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One Big Beautiful Bill Act’s effect on gambling losses
Contributed by LynR, FreeTaxUSA Agent, Tax Pro Among several changes to the tax code, introduced by the One Big Beautiful Bill Act (OBBBA signed into law July 4, 2025), gambling (or wager) losses took a hit. Starting January 1, 2026, deductible gambling losses are limited to 90% of gambling losses and may not exceed your…
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I was sent Form 8949 to report stock sales. How do I enter it as a Form 1099-B in FreeTaxUSA?
Contributed by: AndyS, FreeTaxUSA Agent, Tax Pro Typically, you’ll receive Form 1099-B or a stock summary to report your stock sales on your tax return. Some companies fill out Form 8949 for you instead. This can be confusing when preparing your tax return, since the FreeTaxUSA software prompts you to enter the information…
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How is the child tax credit affected in the One Big Beautiful Bill Act?
Contributed by: AndyS, FreeTaxUSA Agent, Tax Pro The One Big Beautiful Bill Act (OBBBA) passed this year and will introduce several tax law changes, affecting 2025 tax returns. One of these changes is the child tax credit (CTC). Many taxpayers with dependents find a lot of relief with the child tax credit on their tax…
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What if I overcontribute to my Roth IRA?
Contributed by: LynR, FreeTaxUSA Agent, Tax Pro A Roth IRA can be a great investment vehicle for retirement savings. However, it’s important to know the rules for how much and when you can contribute to a Roth. Mistakes can always be fixed, but there may be penalties if they’re not corrected by the tax deadline. Common…
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Do I qualify for the new deduction of qualified tips?
Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro The new tax law was signed on July 4, 2025. It includes a provision that allows people who are paid in tips to take a deduction of up to $25,000 if they meet certain requirements. The new law allows the deduction from 2025 until 2028. While the IRS has additional guidance…