by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Concise Takeaway The Child Tax Credit (CTC) is $2,200 per qualifying child in 2025, with up to $1,700 refundable as the Additional Child Tax Credit (ACTC). A $500 nonrefundable credit is available for...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Concise Takeaway When a child has more than $2,700 of unearned income in 2025, part of that income may be taxed at the parents’ tax rates. Parents may elect to report the child’s income on their own...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Concise Takeaway Tax‑favored accounts receive special tax benefits, but excess contributions, early distributions, and missed required minimum distributions can trigger additional taxes calculated on...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Concise Takeaway A household employee exists when a taxpayer hires someone to perform household work and controls what work is done and how it is done. Employers may owe Social Security, Medicare, and...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Concise Takeaway The Additional Medicare Tax is a 0.9% tax on high‑income earners. It applies to Medicare wages, self‑employment income, and RRTA compensation above filing‑status thresholds. What the...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Concise Takeaway Self‑employment tax is the Social Security and Medicare tax paid by individuals who work for themselves. It is calculated on net earnings from self‑employment using Schedule SE. What...
