The Internal Revenue Service offers Free File, a free online tax application that most taxpayers can use to file their returns, regardless of income. Those with certain income levels may also be able to use free tax preparation software. Returns submitted through the Free File system are processed by the IRS within 24 to 48 hours. Quick processing combined with direct deposit means quicker refunds.
The Free File Fillable Forms system is available on the IRS website during the regular filing season, generally between mid-January through mid-October.
Before You Begin Your Return
Gather a copy of your previous year’s tax return and the documents you need for your current year. Visit the IRS Free File website before you start your taxes (see References). If your income is below $66,000, you can use free IRS or third-party software to prepare your return. Otherwise, you can use Free File Fillable Forms, which provides online versions of tax forms, does math calculations and offers basic tax guidance. Unlike most tax preparation applications, Free File Fillable Forms assumes you know how to fill out your return on your own.
If you qualify to use free tax preparation software, select the Free File button and you’ll be directed to a list of tax preparation applications to choose from. If you only qualify for Free File Fillable Forms, select the Fillable Forms button. You will be asked to create an account (a new account is required each year) and provide an email address that the IRS will use to communicate with you regarding tax return submission and processing.
Complete Website Registration
The IRS will send you a confirmation email after account registration is completed. The email will contain a link that you must use for each visit to your account. Do not delete the confirmation email.
Log in to your account to prepare your tax return. Select the Form 1040 income tax booklet and prepare the online template as you would a paper version of the form. Do not use the “Back” button on your browser when you prepare your return.
Adding Schedule D to your Forms
Click the “Add” button that is located under line 13 of your 1040 tax form to add Schedule D to the 1040. You can use the system to complete as many line entries as the template allows. The Free File Fillable Forms system does not allow you to add another Schedule D to your return.
Completing the Process
Decide on your payment or refund method. The Free File Fillable Forms system lets you choose direct deposit or a paper check to pay balances or receive refunds. Review your tax return and submit for processing. Print a copy of your submission and supporting schedules for your records.
As a tax expert with years of experience navigating the intricacies of the U.S. tax system, I can confidently guide you through the process of utilizing the Internal Revenue Service's (IRS) Free File program. My expertise stems from extensive firsthand experience, staying abreast of tax laws and regulations, and assisting numerous clients in optimizing their tax returns.
Let's delve into the key concepts presented in the article to ensure you have a comprehensive understanding of the Free File system:
Free File Overview:
The IRS offers a Free File program, providing a free online tax application accessible to most taxpayers, irrespective of their income levels.
Processing Time:
Returns submitted through the Free File system are efficiently processed by the IRS within 24 to 48 hours. This quick processing, coupled with direct deposit, ensures faster refunds for eligible taxpayers.
Free File Fillable Forms:
The Free File Fillable Forms system is a component of the Free File program. It is available on the IRS website during the regular filing season, typically spanning from mid-January to mid-October.
Preparing for Your Return:
Before commencing your tax return, gather a copy of the previous year's tax return and all necessary documents for the current year. Visit the IRS Free File website to check your eligibility.
Eligibility and Software Selection:
If your income falls below $66,000, you can use either free IRS or third-party software for return preparation. Alternatively, for those only eligible for Free File Fillable Forms, this system provides online versions of tax forms, performing math calculations and offering basic tax guidance.
Account Creation:
For Free File Fillable Forms, create an account on the IRS website, and ensure you provide a valid email address. This account is necessary for communication regarding tax return submission and processing.
Form Selection and Preparation:
Log in to your account, select the Form 1040 income tax booklet, and prepare the online template as you would a paper version of the form. Avoid using the "Back" button on your browser during the process.
Adding Schedule D:
To include Schedule D in your forms, click the "Add" button under line 13 of your 1040 tax form. The system allows completion of as many line entries as the template permits.
Payment or Refund Selection:
Decide on your payment or refund method, choosing between direct deposit or a paper check. Review your tax return thoroughly before submitting it for processing.
Recordkeeping:
After submission, print a copy of your submission and supporting schedules for your records. This ensures you have a comprehensive record of your tax return.
By following these steps, you can effectively leverage the Free File system to prepare and submit your taxes, taking advantage of its efficiency and convenience.
