I contributed to both Traditional IRA and Self Employed 401K accounts for 2024. FreeTaxUSA factored in a deduction for both the IRA and 401K. After filing my 1040 I've received a notice from the IRS that you cannot take the IRA deduction if you've contributed to your 401K and MAGI is over a certain limit. IRS is now asking…
I closed my business on 2024 and did not make any sales all year. I can’t find where I can put the the business closed. I put schedule c and wrote zero dollars in there but I’m not seeing anywhere asking if the business is still open!! Help
I'd like to open a Roth IRA for my teen to contribute an amount equal to her babysitting income (about $4.5k for 2024). I claim her as a dependent. Does she need to file a tax return for the income? Pay self-employment taxes? Thank you.
Hello, I'm a non-resident currently in the United States on an F1 visa. I have questions about tax forms and filing requirements while on OPT. I'm a citizen of India. As an OPT holder, I'm allowed to work as an independent contractor/freelancer during the first year of my OPT, and I would need to understand taxation during…
After trying to e-file my 1040 online, I got a notice from FTU saying "The IRS is rejecting your return because they expected your return to have Premium Tax Credit information on Form 8962." I realized I hand't entered my 1095-A info, which I have now completed. I'm self-employed, with Schedule C. But now when I go to…
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