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Contributed by: TriciaD, FreeTaxUSA Agent, Tax Pro For many employees, the annual arrival of W-2 forms signals the start of tax season. While most people focus on wages, federal income tax withheld, and social security details, Box 14 often stands out as a source of confusion. What do the codes in Box 14 mean, and how do…
Contributed by: CoryF, FreeTaxUSA Agent, Tax Pro You’ve heard about the new ”No Tax on Overtime” deduction from the One Big Beautiful Bill Act (OBBBA), and you have your 2025 W-2. Now you’re wondering what this deduction means for you and how to apply it to your tax return. This article will help you understand the…
Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro Not receiving your tax refund when expected can be extremely frustrating. To make the issue worse, the IRS is not very clear as to why your refund is taking more time. While FreeTaxUSA doesn't have any control over IRS refund processing, we can provide some ideas on why…
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law. This new law extended and replaced the Tax Cuts and Jobs Act (TCJA), which was set to expire at the end of 2025. The OBBBA takes effect from 2025 through 2028. You may be wondering what…
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…
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro With the introduction of online brokerage accounts and apps for smart phones, more people are investing in the stock market on their own. The statement you get from your brokerage company will likely be a composite or consolidated statement and will have several 1099…
Contributed by: RachelR, FreeTaxUSA Agent, Tax Pro and Henry, FreeTaxUSA Agent, Tax Pro This article applies to 2024 and later. The basic example assumed both the traditional IRA contribution and the Roth conversion step happened in the same year (for example, both events happened during 2024, for the 2024 tax year).…
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro The sale of an inherited home is a significant event that comes with its own set of tax implications and requirements. Understanding how to correctly enter Form 1099-S from a sale is crucial for accurate tax reporting and compliance. Information required to report the sale…
I am 66 years young and hoping you can help with a clarification. I have money in a traditional IRA. It includes only rollovers of pre-tax monies from former employer 401k plans. The IRA has NO after tax money. The rollovers were done in prior years and deposited into the IRA. I have not made any additional contributions…
Form 1116 (Foreign Tax Credit) and Form 6251 (Alt. Min. Tax) are not available for me to preview. Both forms are applicable for me. How do I know if the forms will, or will not, be generated?
Hi everyone, I’m using FreeTaxUSA and need guidance on an edge case involving backup withholding with no 1099 issued. My situation: The BIZ bank account is for a single-member LLC (disregarded entity) The account is opened under my EIN only (my SSN is not on the account) I received a $400 bank account bonus The bank…
The MD State portion of the software wants me to upload Schedule K-1 to support the new Capital Gains tax. I don't understand why this is needed because all of my capital gains are from personal investment accounts. Anyone else having this issue?
I got married in August 2025. I live in TX and spouse lives in MN. We did not live together or transfer earned income in 2025. Do I need to complete form 8958? If I do complete it, does my spouse need to? We are filing married filing separately.
My wife and I live in different states. I live in California, and my wife is in the Air force. In 2024, she received a PCS order to move to Nevada, and she has lived in Nevada for all of 2025 and only received income from the Air force in Nevada. We've determined that I need to file a California state return, but my wife…
My husband received a 401K distribution check from his old job at the end of 2025. We cashed it and rolled it over into an IRA in January of this year. It was completed within 60 days of receiving the check. How do we file it correctly?
i low income cause of disability. have not used any ira..will file my first ira distribution and a roth rollover to minimize rmd when i in 70s i read and think.i doing correctly would still **** someone to review that. first ira distribution, text complicated. can freetaxusa help with that or better to go local with h&r…
As subject says, wife has a very small home business that she does pay quarterly sales tax for on her sales. She has $2,068 in expenses, and $2,037 in sales. How do I enter this on FreeTaxUSA?
My return was rejected for incorrect social security number and now I can't recover my account to fix it. I've emailed support several times with now answer. Is there a phone number to call? This is so frustrating tryng to get help.
On various threads on the internet it's discussed how FTU supports state-exemption for 1099-DIV but there is no option for 1099-INT via interview questions. The "trick" that TaxAct and others recommend is to modify box 3 to accommodate the agency bond interest (assuming you have an agency bond that is state-tax exempt!).…
After completing my taxes I missed another 1099-R form. How do I go back to add this? Thank you Sherri
Does FreeTaxUSA support aggregating multiple rental properties to create a 199a real estate enterprise for the 2025 tax year?
Married Filing Jointly, living together in MN. The husband has a salary (W-2) and the wife works remotely and receives a salary from the CNMI/US Territory (W-2CM). Can we e-file using FreeTaxFile? What other forms are required besides the 1040?
How do you enter the mileage for going to a charity to donate items?
I lived and worked in PA all year. I got married in the spring. My wife lived in Ohio until the summer before moving in with me, so we now both live in PA. She earned income in Ohio, but has not earned income since moving to PA. We are filing married jointly for the federal return, but I’m unsure on how to file for Ohio…
I own a rental property and paid for contract labor during the previous tax year. I have already filed the required Form 1099-NEC with the IRS. However, I am having trouble updating Schedule E, Part I, Line A. Specifically, I need to check "Yes" to the questions regarding whether I made payments that required the filing of…
If a partner in a FLP passed away in January 2026, will the 2025 partnership tax return (1065) that is due in March be done as usual since the partner was still alive in 2025? Also are there any filings or documents or to do's that might be required this year of 2026?
My situation: I was insured under my family's policy from January until July 2025. They buy health insurance through the Marketplace and received advance tax credits. August through December 2025 I was insured under my employers' plan. I am not being claimed as a dependent on their 2025 return. In the FreeTax software I…
I received some advice to use my Roth IRA as a savings account (I'm not retired) so that my funds can be invested and not sitting in the bank, as long as I don't withdraw any growth that those funds had. This past year I needed a chuck to make a larger purchase and took it from my Roth. I took out an amount less than I…
Is there any reason I should create a LLC for my freelancing? Is there a certain amount of money I should be making annually before this makes sense? I know a lot of people create an LLC when starting a small business, but I don't fully understand why.
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