Taxes: Difference between revisions
Created page with "Important notes for filing taxes ==Federal Taxes== ===IRAs=== * Use [https://www.irs.gov/forms-pubs/about-form-8606 Form 8606] to report nondeductable IRA contributions or..." |
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Important notes for filing taxes | Important notes for filing taxes | ||
==Tax Software== | |||
* [https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free IRS Free File] is a list of free software if your AGI below a threshold. | |||
* [https://www.freetaxusa.com/ freetaxusa.con] is free for federal with a paid tier for priority support. State costs a few dollars. | |||
* [https://www.olt.com/ https://www.olt.com/] is free for federal and a few dollars for state. | |||
==Federal Taxes== | ==Federal Taxes== | ||
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===IRAs=== | ===IRAs=== | ||
* Use [https://www.irs.gov/forms-pubs/about-form-8606 Form 8606] to report nondeductable IRA contributions or Roth IRA conversions or distributions | * Use [https://www.irs.gov/forms-pubs/about-form-8606 Form 8606] to report nondeductable IRA contributions or Roth IRA conversions or distributions | ||
===Items Bought and Sold (1099K)=== | |||
The IRS has provided some guidance on 1099K at https://www.irs.gov/businesses/understanding-your-form-1099-k. | |||
For items sold at a loss: | |||
* Part I – Line 8z – Other Income – Form 1099-K Personal Item Sold at a Loss $700 | |||
* Part II – Line 24z – Other Adjustments - Form 1099-K Personal Item Sold at a Loss $700 | |||
Latest revision as of 19:08, 30 January 2023
Important notes for filing taxes
Tax Software
- IRS Free File is a list of free software if your AGI below a threshold.
- freetaxusa.con is free for federal with a paid tier for priority support. State costs a few dollars.
- https://www.olt.com/ is free for federal and a few dollars for state.
Federal Taxes
IRAs
- Use Form 8606 to report nondeductable IRA contributions or Roth IRA conversions or distributions
Items Bought and Sold (1099K)
The IRS has provided some guidance on 1099K at https://www.irs.gov/businesses/understanding-your-form-1099-k.
For items sold at a loss:
- Part I – Line 8z – Other Income – Form 1099-K Personal Item Sold at a Loss $700
- Part II – Line 24z – Other Adjustments - Form 1099-K Personal Item Sold at a Loss $700