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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…
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 have a rental property for which I file a Schedule E. I depreciate the property (not including land value) and any improvements I make to the property. All assets are depreciated using the 27.5yr SL method with Mid-Month conventions. None of the assets were placed into service in the current year, nor were they in their…
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
I have an airbnb rental. My average rental days is less than 7 days and I actively participated in the business. I read up on airbnb reporting guidance that I should report my rental activities on Schedule E. However, when I use schedule E in FreeTaxUSA, it's default to be passive income. What do I need to do to make it…
This year, I had capital gains on stock sales where the broker did not report basis to the IRS. I bought the shares prior to brokers being legally required to keep the records (~2011). Therefore, I uploaded a summary statement to FreeTaxUSA that broke out the shares by year of acquisition (they were mostly DRIP ). If I…
Wife and I have been trying to use the real estate professional feature in FreeTaxUSA. We have been real estate professionals (REPs) since retiring from W-2 jobs in 2023, but in the years before we were REPs, we accumulated over $120,000 in suspended passive activity losses (PALs). As REPs, we don't aggregate activities,…
I’m a newly married and filing our tax as married filing jointly, have provided all the informations but at the final stage after payment I was ask to provide my husband’s id which I did but it still requires some id document number that that is seen at the back of id’s. I do not have his physical id but a picture copy and…
I filed federal and state at the same time. My fed was initially rejected for an error. I fixed the error and then both my fed and state were accepted. Already got my fed refund but Michigan website says they didn't receive my taxes. Even though they already processed my home heating credit. Can't get through to them on…
I cannot find the section where my brother can enter in his paid preparer information.(who is filing my taxes for me) All the articles are telling me to go to the paid preparer section under Misc but it just isn't there. I have, "IP Pin, Third Party Designee, IRS Language Preference and IRS Media Preference." Does anyone…
I'm transitioning to self-employment/1099 work and wanted to share my understanding of the tax process and get confirmation I'm not missing anything. My state doesn't have income tax so I shouldn't have anything to do with state tax. Step 1 As a 1099 worker, you pay two types of federal tax: Self-employment (SE) tax.…
I need correct steps for adding NON TAXABLE 1099 misc. How can I enter this negative adjustment in FreeTaxUSA? I don’t see a specific option for “Other Adjustments to Income” or a way to enter a custom adjustment with a description.
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