Find answers to your tax questions, connect with a helpful community, and get the support you need to resolve tax issues quickly and confidently.
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro As the beneficiary of a retirement plan or IRA, you may become responsible for taking RMDs after the death of the original account owner. The distribution requirements depend on: Whether the account owner died before 2020 Who inherited the account: the rules may be different…
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro Did you miss an RMD? Maybe you overlooked the deadline, misunderstood the rules, or changed custodians. There are several common reasons why you might take too little or miss a required distribution altogether. If this applies to you, you’ll want to act quickly to correct…
Contributed by: CoryF, FreeTaxUSA Agent, Tax Pro You sold your business property and are filing your taxes, only to find out you owe a lot of money in capital gains. The most likely reason is depreciation recapture. This article will explain and/or prepare you for the reality of depreciation recapture. When you depreciate…
Contributed by: TaylorC, FreeTaxUSA Agent You may have heard about something called an identity protection PIN (IP PIN) and wondered whether you need one to file your tax return. For most taxpayers, the answer is no. But if the IRS assigned you an IP PIN, or if you want extra protection from tax-related identity theft, or…
Contributed by: KelliP, FreeTaxUSA Agent, Tax Pro When you receive a tax form, it’s important to know whether it needs to be included on your tax return. Some forms must be reported, while others are for informational purposes only. Forms 1095-B, 1095-C, and 5498-SA are informational forms that document health insurance…