Hello, In recent years FreeTaxUSA was not able to attach Form 1116, the Foreign Tax Credit form, to my Federal Income Tax Return Form 1040. Namely, as per Form 1116 instructions, even though my foreign tax credit was related to interest from a CD in a foreign bank, since I do not receive a qualified payee statement from…
Hey all, I was being overzealous and maxed out my contributions to both the 2024 and 2025 years. I am currently a student who utilized extra scholarship money that I had stuffed in a savings account to make those contributions (i.e. I have no reported earned income). I was not aware that I ineligible to make these…
On December 31, 2024, I contributed the max to a traditional IRA ($7000). In early January 2025, I bought 25 shares of VTI in the IRA using that money. I thought I was within the income limit for contributions because in 2024 I had $0 W2, however, I had over $146,000 in stock options proceeds which I later realized (after…
I had interest for a US gov't obligation that wasn't US Treasury related. It was included in Box 1 of my 1099-INT. This interest is state tax deductible, but there was no way on either the 1099-INT input screen or the state tax adjustments screen to designate it as so. Note that the 1099-DIV input screen DOES have a…
Also, if I have the exact income details from the IRS transcript, is the 1099 tax ID still required? new sugguest.
When doing my federal return at freetaxusa.com, one question is simply "Enter the total amount of sales tax you paid during 2023" and I don't know what to put here. Everything I read says to use the IRS Sales Tax Deduction Calculator. The calculator asks if I bought a house in 2023. We did, so when I select house, it says…
Hello Community, Occasionally in tax support, we see a trend in the types of questions we get. This year we are seeing more questions about the Underpayment Pentalty than normal. The IRS has said they are seeing an increase in taxpayers who are subject to the Underpayment Penalty. So, it isn't a surprise we are seeing more…
I did a test and comparison of my 2024 tax return using FTU , H&R Block and TurboTax (Desktop versions only). Numbers matched which was good. Could not do State since you have efile Fed and pay for State. I filled with TT before I knew about FTU. I may have to do another comparison after I efile with FTU just to make sure…
I was a CT resident for first half of 2024 and a Maine resident for second half of 2024. While in CT, working in CT, I did a conversion for a work 403b to a roth 403b in the amount of X. I also contributed to a roth IRA by mistake, had to transfer it to a regular IRA, then backdoor it into the roth, with it growing by…
Hello, I am wondering if it makes more sense to file separately vs jointly between my wife and I? I've reviewed the tax brackets but we're having trouble deciding. Here's our situation: We're both in our mid-30's, and married the entire year My wife makes $35k/year, while I make $85k/year We own a home together We have no…
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