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02/08/2021

IRS Free File can save families money

COVID Tax Tip 2021-15 

via IRS.gov 

IRS Free File can save families money

Families are often looking for ways to save money. One way they can do this is by using IRS Free File to do their taxes. Free File offers online tax preparation, direct deposit of refunds and electronic filing, at no cost.Not only can IRS Free File save families money, the software can help them find tax benefits that can reduce the amount of tax they owe or increase the amount of their refund. Here are some things for these taxpayers to know about Free File and these tax benefits that can put money in their pockets.

  • IRS Free File is available to taxpayers whose 2020 adjusted gross income was $72,000 or less.
  • Using Free File can help taxpayers figuring things like their earned income tax credit, child and dependent care credit, and recovery rebate credit. If someone is eligible for a recovery rebate credit - and either didn't receive Economic Impact Payments or received less than the full amounts - they must file a 2020 tax return to claim the credit even if they don't usually file.
  • If a taxpayer's income was higher than $72,000, they can use Free File Fillable Forms.
  • Electronic filing, including Free File is the best way to avoid pandemic-related paper delays. E-filing combined with direct deposit is the fastest way to get a refund.
  • Free File is available on IRS.gov. Taxpayers can browse each of the nine offers or use the lookup tool to help find the product that best meets their needs.
  • Each Free File partner sets its own eligibility standards generally based on income, age and state residency. All taxpayers who meet the $72,000 income limit will find at least one free product to use.
  • Some products are available in Spanish.
  • Taxpayers can use Free File to file their taxes on any personal computer, tablet or smart phone.
  • MilTax online software is also available for the members of military and certain veterans, regardless of income, and is offered through the Department of Defense.
  • Taxpayers don't have to be eligible for EITC to qualify for Free File. Any individual or married couple that meets the income limitation can qualify.
  • To avoid fees for state tax returns, taxpayers should look for a software provider that offers free state tax return preparation. People can also check out their state's tax agency website to see if the state is a member of the State Free File program.

This tax tip was provided by IRS.gov at the following link: https://www.irs.gov/newsroom/irs-free-file-can-save-families-money

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