The IRS provides an option called IRS Free File, which allows you to prepare and e-file your taxes for free each year through leading tax software providers.
Major online tax prep software such as TurboTax, TaxAct, HR Block, CompleteTax and Liberty Tax service have free options for filing your taxes online.
IRS Free File has saved over 43 million Americans more than a billion dollars since starting in 2003.
Who Qualifies for IRS Free File?
If you earn $60,000 or less, you qualify to use the Free File software. Don’t worry, if you made more than $60,000 in the year, you can still file by using Free File Fillable Forms.
How to File Taxes for Free
Follow this step by step guide to get everything in order for filing your taxes for free in 2016.
1. Locate Personal Documents
You should locate the following items:
– Last year’s tax return
– Find your 2013 AGI or tax pin if you created one (IRS Pin)
– Social Security Number for all members of your family
2. Income Records and Receipts
Locate all records of income and receipts for the year including:
– W2, 1099 tax forms
– 1099-INT, 1099-G, 1099-D, 1099-R or any other income documentation from the year
– Social Security Benefits
– Unemployment Compensation records
– Small Business receipts
– Income from businesses, rentals, real estate, royalties, partnerships, S corporations, trusts
3. Affordable Care Act Documentation
Here are the main documents you need regarding the Affordable Care Act (if applicable)
– Form 1095 A Health Insurance Marketplace statement
– Form 8962 Premium Tax Credit
– Form 8965 Health coverage exemption and ECN
You’re Ready To File
Once you’ve located all these items, you’re ready to use the IRS Free File service.
The IRS Free File is great because it saves you time, gets your money faster, and allows you to track your return.
Is IRS Free File Safe?
Yes, the approved providers for Free File are verified to meet IRS-approved security standards. Major Free File providers such as Turbo Tax and HR Block use strict encryption and security measures just like major banking institutions.
Example of TurboTax Free File Process
Let’s say you choose to file your taxes with TurboTax for free. The Free File option by TurboTax gives you access to the following:
- Auto imports of W2
- Free Error Checking
- Expert Resources
- Save and Return Feature
- 100% Accurate Guarantee
If you qualify for the IRS Free File, make sure you bookmark this page and follow these steps in order to file your taxes for free in 2016.
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