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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…
Hi, tax experts, hope your day is going well. I filled my tax with FreeTaxUSA in the past years and love your guys' product. I was wondering if you can help me with an issue about prepay estimated tax to avoid late fee. Last year, I found that my federal return shows I owe $1500 tax (due to my investments & CD interest…
In Aug 2017 I used online service to form LLC in WY and I became a foreign owner of disregarded LLC. My LLC since then hasn’t yet traded and never had a bank account up to now (2024). So there were no income, expenses or any other transactions. I have been paying Annual Report via wyobiz.wyo.gov website and I was confident…
I know I owe an underpayment penalty for estimated taxes in California. FreeTaxUSA nicely calculated my underpayment penalty at the federal level, but did not calculate it at the state level. I can calculate it using California Form 5805. Is there a way to have FreeTaxUSA calculate my underpayment penalty or manually enter…
Do I need to amend if I forgot to add my estimated taxes?
I am an independent contractor and estimated my income for 2023 at $20000. I received an $860 per month credit to apply to my health insurance and used the full amount each month since July 2023. My income will be $0 for 2022 when I file my taxes. Will I have to payback the $860 credit for the 6 months I was covered?
If I can't finish filing by the extension deadline (I already know I owe), I'm wondering how bad it is...
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