Taxes: Difference between revisions

Latest revision as of 19:08, 30 January 2023

Important notes for filing taxes

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.

Use Form 8606 to report nondeductable IRA contributions or Roth IRA conversions or distributions

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 1: / Line 1: @@
 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==
@@ Line 6: / 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