As a family, saving money wherever possible is important, especially when raising kids. One area where families can save money is in tax preparation. The IRS offers Free File, a service that provides eligible families with online tax preparation software, electronic filing, and direct deposit of refunds, all at no cost.
To be eligible for Free File, families must have a total adjusted gross income of $73,000 or less in 2022. The software is available in English and Spanish and can help families find valuable tax benefits like the Earned Income Tax Credit, Child Tax Credit, and the Child and Dependent Care Credit.
One of the great things about Free File is that it's available to any individual or married couple that meets the income limitation. Additionally, Free File can handle complex tax returns, making it a great option for families with more complicated tax situations.
Free File is available only on the IRS website, where taxpayers can browse different providers or use the lookup tool in the application to find the product that best suits their needs. Each Free File partner sets its own eligibility standards based on income, age, and state residency. However, all taxpayers who meet the $73,000 income limit will find at least one free product to use.
Taxpayers can use Free File to file their taxes on any personal computer, tablet, or smartphone. Additionally, members of the military and certain veterans can use MilTax, a free online tax preparation software offered through the Department of Defense, regardless of income. And qualified taxpayers can find free one-on-one tax preparation help nationwide through the Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs.
Overall, Free File is a great option for families looking to save money on tax preparation. With the potential to find valuable tax benefits and handle complex tax returns, Free File can help families keep more of their hard-earned money in their pockets.