You may save time and money by doing your taxes online, but how can you do it for nothing? The solution is IRS Free File, a program that offers the majority of taxpayers free access to popular tax preparation software and internet filing. What you need to know about IRS Free File and how to use it in 2023 is provided below.
What is IRS Free File?
A public-private collaboration between the IRS and many tax preparation and filing software providers offers free access to their online tax products under the name IRS Free File. It offers two free options for people to prepare and submit their federal income taxes online:
At an IRS partner website, Guided Tax Preparation offers free online tax preparation and submission. This service is provided by our partners at no cost to eligible taxpayers. A federal tax return is free for those whose adjusted gross income (AGI) is $73,000 or less. Some partners additionally provide free state tax filing and preparation.
Federal tax forms known as Free File Fillable Forms are electronic versions of paper 1040 tax forms. You ought to be able to prepare your own tax return utilizing the form's instructions and any necessary IRS literature. Taxpayers with an annual gross income (AGI) of more than $73,000 are given a free choice. There is no option for filing and preparing state taxes.
How to use IRS Free File in 2023?
You must visit the IRS Free File website and select the appropriate option there to use IRS Free File. To locate the best deal for you depending on your income, age, state of residence, and other factors, you may either browse the offers from the partners or utilize a lookup tool.
Once you choose an offer, you will be taken to the partner's website where you may begin preparing and submitting your taxes. To get started, you'll need certain details like your Social Security number, income statements like W-2s and 1099s, bank account information (if you want your refund deposited directly into your account), and your prior-year tax return, if it's still accessible.
The program will walk you through filling out your tax forms and calculating your taxes once you respond to a few easy questions. Additionally, you may determine if you qualify for credits and deductions that might reduce your tax liability or boost your refund.
When you're finished, you may check your tax return for correctness and completeness before sending it to the IRS online. Within 24 hours, the IRS will send you a confirmation that your return has been approved. Using the Where's My Return? function on the IRS website or the IRS2Go mobile app, you may also monitor the progress of your return.
What are the benefits of IRS Free File?
IRS Free File has many benefits for taxpayers, such as:
Using IRS Free File is cost-free, regardless of whether you select automated tax preparation or fillable forms.
It is safe: On the websites of the IRS and the partners, your personal information is shielded by encryption and security safeguards.
It's simple: You don't have to stress over selecting the appropriate forms or performing the maths. The program performs it for you and verifies it for mistakes and omissions.
It's quick: Filing your tax return electronically takes less time than mailing paper forms. By selecting direct deposit, you can also receive your return more quickly.
It's practical: You may use a computer, tablet, or smartphone with an internet connection to access IRS Free File. As well as saving your work and resume later if needed.
What are some tips for using IRS Free File?
Here are some tips to help you make the most of IRS Free File:
begin early Don't put off filing your taxes until the last minute. The earlier you submit, the faster you can receive your refund or make your payments. The IRS Free File can be used as early as January 23, 2024, even though the due date for 2023 taxes is April 18, 2024.
Compare offers to see which one best suits your circumstances before selecting an offer from a partner. There may be extra features or advantages in certain deals that are not present in others.
Check the small print: Before utilizing any deal, make sure you are aware of its terms and restrictions. There can be restrictions or limits in certain offers, which might change your eligibility or experience.
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