Before filing my 2023 taxes in March 2024, I did two backdoor roths. One for 2023 for 6500, and one for 7000 for 2024. I did this because I was just starting doing Roths and I saw that I had until April to make the 2023 contribution. I followed a guide and thought I did it right. However now FreeTaxUSA is saying "Excess…
Our son(19yo in college, dependent), has total income of about $6000, which includes some W-2(~$2500) and some miscellaneous/other income(~$1800), and div/CG(~$2000) from a mutual fund. As a dependent, his standard deduction should be calculated as his earned income plus $450(so about $4350). But FreeTaxUSA is not adding…
For reference, the total allocated amount was $2,700. The instructions are “The parties agree that 50% of individual settlement amounts are for alleged unpaid wages, and subject to payroll taxes to be reported on an IRS W-2 and 50% shall be allocated as penalties and interest and will be reported on IRS Form 1099.…
I am entering an asset cost for depreciation for a rental property, but a different number is showing up and being used in the Depreciation Schedule. I only have the one asset. Is anyone else seeing this issue?
I am trying to enter information from the sale of units in a partnership. According to https://www.freetaxusa.com/forms-federal you support “Partnership or S corporation income (Schedule K-1)” form 1065 and you also support federal forms 4797, and 8949. On the same page at the bottom under "Items not Supported", I don’t…
Hello,please i really need help and clarity, if All of my wages in 2024 were cash payments and no W2 or 1099, can you help my file for my tax return? I have 1 dependent child, In college and solely my dependent for expenses of stationary books etc.I have those receipts from his college. But I have no proof of my wages…
Hi! I received a 1098-T in which the scholarships (box 5) exceed the qualified tuition expenses (box 1). Is the difference between box 5 and 1 considered taxable scholarships? If so, do I report it on my return as taxable scholarships or would my mom report it? I am a dependent on my mom's return. Thanks!
I'm entering my S-corp income from my Schedule K-1. The form on the freetaxusa website only has fields for boxes 1-17. But distributions are found in box 19. Where do I enter this income?
Hello, Let's say I have 2 properties, A and B, both under property management. Rental income from A is $600, and from B $400. I receive a 1099-MISC from my property manager for the total rental income of $1000. No problem entering that. The program then asks, "Link this income to a rental?". Yes, I would like to do that so…
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…
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