I keep adding forms and filling them out until my tax documents are done. I have already done this on FFFF, but unfortunately it…
What is the 2026 tax amount on: single, 0 dependents, nyc resident, NYCERS pension = 55000, social security = 54000?
Hello, I am trying to claim a tax credit for a new electric heat pump in my home. I went through the menus and inputted a cost. I expected free tax to show 30% up to $2,000 as a credit but I get Home Energy Credit $0 View Form 5695 if you want to see how the Home Energy Credit was calculated. I have tried playing with…
I have a had a few 1099's wrote to me personally and not to my S Corp. I was told the most effective and easiest way to go about that is to input somewhere in the deductions area "nominee distribution to EIN **-*******" and put the same amount as a negative amount. Then put that information on my S corp taxes. Im having a…
On my 2024 tax return I included an $8K post-tax, non-deductible IRA contribution, listed on Form 8606. That money now sits in a traditional IRA. When I withdraw, Fidelity will file a Form 1099-R withdrawal with the IRS. What do I do at that future date to ensure I don't pay tax on that money again?
Hi I have already submitted this as a feature request. I've been using FreeTax for several years, and I've been very happy with the platform and support. It would be great if we could file as expats, using a foreign address and have any related forms added to the platform (FEIE) (FTC). Even if a small, reasonable fee is…
I lived in CO all year and my wife lived in NY all year. Neither of us stepped foot in CA. We are doing Married Filing Separately. I had some income from a CA source reported on a 1099-NEC, which I've found is taxable by CA. FreeTaxUSA is giving me a warning starting with "You lived or made money in a community property…
Hi, in my original KY part year return filing (Indiana is the other part year state as I moved in 2025), I accidentally forgot to include my KY state W/H and KY local W/H on one of my W2s. I've waited for everything to be processed and have paid all taxes / received all refunds. Now I am amending, when I add the KY state…
I started doing my taxes on freetaxusa for the year 2024, and then ended up having a tax preparer outside of the site help me finish them. This year, I mistakenly ended up finishing the file and paying almost $50 to file in two states, even though my taxes were already done. How can I get this money refunded?
I need to amend my 2025 return because I contributed too much to my Roth IRA and had to withdraw a portion back to my brokerage account (no backdoor). I don't want to get the 6% penalty from IRS. I filled out the excess contribution amount on the IRA contributions section of FreeTaxUSA but the 1040X preview doesn't include…
Hi, I'm 61 yrs old, recently retired. I have 2 Roth accounts that I established well over 5 yrs ago. I also have a Tesphe account through my work. I'm currently consulting a financial advisor about what to do from here now that I'm fully retired. My question is…. Can I withdraw supplemental income from my existing Roth…
checking on my direct deposits from the IRS was direct deposits to my account on March 3,2026 but my refund of 6,232 to my current account
I have a client (age 72, single) who makes less than $35,000 per year. He has 12-13 properties (most are rentals) that he bought in the 70s and 80s that he owns outright. He wants to start selling them off and has asked about the tax implications. I thought that his income was below the line and that he would be in the 0%…
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…
I’ve never had this problem before but this year my fed is due in red. I took off my dependents due to someone else claiming them I’m trying to file myself like I did before but this time it’s showing in red.. can someone tell me why
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