File your Tax Returns for Free

If you wish to file your tax returns without paying any money to do so, you should check out the IRS’ Free File.  Free File is an annual program that allows you to submit an electronic return free of charge.  Depending on your level of income, you might also be eligible to receive tax prep help at no cost.

If you like to receive freebies, you might be interested to know that several tax preparation software companies are giving away the basic version of their software at no cost.  If your tax returns are not complicated, such as that for single young adults who have just started work and do not have deductions to claim, these free services might be all you need to submit your tax returns.

But if your tax obligations are complicated, chances are these free services might not be for you.

To read up more about Free File, you can visit www.freefile.irs.gov.  At the site, there are essentially 2 options – either use the Free File tax software (for those with an adjusted gross income of maximum $58,000) or use fillable forms (for those with higher than $58,000 adjusted gross income).

You can find the Free File tax software option that is open to any taxpayer with an adjusted gross income of $58,000 or less.  If you are eligible, then go ahead and choose from among 16 tax software companies that include big ones like H&R Block, Turbo Tax and TaxAct.  However, there are other restrictions such as your age and residency.  But young taxpayers especially should find plenty of options. H&R Block, for example, is available to anyone under age 51.

On the other hand, the Free File fillable forms are for you who earn more than $58,000 in adjusted gross income.  These forms are electronic versions of the paper return that will do your calculations for you.  This will help taxpayers avoid common errors in calculating when submitting their forms.  When you have filled up your form, you can submit it electronically for free.  Take note that Free File applies only to your federal tax returns.  However, 21 states also have their own Free File option.  You can check out the list of these 21 states at the Free File website.

If you are ineligible for Free File, consider using other free tax preparation software.  This year, many of the companies participating in Free File also offer free versions of their software on their websites.  The only thing is you may have to bear with advertisements for paid services or you may not find all the forms you need in the free versions.

In these free versions, state returns are not included, just as in Free File.