IRS Free File Opens Today

The IRS website states that Free File will open for use today. Free File partner companies, however, will need to hold your completed income tax return until January 23, when the IRS begins accepting e-filed returns. Taxpayers claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit should expect a delay in processing until February 15 which is required by law as a fraud prevention effort.

Income Below $64,000

If your household income is below $64,000 then the IRS Free File partner companies allow the use of their software for free. The federal IRS portion of your income tax preparation is free, the state tax return might not be free.

Income Above $64,000

If your household income is above $64,000 then you will have to upgrade from Free File to another edition of income tax preparation software, or, use the IRS Free File fillable tax forms provided.

Regardless of the method you end up with, always remember to print and save your complete income tax return. If you forget to print your tax return, the IRS may only provide you with a free transcript, not the forms as you would normally print and completed them.

Visit the IRS Free File website to get started on your 2016 calendar year income tax preparation.

Filed Under: income tax