Learn about the IRS Free File program, a free tax preparation tool. Discover how to access resources, claim tax credits, and choose the right filing options for filing, including Form 1040, Form 1040-SR, among others.
IRS Free File 2024 Explained
Here we will discuss a recent update from the IRS about their Free File program. So lets see what’s new and how it might benefit you.
First off, the IRS Free File Guided Tax Software service is now live and ready for use, well ahead of the tax season kickoff later this month. This is the 22nd year for IRS Free File, and it’s available more than two weeks before the filing season starts on January 29. This early access is a great advantage for those eager to get a jump on their taxes.
What is IRS Free File?
Now, what exactly is IRS Free File? It’s a partnership between the IRS and Free File Inc., offering free online tax preparation and filing options to millions of taxpayers. If your Adjusted Gross Income was $79,000 or less in 2023, you’re eligible for this. Plus, there’s even a product in Spanish this year, which is fantastic for broadening access.
What’s great about IRS Free File is its simplicity and accessibility. You can start from the IRS Free File website and pick from eight private-sector partners offering online guided tax software. They’ll even hold your completed tax returns and file them electronically once the filing season starts.
But what if you earned more than $79,000 in 2023? Well, you can still use the IRS’s Free File Fillable Forms, which is basically the electronic version of IRS paper forms. This is ideal if you’re comfortable handling your taxes using IRS form instructions.
Now, let’s talk about why IRS Free File is such a valuable resource. It’s not just about filing your taxes for free; it’s also about ensuring you claim all the tax credits you’re eligible for. This includes credits like the Earned Income Tax Credit, which is for taxpayers with earned income under $63,398. These credits can be a game-changer, especially for young adults, potentially leading to significant refunds.
Finding the right IRS Free File product is pretty straightforward. Head over to the IRS website, use their tools to find a product that fits your needs, and you’re on your way. And hey, if you’re more of a smartphone person, no worries, these products support mobile access too.
For 2024, there are several trusted partners participating in IRS Free File, like 1040Now, Drake, ezTaxReturn.com, and TaxSlayer, among others. And remember, ezTaxReturn.com is offering a product in Spanish this year, which is a great addition.
So, why should you consider using IRS Free File? Well, it’s a fantastic resource to help you save money, file your taxes easily, and make sure you’re getting all the tax credits and benefits you’re eligible for. It’s all about making tax filing as painless and beneficial as possible.
So, I’d say definitely check out IRS Free File if you’re eligible. It’s not just a tool to simplify your tax filing, it’s your key to a less stressful tax season and possibly a bigger refund.
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