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…
We purchased a vacation condo which we are renting out through the management company that owns the building. The condo is actually three rooms, which can be rented out separately or in combinations. How do I determine the "fair rental days" and "personal use days" for such a thing? Sometimes one room is rented but the…
I bought a piece of raw land for 60,000 dollars in May 2024. I paid 5000$ in closing cost and have paid over 300 dollars in interest on the property a month for a year. I am selling this month for 81,500$. Is there any tax exemption on capital gains tax I can do with interest and closing cost I’ve paid?
Vanguard's VUSXX is exempt from federal income tax. When filling out the 1099-DIV income section, I checked yes on the box, "Is this a mutual fund that has U.S. Government interest income?" The next page states, "You've told us that this mutual fund has U.S. Government interest income. This income is not taxed by states"…
Does FreeTaxUSA handle the case where a rental property is also used for personal purposes? It is my understanding that income and losses from a rental unit that is also used for personal purposes more than 14 days aren't passive. Is this correct and does FreeTax handle it? I don't see a way to indicate that the rental is…
I had a 25-year investment plan where i paid monthly premiums total amounting to $50k year to date, of that i withdrew $15k two years after commencing the premium payment which was the allowed withdrawable limit under the plan. The plan basically invested in 5 mutual funds and was managed by an investment management firm.…
I am new to FreeTaxUSA and file as married jointly. The first w-2 from my husband importantly smoothly, but the 2nd w-2 (mine) has the wrong state information in box 15-17: Box 15: took on the same state from my husband's previous W-2 Box 16-17, took info. from my w-2 box 1-2 So do double check after each import!…
I received 1099-misc not w2 or 1099G. When I tried to enter the income I get error message asking what type of income (farming, rent etc) how do I proceed?
My son's 1098-T has a box 5 scholarship amount that is $105 greater than the box 1 amount paid. No other educational expenses are claimed. I expected to see that $105 added to taxable income via Schedule 1 but it didn't happen. Is that correct?
Hi, I have a similar problem as a recent user. I was paid $460 as a poll worker in 2024, but they (legally) didn't withhold any tax at all, and because it's under $600, I didn't receive a W-2. However, I completed a W-4, and the election board confirmed the above information, so I know these payments are considered wages.…
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