Hello, I included my Social Security benefits in my original tax return. The program told me that I didn't owe taxes on them; however, the IRS has directed me to their tax brackets and communicated that I'd owe anything above the tax bracket. The amount received is $13, 620. The bracket says I owe 12% on income that exists…
I have a single K-1 form with multiple rental properties and Passthrough entities listed in the SECTION 199A INFORMATION, BOX 20, CODE Z, like below: Rent - Property 1 address RENTAL INCOME (LOSS) -****. UNADJUSTED BASIS OF ASSETS xxxx. Rent - Property 2 address RENTAL INCOME (LOSS) -****. UNADJUSTED BASIS OF ASSETS xxxx.…
For the entire year of 2024, my e-commerce business did not have any income or expenses. I had to step away from my online business for personal health reasons. With that being said, I have entered $0 income and $0 expenses on my Schedule C for 2024. When I get to the final page before I submit. Free Tax USA gives me an…
I have a loan through a co-op for a piece of land that is NOT part of a business is NOT for-profit. Generally, it's just some land. My co-op sends me a 1099-PATR showing patronage dividends. I entered this in FTU as Business Income on Schedule C, as the FAQ suggested, however, the system then generates self-employment…
As for Qualifying Dispositioned ESPP, my company does not include the discounted price in the W2. How can I add it as a compensation income in FreeTax USA?
Hello all, First, thank you for your help in advance. My wife received multiple stipends from The Early Learning Coalition for attending and passing classes related to her job as a Teacher. She is NOT self-employed and received a 1099-NEC. The instructions that apply to her on this NEC states as follows: "If you are not an…
I am a student in a non-compensatory role who receives a stipend categorized under a 1099-MISC every year. When I put it into the software, it notes that I have an excess Roth IRA contribution this year due to the 1099-MISC not counting as "earned income". Is that correct? A few sources online I've seen note that since…
We had a lucky streak with multiple W-2G’s from the same casino. Can we total and consolidate the entries, or should we enter each W-2G separately? Thank you very much for your help!
Red alert is requiring me to add in my tips which i do not have any. Cannot get back to my information to check it.
I'm trying to enter the sale of a business property in section 1 of the 4797. How do i go about this?
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