Taxes

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