Best Of
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Re: Where do I put my NOL
Hello, Just to clarify—Form 172 doesn’t affect your refund or balance due this year. It’s just used to calculate and keep track of a Net Operating Loss (NOL) that you might be able to use on a future…1 -
Re: Pre-tax 457(b) contribution does not appear to be accounted for in refund amount or reducing taxes
A 457(b) plan is a deferred compensation plan done through your employer. Your employer will account for this on your W-2 by reducing your Box 1 wages by the pre-tax contribution amount. Because your…1 -
Re: Excess HSA Contributions - did I file it right?
Hello vctk5, As long as you included the excess contribution on your 2023 return (on Form 8889 and Schedule 1), as it sounds you did, you don’t need to worry about adding it again to your 2024 return…1 -
Re: Deductions
Hello Oryguns, What you need to do in the FreeTaxUSA software is enter all your Itemized Deductions on the federal interview. We then transfer all that information to the OR return. Even if you use t…1 -
Re: Medical expenses
Medical expenses are deducted on Schedule A as an itemized deduction, but only to the extent that they exceed 7.5% of your adjusted gross income. And then, when combined with other itemized deduction…1 -
Re: Haven't been asked to enter 1095-C
Some states do have penalties for not having minimum essential health care insurance, but you still do not need to enter information from a 1095-B or -C. There is usually a question asking whether yo…1 -
Re: 1099-K (eBay) Reporting Questions on Short/Long Sales + No Sales Proof
Hello No_Late_Returns, Sorry for the delay. Please keep in mind that the 1099-K is not an "official" income reporting form. It is a form required by the IRS for e-vendors to report to the I…2 -
Re: Attaching document to Form 5329 for late RMD fee waiver
Hi Brendan, At this time we have no way for you to enter an RMD and pay the 25% excise tax. If you need to enter the RMD, you will need to use another service.1 -
Re: Why is my depreciation percent not following the MACRS 27.5 SL method?
Hi nylandlord, Depreciation, even when using the straight-line method can be pretty complicated. For residential real estate, you'll generally use table A-6 in IRS publication 946. If the business us…1 -
Re: Can I use FreeTaxUSA to do my own taxes if I'm a 1099 employee?
Hi Lorilei4168, Taxes you pay throughout the year to the IRS are reported in the MISC section under Payments > 2024 Estimated Tax Payments. State tax payments made throughout the year are reported…1
