The IRS introduced in 2024 expanded access to tax returns electronically, which is intended to help people save money and do it easily and quickly from their own computer. If you haven’t done your tax return, you should hurry up because the deadline is a few days away, April 15, 2024.
We all agree that preparing and filing tax returns can cause anxiety and confusion. But don’t worry, because every year there are more options to make it easier, and even for the 2023 tax year there is a free option from the IRS.
IRS Free File for Tax Returns: How to Use It
The IRS Free File program is a public-private partnership between the IRS and various companies in the tax return preparation and filing market, which makes a web service available to taxpayers in English and Spanish. Taxpayers are eligible to file their federal and state tax returns for fiscal year 2023 through IRS Free File. So far, the program has helped millions of Americans and legal residents who are taxed for free, showing an 18% increase in usage over last year.
The program supports both simple and complex declarations, and the large part of individual credits including credits for children and energy, income or losses of a business that you owned and operated as a sole proprietorship, income or losses of rental real estate, royalties, partnerships, S corporations, interest, dividends and income or losses from the sale of shares or cryptocurrencies.
The companies participating in this public-private program are the following:
- 1040Now
- Drake (1040.com)
- ezTaxReturn.com (offers both English and Spanish)
- FileYourTaxes.com
- On-Line Taxes
- TaxAct
- TaxHawk (FreeTaxUSA)
- TaxSlayer
Who Can Use the Free File Platform?
Not everyone can use IRS Free File. Tax service providers decide their own eligibility parameters, but people whose adjusted gross income, or AGI, was $73,000 or less in 2023 will find some option to which they can apply. The system is only set up to process relatively simple returns.
If you earn more than $79,000, the IRS still provides forms that can be completed to allow you to file your federal taxes online, although there is no clear step-by-step guide for this.
The IRS Free File program can answer basic questions and perform basic calculations to later file the federal return with the IRS.
You can access the program on your computer, smartphone or tablet that is connected to the internet. It cannot be done personally or through email. To file your returns, you need to have the W2, 1099, and other relevant forms, the Social Security numbers of you and your spouse or any relevant dependents to hand. In addition, you will need to know what your adjusted gross income is.
Once you have all the required documents, go to the IRS Free File website, then click the Use Free Guided Tax Preparation button. Then, use the Find Your Trusted Partner tool to search for your trusted provider and select it. Follow the links to the provider’s website to begin your tax return and follow all the steps.
Remember that the IRS Free File program is completely free, and no company can ask you to buy any service in exchange for filing your tax return through this platform.
