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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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My spouse has a medical issue requiring the assistance of a caregiver 40 hours per week.
Does the expense for this service qualify for a medical deduction?
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ira rmd
how to reduce the tax impact of ira rmd's?
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Overlapping FSA and HSA accounts - Any issue if all spent in same year?
My wife is a teacher and her plan year starts 9/1/2024. Our insurance is with my employer and has a 1/1/2025 start date. We've always done FSA to the max because we always need that much plus more for medical costs. When I got my insurance package from my employer this year they have gone to a HSA only plan. I signed up…
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I was in prison from 2022 to 2024. Am I supposed to file for those years?
I was in prison from 2022-2024. Do I claim those years or just 2024 because I am now working g
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short-term van rental
My car broke down and I had to rent a van for a few months instead of a car because I do work on my rental properties myself. Is the rental expense deductible? and how should I report it? Also, should I just spread the cost evenly across the properties? Thank you in advance.
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How can one combine/aggregate multiple rental properties into one real estate enterprise?
I have multiple rental properties, when I used turbotax, it would ask if I want to treat each property as part of an enterprise, I haven't been able to do this with FreetaxUSA, is this even possible, and how? Thank you.
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i am a forex day trader,how would i show losses and winnings on your tax platform
??
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non-qual annuity
This year we liquidated a non-qual annuity in order to get better returns elsewhere. The company sent a check covered the entire amount less 10% FITW, and stated in the accompanying letter that the entire amount was taxable. The annuity was purchased with after-tax dollars (non-qual) so should have a cost basis associated…
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BlockFi Interest Account tax write-off?
I had a significant amount of Bitcoin in a BlockFi interest account. I lost access to those assets on November 12th, 2022, and they filed for bankruptcy shortly after. At some TBD time in 2024, I will receive a cash payment for a portion of the value of my BTC at the time they froze my assets. At what point can I get a tax…
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Does a retired person have to file federal & state taxes with SSA, VA pension, & VA Korean pension?
As a retired person, I receive social security, and 2 VA pensions. I was in the service for 8 years & in the Korean war? Are veterans taxes on their pensions?