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How do I calculate my home’s adjusted basis?
Contributed by: Joshua C., FreeTaxUSA Agent, Tax Pro https://us.v-cdn.net/6037879/uploads/TZ8Y10QT9VC8/adobestock-402358519.jpeg If you sold your home during the year, it’s important to calculate the adjusted basis accurately when reporting the sale on your tax return. This figure determines how much gain (or loss) you…
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What is a mega backdoor Roth?
Contributed by: WrenD, FreeTaxUSA Agent, Tax Pro You’ve probably heard of a Roth IRA — a retirement account where your withdrawals are usually tax-free. But not everyone can contribute directly to a Roth IRA because of income limits. One workaround is an IRA conversion typically called a backdoor Roth: when you put money…
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How do I find my old tax return?
Contributed by: AndyS, FreeTaxUSA Agent, Tax Pro There are times when you may need to get ahold of a prior year federal tax return that you filed. This could be because you need it to help you e-file your current year return, you want a copy for your personal records, or you need it to obtain a loan. Whatever the reason…
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Taking advantage of the stepped-up basis loophole for inherited stocks, property and investments
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro When you inherit stocks, property or other investments, you may have a capital gain to report on your tax return when you sell them. Using the tax provision known as the "step-up in basis" can reduce or eliminate the capital gains tax you owe. How step-up basis works:…
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First time using FreeTaxUSA
Contributed by: AndreaS, FreeTaxUSA Agent, Tax Pro Filing your own tax return can seem like a daunting task! But at FreeTaxUSA, we like to keep our software easy to understand and approachable so anyone can feel confident preparing their own return. Best of all, federal returns are always free! There is a small fee for the…
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Basics of navigating the FreeTaxUSA software
Contributed by: AndreaS, FreeTaxUSA Agent, Tax Pro You’ve started an account in FreeTaxUSA but are a little uncertain about how our software works. No worries, here’s some tips and tricks so you can navigate through the software like a pro. How does it work? Our software works like an interview; it will ask you some basic…
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How to use FreeTaxUSA software as a paid preparer
Contributed by: KristineS, FreeTaxUSA Agent, Tax Pro FreeTaxUSA invites paid tax preparer’s to use our software for the preparation and filing of their customers’ tax returns. It’s the same tax preparation software as many other retail level software applications, with the bonus of real-time available help from FreeTaxUSA…
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What do the Box 12 codes on a W-2 mean?
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro If you work for an employer, whether you earn a salary or are paid hourly, your income will generally be reported on Form W-2. This form has basic information used to report your income and taxes withheld on both your federal and state tax returns. There is other…
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How can I get a bigger tax refund?
Contributed by: Tricia D, FreeTaxUSA Agent For the Americans who receive a tax refund, the opportunity to increase your refund from the IRS may be of interest. Alternatively, you might want to know strategies to prevent owing taxes when the year ends. A tax refund is not a windfall, but rather a combination of a return of…
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How to switch to FreeTaxUSA from TurboTax
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro First, download the PDF version your tax return from last year. This form is called a 1040 and it’s what you submit to the IRS at the end of preparing your taxes. If you used TurboTax last year, find out how to download your 1040 here. Next, create a new account with…