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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…
How do I check that box on the 1040 that my dependent is a full time student? I have gone back to the Personal Information section and edited the dependent but that is not a question there.
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…
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?
After inputting my HSA information in FreeTaxUSA, I get a message that (roughly $950) of my HSA contributions are considered excess contributions. I was told that if you are over the age of 55, you can contribute an extra $1000 a year…which I did. The system doesn't seem to take my age into account. It seems to adjust what…
Is FreeTaxUSA going to provide eFile Options for professionals to transmit RITA returns for City/Local taxes? Attention Software Developers All software vendors and products must register annually. Please submit one or both of the following forms: Tax Year 2025 RITA Form 37 MeF Application - Individuals Tax Year 2025 RITA…
There is a difference between what FreeTaxUSA is showing for my state tax owed (Idaho) and what my spreadsheet says. FreeTaxUSA says I owe more for the state by $200+. I cannot find a way to see or print the forms like I can the Federal forms before I actually file. If I choose to file by printing both forms and only print…
As part of an IRA rollover processs (rolling into 401k) I initiated in end of 2024/early 2025, I’d earned a small amount in interest that got disbursed to me as checks (two separate disbursements) that I ended up depositing in my checking account, which I believe should end up counting as an early withdrawal. However, on…
Can someone please help me answer this tax question below and how to apply it, if necessary? My taxes were withheld from my IRA account in 2025. Thanks! "The potential Massachusetts taxable amount of IRA distributions from your federal return is $2,210. From this amount, subtract any IRA contributions that haven't already…
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…
Does FreeTaxUSA support Forms 1041 plus State Fiduciary Returns? Thanks
the account my funds are supposed to be deposited to was closed by the bank. I used my refund to pay for my fees, how long will it take for me to receive a paper check?
Do I use my account and enter their info or do I need to make each one their own account they are 16 and 17 this is my first time filing for them want to do it correctly
Hi, I have two W-2s—one from a regular job and one from IHSS. The IHSS W-2 has $0 in Box 1 and 2,but there are amounts in Boxes 3–6 and Box 12 (Code II). Can I leave out the IHSS W-2 so I can e-file? The software doesn’t allow it with $0 in Box 1. Will leaving it out affect my Social Security credits? Also, should I enter…
I have made small bets over the couse of the year. FANDUAL says that I won $2000. Most all of the beys were $1-$5. That $2k includes the bet amout plaus the win...ex. $1 bet pays $2, they say I won $3. Is this really the way the IRS taxes this? I know i can deduct losses if I itemize but I dont have enough deductions for…
In my household, my oldest one started working in the middle of Jan last year, and he is not my dependent anymore. He even lives separately in different city. But for the month of Jan, I kept him on my marketplace insurance. Starting Feb I removed him from my marketplace insurance since he was going to have his own…
I completed inputting my S- corporation information with my K-1 when I received an error message that states the following: "We don't support your return. Unfortunately, we don't support your return because you're claiming a loss greater than your basis. This means the losses you can claim are limited, and we don't support…
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…
This is great news! I received my Federal refund 7 days after I e-filed. That's warp speed, IMO.
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…
Hi, last year on 1/3/25 I made an excess $7000 Roth IRA contribution for the 2024 tax year. I did not remove the $7000 from the Roth IRA account and paid the penalty on my 2024 taxes. I am now filing my 2025 taxes and am still incurring a tax penalty for the $7000 excess 2024 Roth IRA contribution that I left in the…
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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