I’m using FreeTaxUSA and have a question about QBI aggregation. I have two businesses for the tax year: A sole proprietorship reported on Schedule C An S corporation reported on a K-1 Assuming both businesses meet all of the IRS requirements to be aggregated for QBI purposes, how do you actually enter the aggregation in…
I have a high tax basis based on non-recourse liabilities on my K1 but my distribution is showing as a gain due to negative basis. Where do I enter information about my tax basis?
completing our taxes with Free Tax USA, how would I incorporate this form into my completing tax for electronic federal & state filing?
Hello, In recent years FreeTaxUSA was not able to attach Form 1116, the Foreign Tax Credit form, to my Federal Income Tax Return Form 1040. Namely, as per Form 1116 instructions, even though my foreign tax credit was related to interest from a CD in a foreign bank, since I do not receive a qualified payee statement from…
Hi - Recently migrated to FreeTaxUSA for the 2025 year and cannot figure something out. My 2024 AMT Form 8582 shows a $10,159 unallowed passive loss for my partnership, while my regular Form 8582 shows $1,526. I entered $1,526 under Partnership Loss Carryforwards. Where do I enter the separate $10,159 AMT carryover for my…
Posting this under General, because there is no category for Taxes. For the above form and line, the IRS instructions state, "Include state, local, and foreign income taxes you paid for the tax year that are attributable to NII. Include also state, local, and foreign real property taxes paid for the tax year, as well as…
Hello, I contributed the maximum to my Roth IRA for this year in Jan, and discovered that my income will exceed the $155k single filer limit by the end of the year after performing a large Roth conversion in my 401K. Will I receive a 1099-R before the April 2027 filing deadline if I remove the excess contributions and…
FreeTaxUSA doubled my withholding in its calculations. Since I owe no taxes my refund is also doubled. I completed but didn't submit the return. Can I manually correct the FreeTaxUSA calculation and correct the error before submitting?
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…
Been going through the posts regarding adjusting the etv (estimated tax value) and 1099nec that Amazon sends us for reviewing products. We make no money off this by simply reviewing, but we're still sent a 10099nec due to the bartering we're doing. I've seen some articles answering this question saying: 1. The 1099 NEC…
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