I contributed to both Traditional IRA and Self Employed 401K accounts for 2024. FreeTaxUSA factored in a deduction for both the IRA and 401K. After filing my 1040 I've received a notice from the IRS that you cannot take the IRA deduction if you've contributed to your 401K and MAGI is over a certain limit. IRS is now asking…
My status is single. And I don’t see any path that says Health Insurance. Just, Health savings accounts and medical savings account.
When, if ever, can amazon 1099 nec income be offset by COGS in same yeat
I am a single mom that was unemployed during 2023. What tax credits if any are available to me?
Hi I'm a W2 employee but I work from home 100% of the time because my company is in another state. I know I can't deduct my home office for federal but I should be able to deduct for California state. I'm trying to figure out where I add the information, does it go under unreimbursed work expenses? This is my first time…
I am filling out the form 7206 Line 1 . Enter the total amount paid in 2024 for health insurance coverage established under your business.. What is the number I should put in to this Line, if I have a 1095A: $3,533 Total Premium amount I’ve paid in 2024 out-of-pocket directly to my insurer Or $20,191 Annual Totals…
For how long is the repayment of this 2008 credit collectible? I know someone who has not yet started paying it back. He is a 100% total and permanent disabled vet who doesn’t pay taxes.
Getting confused as this is proving hard to determine, because I have 2 hsa accounts and both are invested so can have varying values at any point in time. Just to be clear, this is asking for total value across all accounts as of dec31. Is this an optional field? If required, why is this question relevant? "Enter the…
I am married, filing jointly. I have a job in which I receive a W2, but I am technically self-employed as an independent contractor. I am a personal services contractor with the US federal government, for context. I have a solo 401k for which I have contributed the maximum amount. However, when I try to enter my solo 401k…
Hi everyone. I can't file my 1095-A / IRS Form 8962, even if I follow the exact menu path: Deductions/Credits > Health Insurance > Marketplace Health Insurance (1095-A). Does anyone know where or how I can file it on my taxes? Thanks.
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