Best Of
-
Re: How do I handle recharacterization/withdraw of my excess Roth IRA contribution if I filed already
Hello Dough, You will need to amend your tax returns to report the recharacterization. You do not need to wait until you get your 1099-R to report it. You can do it now if you have all the necessary …1 -
Re: Using Free Tax USA as a tax preparer
https://community.freetaxusa.com/discussion/comment/2811#Comment_2811 Your FreeTaxUSA account is only used once to file your personal income tax return. You should never use your personal account to …1 -
Re: How do I input average mortgage balance when the loan was only partially used to improve my home?
Hello TitoPogi, Your may need to do both steps if your average balance is over $750,000 and you did not use all the mortgage loan to "buy, build, or substantially improve your home". If you…1 -
Expenses for Partial Year Rental Property
In 2024, I had a property that we lived in for January and February, then rented out starting 3/1/2024 through the end of the year. Thus, I figured I had 60 days of personal use of the property and 3…1 -
Re: eBay 1099-K Form and Collectible Classification
Hi Megan, Anime figures and dolls can qualify as collectibles for tax purposes if they were purchased with the intent of being an investment and increased in value. I will include a link to a great a…1 -
Re: Do we have to do MFS if husband and I have different residency dates for MA
I would suggest contacting the MA DOR and asking them what you're supposed to do. They can't force you to file your Federal return separately.1 -
Re: eBay 1099-K Form and Collectible Classification
Hi, Thank you for reaching out — these are great questions and you're clearly trying to do this right. 1. Yes, each sale at a gain needs to be entered individually. In the software, go to Income…1 -
Re: Capital Gain/Loss Reporting
Hello JakefromPA! The Capital Loss Carryover section is only for losses that carried over from a prior year. To report your 2025 stock and fund sales (both gains and losses), please follow these step…1 -
Re: Foreign social security benefits
Hello Community, I just wanted to chime in here. I recommend reading this IRS Article on the taxation of foreign pensions and annuities. https://www.irs.gov/businesses/the-taxation-of-foreign-pension…1 -
Re: How To Deduct Alabama State Overtime in FTUSA?
Hello Sirrealist: As per the Alabama Department of Revenue, your employer should not have included any of your exempt overtime compensation in Box 16 of your W-2. If they did, you will likely need to…1
