by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Concise Takeaway NIIT is a 3.8% tax on net investment income for individuals, estates, and certain trusts whose modified AGI exceeds statutory thresholds. Who NIIT Applies To NIIT applies to: U.S....
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Concise Takeaway AMT is a parallel tax system that removes certain deductions and preferences. If the tentative minimum tax is higher than regular tax, the taxpayer pays AMT. Purpose of AMT AMT applies...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Concise Takeaway Federal income tax moves through a simple sequence: taxable income → tax → credits → additional taxes → total payments → refund or balance due. Tax Calculation Overview Federal income...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com The One Big Beautiful Bill Act created four temporary additional deductions available from 2025 through 2028. These deductions apply whether the taxpayer itemizes or claims the standard deduction and...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com The Section 199A deduction (QBI deduction) allows eligible taxpayers to deduct up to 20% of qualified business income, plus 20% of qualified REIT dividends and PTP income. The deduction applies to...
by Turquoise Tax Systems | Jun 17, 2026 | Individual Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Personal casualty and theft losses are deductible only when attributable to a federally declared disaster. This rule, temporary under the TCJA, is now permanent under the One Big Beautiful Bill Act. A...
