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Reporting state tax exempt interest from US Agency bonds (eg, FHLB)
Interest from (some) US Agency Bonds are exempt from state taxation. An example is Federal Home Loan Banks, FHLB, which is exempt from all state income taxes. However, interest from these bonds is re…1 -
Re: Reporting state tax exempt interest from US Agency bonds (eg, FHLB)
I have the same question for California. My FHLB interest is in Box 1 on the 1099. How do I adjust this for my state return? I'm not seeing a specific question for it in the walkthrough for the state…1 -
Re: Do I need to amend my return?
Hello Since you have already resolved it with the IRS, I would not recommend that you amend your return. The IRS has already made those changes for you. Only amend if they requested it and/or you fou…1 -
Re: Underpayment Penalties and Estimated Taxes
Hi Alexreb, The Underpayment Penalty can come as a surprise, since you may have paid your taxes in full by the filing deadline. I am going to restate the 3 requirements the IRS has for paying estimat…1 -
Re: How to estimate 1986 value of inherited silverware to determine capital gains?
Hello MairsyDoats, Welcome to the community. The sale of something like silver flatware would be considered the sale of a collectible. When you report the sale, it is reported as a capital gain and s…1 -
Re: reporting EEOC awards (non-taxable) and legal fee refunds
Hi Silverada, The IRS has an FAQ that has an Analysis section relating to what may be non-taxable. The IRS says, "Awards and settlements can be divided into two distinct groups to determine whet…1 -
Re: How to report 1099-K when some of the money listed on the 1099-K was sales tax
Hi flip37, Sales tax is not a real estate tax. However you may add it on the Expense section of the Rental Income (Schedule E) as a "Miscellaneous Expenses". Enter a description and the amo…1 -
Re: How to report 1099-K when some of the money listed on the 1099-K was sales tax
Hi flip37! Rental income is generally reported on Schedule E. If your 1099-K is reporting rental income, then you can skip entering that information on the 1099-K screens in the software and go direc…1 -
Re: Welcome to the FreeTaxUSA Community!
Hi Huck7. You can ask a question by selecting the blue "New Post" button in the right side column of this page then selecting "New Discussion" or "Ask a question."2 -
Re: EV, clean vehicle tax credit
Thank you for joining our community, Steve. You are correct, this credit is a nonrefundable credit in that it can reduce your tax liability to zero, but not beyond (creating a refund by itself). The …1
