Why does the new car loan interest deduction calculation not match all of the articles I have read? I have a car loan that qualifies, but when I enter the information in FreeTaxUSA, it says the deduction is $0. The MAGI is over $100,000, and the filing status is married filing separately. The MAGI is $114,841, and the…
I was just about to file my taxes the other day when I got hit with a message about how South Carolina hadn't adopted the OBBB, and it affected me as someone who is a tipped employee. It said that I can file now assuming non-conformity. What I want to know before I proceed is whether or not FreeTaxUSA automatically assumes…
According to this IRS article FAQ FS-2025-05, if you enter a binding contract and make a payment before 9/30/2025 but place in service a qualifying vehicle AFTER 9/30/2025, you are eligible for this credit. Here is the link and the exact text: 3. What effect does “acquisition” of a vehicle have on a taxpayer’s ability to…
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