If you’re in the process of doing your taxes did you know that IRS Free File helps millions of taxpayers file their federal and state tax returns for free every year.
While many eligible taxpayers are already taking advantage of this tax preparation software, other taxpayers may not realize that they’re eligible to use IRS Free File – or that it can be used for complicated returns, according to a news release.
Taxpayers can Include Income Other than Wages Reported on Form W-2
IRS Free File can handle income taxpayers receive other than wages from an employer. This includes income from sources like:
- Trade or business, including income from part-time businesses.
- Hobby income.
- Income from gig economy activities.
Taxpayers can also include payments the taxpayer made for estimated taxes.
IRS Free File has Forms Needed to Claim Popular Credits
IRS Free File providers all have the most commonly used forms and schedules, including the forms needed to claim valuable tax credits like the Earned Income Tax Credit, the Child and Dependent Care Credit, and the education tax credits.
Taxpayers can deduct business expenses
Taxpayers may be able to deduct their business expenses, depending on tax limits and rules, even if they didn’t receive a Form 1099-MISC, Form 1099-K, W-2, or another income statement.
Getting Started with IRS Free File
The IRS Free File income limit for the tax year 2022 is $73,000 for families and individuals. Each provider sets their eligibility requirements, based on age, state residency, and income, and offers are available in both English and Spanish. Taxpayers can use the IRS Free File Lookup Tool to find the offer that is right for them.
Taxpayers can find an IRS Free File provider at IRS.gov/freefile.