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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…
Losing access to a £250,000 cryptocurrency wallet felt like my worst nightmare come true. One moment, I was clicking what seemed like a routine link; the next, I was locked out of my funds with no way back in. The panic that set in was overwhelming. Frantic and fearing that my money was lost forever, I started researching…
If my SO purchased new windows for our home but their name is not on the deed (and we are not married so filing seperatley) - are they able to get the tax credit? It appears the answer is no - but since it's on my home am I able to recieve the tax credit even though I technically didn't pay for the upgrade?
So everything is entered correctly and my taxes are not complicated. I’ve used Taxfreeusa for years, always filing MFJ. Line 15 is “Taxable income”. The number is 82,984. Line 16 is Tax and shows $9,144. But using the IRS formula it is $9481!!! They use the formula (as far as I can find online, unless it has changed) of…
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…
Greetings! I could not use freetax a few years ago when I did a 1031 exchange. The software did not incorporate it. My guess is it is very complex to report. Can it handle the sale of a property, however, that is from the exchange? Therefore a cash sale, not another exchange. Thank you.
Hello, In 2025, I rolled over my traditional 401k to my Roth IRA. I just received my 1099-R, and the taxable amount on there is 0, box 2b is empty, and box 7 is marked with G. This is likely because the originating institution could not know whether I would rollover the money into a trad or Roth account, which makes sense.…
father passed 6/2024. I did his taxes last year now how do I file his 2023 taxes this year
Freetax did not create this for my 2025 return, as it did for 2024 and years before. I asked the chatbot but just got a "cut and Paste" response exactly the same as the vague language in the Support Center "if a Schedule SE is needed Freetaxusa will automatically create one" Does anyone else have this issue? I resubmitted…
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…
How can I see if I purchased Deluxe last year?
I’m seeing a discrepancy between my 2025 Maryland state return on FreeTaxUSA and the Maryland iFile system, and it seems tied to the new Maryland itemized deduction phaseout. Maryland passed a 2025 law that reduces itemized deductions by 7.5% of federal AGI over $200,000 or $100,000 dollars if married filing separately,…
Hello All, First time filling out Form 8606, and I somehow ended up with a value on line 22 of Part 3. I have been contributing directly to a Roth IRA for years, but for Tax Year 2025, I had to contribute via the "backdoor". Since this is my first time doing this, my understanding is that I should not have a numerical…
Hi. I placed an order for BOTH Federal and State tax returns but did not submit or send returns yet. However, now I want to cancel or modify my order to only submit / send the Federal tax returns with FreeTaxUSA. I will use FreeTaxUSA to send the state tax returns at a later date. How can I do this? Thanks
I made a mistake and did not check the box about if someone else can claim you as a dependent, so I need to file an amended return. Any idea when that will be available? Thank you!
My Father passed away at the end of the year 2024. My parents have revocable Trust that they made together. The way the Trust was written is that if one person passes away the other one takes over and it is still revocable. My mother filed her final joint filing personal tax return indicating my father passed away. My…
My wife and I got married in 2025 and this is our first year filing MFJ federally. She lived and worked in Kansas City the whole year and thus her W2 shows Kansas and Missouri income. She has no IL income. I lived and worked in Illinois the entire year and my W2 shows only IL. I did not generate any income in KS or MO. It…
Is anyone dealing with this tax credit and not being able to put it in their state return. I've attempted to go through support but they keep telling me I just put in my cctc-a certificate number wrong after I've explained it's a new tax credit from this year and nowhere on my form says cctc-a but form 7203
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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