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Revision as of 19:07, 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 and $15 for state.
- Freetaxusa also has a $7 paid tier for priority support.
- https://www.olt.com/
Some companies, such as H&R block, have a free tier with many limitations.
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
References
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