Taxes

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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