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Underpayment Penalties and Estimated Taxes
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…
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EV Credit Rejection for VIN: Clean energy credit
I filed my taxes and used the deduction for a used 2020 hybrid vehicle that was purchased in 2023. The refund was not accepted stating the VIN number wasn't correct. I have verified and it is correct. Any reason why?
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Welcome to the FreeTaxUSA Community!
Welcome to your first discussion in the new community! Here are the first steps for making an impact: 1) Know that the discussions tab (top of window) is the best places to ask and answer questions, and the articles tab (top of window) is the best place to take a deeper dive into fundamental tax topics. New questions and…
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November Highlights!
This is the second month of our community! It’s been so exciting to see everyone come together in this new tax space and tackle tricky topics! We’re happy to have ALL our new members! This month we want to give a special shout out to our members with the most points this month! Our member with the most points is (and…
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Community Guidelines
We need everyone to help actively make this community a fun and helpful place. All community posts and members need to follow these guidelines. 1) No hate speech 2) No illegal activity 3) No company or self-promotion 4) No personal attacks 5) No sharing or posting personal identifying information (i.e., full name, address,…
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Unused Dependent Care FSA added to income?
I have an DC FSA for $2500 but I only used $2000. $500 will be forfeited. In the last screen, there's a warning says $500 will be added to income. Is this correct? That $500 is something I never see so it doesn't make sense to add that to my income. $2500 is reported in box 10 of my W2 but there's nothing to indicate it's…
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Maryland Tax Form Shows More Than I Earned as a Part-Year Resident
On my MD Form 502SU, Line ab, it shows more than I actually earned from U.S. Government obligations when in Maryland since I was only a part-year resident. The remainder of my earnings from U.S. Government obligations are in other states, which is even shown in FreeTaxUSA's returns for my other states.
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closed investment account, how to report loss
Hello, My first experience with a financial advisor. In 2021, I invested $100K in a 'conservative' portfolio fixed income, bonds, etc. There were 2 accounts funded with $50K each, Dorsey Wright Tactical Fixed Income and Clark Navigator Personalized UMA. I held these accounts until I closed them in July/2024 resulting in a…
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Why is my return still not showing accepted by IRS?
My return has not been accepted or rejected yet. Why is it taking so long?
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Tax question
I am doing my friends tax for him. Do I have to create a new account
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Filing tax with stock options
Hello, I was looking for advice regarding my current tax situation described in the example below: I worked at company X (private and not publicly traded) and received ISO stock options. I exercised 10 stock options at value $1 per stock. The FMV at the time of my exercise is $5. I sold 5 stocks within two months (held…
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Can a Nonqualified HSA Distribution from January 1 - April 15 Apply to Prior Year?
Basically - I overcontributed to my HSA in 2023 and no longer have a HDHP. I paid the 6% excise tax for 2023. I am now trying to remove the overcontribution for future tax filings. If I withdraw the overcontribution + gains today (February 2025), can it be applied to 2024 taxes even though a 1099-SA will not be generated…
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State refund
I checked my refunds and my state has issued my state refund on the 13th of February and still haven't seen it. Where is the state refund? I know they take out the fees but still should have already been deposited into my account.
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Federal MFJ with Tax Domicile in VA but residency in NYC
I lived and earned my income in NYC for the entire year in 2024 but still maintain a Virginia domicile - home ownership, voter registration, etc. My spouse remained in Virginia the entire tax year and earned income in Virginia. If we file federal taxes jointly and I must claim residency for NY State and city taxes, how do…
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How can I claim the heat pump tax credit?
Hello, we added a heat pump to our home this year. How do we file for the tax credit for that?