Free Tax Reporting with IRS Free File
RS Free File is applicable to households and individuals with an adjusted gross income (AGI) limit of $84000. The AGI of taxpayers includes salaries, tips, business income, retirement income, and other forms of taxable income. Each Free File provider sets their own eligibility rules based on age, state of residence, and income, and offers discounts in English and Spanish. Taxpayers can use the "Find Your Trusted Partner" tool to find the benefits that are suitable for them.
Benefits of IRS Free File
·Free declaration of federal tax returns. If taxpayers are eligible and choose the services provided by Free File partners, they do not need to pay for the preparation of federal tax returns and electronic tax reporting.
·Protected tax information. Except for the purpose of filing tax returns, IRS Free File partner companies cannot disclose or use information on tax returns without the taxpayer's informed and voluntary consent. These companies are also subject to the privacy and protection rules of the Federal Trade Commission and the IRS electronic tax filing regulations.
Information to be submitted
To complete tax reporting using IRS Free File, taxpayers need to collect the following information:
·Social security number. Taxpayers who do not have or do not meet the eligibility criteria for a social security number can use their Individual Taxpayer Identification Number (ITIN).
·Salary and income information. These pieces of information typically come from employer or other payer forms, such as W-2 forms, payroll and tax reports (in English), and 1099 series forms (in English).
·Dependent status (in English). Taxpayers need to know if other taxpayers (such as parents) plan to declare them on separate tax forms. If they are declared as dependents on another tax return, they cannot declare themselves as dependents on their own tax return.
·Record of tax credit benefits and deductions. Using standard deductions may not require itemized deductions. All credits and deductions must be verified and reviewed by the IRS.
·AGI or self selected personal identification number (PIN) from the previous year. Taxpayers need this information to verify and sign electronic tax returns. First time taxpayers aged 16 and above can enter "0" as their previous year's income to sign their tax return. Taxpayers who have previously filed taxes should use their AGI from the previous year's tax return.
·Bank account number and routing number. If taxpayers receive a tax refund, they need this information in order to deposit the refund directly. Direct deposit is the fastest and safest way for taxpayers to obtain tax refunds.
For more information on IRS Free File or other tax reporting methods, please refer to the "Submit Your Tax Returns" page on IRS.gov.
