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2015-01-22 10:17:37
IRS: ‘Free File’ Makes Tax Software Available

IRS: ‘Free File’ Makes Tax Software Available to Most Taxpayers at No Cost

College-Tax-CreditsFree File isnowavailableonlyatIRS.gov/FreeFile, the result of a partnership between the Internal Revenue Service and the Free File Alliance, a consortium of 14 brand-name tax software companies.

 

Since 2003, more than 43 million people have used Free File, saving $1.3 billion based on a conservative $30-fee estimate, the IRS says.

The IRS stresses this year that Free File software can help taxpayers with new filing requirements under “Obamacare”, the Affordable Care Act.

People can use Free File software starting today.  The filing season officially begins January 20.

If you earned $60,000 or less last year, you are eligible to select from among 14 software products. If you earned more, you are still eligible for Free File Fillable Forms, the electronic version of IRS paper forms. This more basic Free File option, which is best for people comfortable preparing their own tax return, will be available beginning today.

“You don’t have to be an expert on taxes or the new health care law. Free File software can help walk you through the rules and help you get it right,” said John A. Koskinen, IRS Commissioner. “For 12 years, this partnership between the IRS and the Free File Alliance has helped taxpayers save both money and time. The real winner in this partnership has been the nation’s taxpayers.”

More than 70 percent of all taxpayers — 100 million people — are eligible for the software products. Each of the 14 companies has its own offers, generally based on age, income or state residency. Taxpayers can review each company offer or they can use a “Help Me” tool that will find the software for which they are eligible.

Some of the companies also offer free state tax return preparation as well.

Free File also can help taxpayers with the new health care requirements. Almost everyone will need to do something new when filing a tax return this year. For each month in 2014, you and everyone on your return must:

  • Report health care coverage, or
  • Claim an exemption from coverage or
  • Make a shared responsibility payment with your tax return.

Most people will simply have to check a box to report health care coverage for the entire year.


Read more at http://ecreditdaily.com/2015/01/irs-free-file-makes-tax-software-available-to-most-taxpayers-at-no-cost/#2R3DZCE1fM3gl1oA.99

 
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