Taxes: Difference between revisions

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

@@ Line 3: / Line 3: @@
 ==Tax Software==
-* [https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free IRS Free Filing] is a list of free software if your AGI below a threshold.
+* [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.creditkarma.com/tax Credit Karma Tax] is free for federal and one state.
+* [https://www.freetaxusa.com/ freetaxusa.con] is free for federal with a paid tier for priority support. State costs a few dollars.
-** Note that they only support a a few state tax returns. See [https://taxsupport.creditkarma.com/s/article/States-available-for-filing-with-Credit-Karma-Tax-US here] for a list.
+* [https://www.olt.com/ https://www.olt.com/] is free for federal and a few dollars for state.
-* [https://www.freetaxusa.com/software.jsp freetaxusa] is free for federal and $15 for state.
-** Freetaxusa also has a $7 paid tier for priority support.
-Some companies, such as H&R block, have a free tier with many limitations.
 ==Federal Taxes==
@@ Line 15: / Line 11: @@
 ===IRAs===
 * 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