IRS Announces Details of Free Tax Preparation | News

0

LAS VEGAS (FOX5) — The U.S. Internal Revenue Service announced details of free file options in 2022 on Friday.

IRS Free File is available through IRS.gov and provides free online tax preparation products to any individual or family who earned $73,000 or less in 2021.

How it works ? The tax software vendors are making their products available online for free as part of a 20-year partnership with the IRS. This year, there are eight products in English and two in Spanish.

Filers can claim the 2021 Recovery Refund Credit, Enhanced Child Tax Credit, Earned Income Tax Credit, and other important credits, an IRS statement said Jan. 14. Taxpayers can use Free File to claim their child’s remaining amount. tax credit and claim any child tax credit advance payments they did not receive in 2021.

Free File offers a direct deposit option, according to the IRS.

“IRS Free File offers taxpayers an easy and free way to do their taxes from the safety of their own home. Free File also offers electronic filing with direct deposit, which is the best way to avoid delays and receive refunds quickly and safely,” IRS Commissioner Chuck Rettig said in a statement.

Filing season begins January 24, 2022, when free fillable forms and electronic versions of IRS paper forms will become available. Until then, IRS free file providers will accept completed tax returns and hold them until they can be filed electronically on that date, the IRS statement said.

The free fillable forms are available to everyone, regardless of income, but should only be used by people who are comfortable preparing their own taxes.

At the end of January, the IRS will begin sending notices regarding the third economic impact payment to people who received a third stimulus payment in 2021, including initial and “plus-up” payments. The notices will help determine if the taxpayer is eligible to claim the 2021 Recovery Rebate Credit for Missed Stimulus Payments.

IRS Free File can also be used by workers to claim the EITC, which provides a refundable tax credit based on the filer’s income and family size.

How to find the right Free File product:

  1. Go to IRS.gov/FreeFile.
  2. Use the “Free Online File Finder” tool to help you find the right product, or
  3. Review each offer from a supplier using the “Browse All Offers” tool.
  4. Choose a product.
  5. Follow the links to the provider’s website to start filing a tax return.

Participants in the IRS free file in 2022:

  1. 1040Now.NET
  2. ezTaxReturn.com (available in Spanish)
  3. FreeTaxReturn.com INC
  4. FileYourTaxation.com
  5. Taxes online at OLT.com
  6. TaxAct
  7. FreeTaxUSA®
  8. TaxSlayer (coming soon in Spanish)

Other important information related to the start of tax season on January 24 is available at IRS.gov, including important filing tips.

Copyright 2021 KVVU (KVVU Broadcasting Corporation). All rights reserved.

Share.

Comments are closed.