Best Of
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Re: Question on correcting the ETV on 1099-NEC, company providing goods for review will not correct form
Hi Sparkjoy, You have a few things going on here. Let me address each one. I hope you find this reasonable. Reporting the income. What you have here is called a barter exchange and thus is still taxa…1 -
form 8881
Hello, I am trying to figure out if freetaxusa supports form 8881? In particular, I would like to claim 'Credit for Small Employer Pension Plan Startup Costs'. Thanks!1 -
Re: ROTH IRA - Withdrawing Excess Contributions
Hi TaxedByAlexis, You are right. Basically, what you have is an excess Roth contribution because you didn't have qualifying income. You must withdraw the whole amount including earnings or you will p…1 -
Re: ROTH IRA - Withdrawing Excess Contributions
Thank you for this reply. You first need to initiate a withdrawal of the 2024 contributions from the Roth IRA. You have till the end of 2025 to generate some earned income to qualify for the 2025 con…1 -
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
