How to prepare and e-file your taxes for free
(BPT) - Doing your taxes doesn’t have to be taxing. There are many programs available to help you process – and file - your taxes.
Use Free File – available only at IRS.gov – and join more than 43 million people who have saved $1.3 billion in fees. You get brand-name software that helps you pick the right forms, easily file your taxes and get your return faster. And it’s available 24/7 so you can do your taxes when you decide and at your own pace. Learn more at FreeFile.IRS.gov.
Find the Free File software right for you
Making sure you properly fill out the forms that are right for you is easy:
* Go to www.irs.gov/freefile.
* If your income was $60,000 or less, select the “Free File Software” button.
* Each of the 14 participating companies has a special offer.
* To make sure you’re choosing the option right for you, use the “help me find Free File software” tool or simply review the company offers.
* Select the tax software that’s right for you.
* Follow the prompt to leave IRS.gov and go to the company’s software to begin your taxes.
If your income was more than $60,000, you can use Free File Fillable Forms, the electronic version of IRS paper forms. Just select the “Free File Fillable Forms” button at www.irs.gov/freefile. This version is best if you are comfortable preparing your own tax return with less help.
Easily complete your forms
You don’t need to be a tax expert to do your own taxes. Free File’s software programs will help you find the tax benefits you are due. It will help you pick the right tax forms and even do the math for you.
This year, Free File helps you understand how the health care law affects your tax return. Remember, almost everyone will need to do something new when filing a tax return this year. Most people will simply have to check a box to report health care coverage for everyone on their return for the year.
People who either purchased coverage through a Health Insurance Marketplace, are claiming an exemption from coverage, or did not maintain coverage, should be aware of some additional steps to take when preparing their tax returns this year.
If you chose to have advance payments of the premium tax credit sent to your insurer in 2014, you must reconcile, or compare, the advance credit payments with the actual premium tax credit you are allowed to claim on your return.
Learn more at IRS.gov/aca.
Get your refund faster
Once you’ve completed your return, you can also print a copy and e-file your federal taxes – all for free. With electronic filing, you will receive a confirmation within minutes that the IRS has accepted your return. Or, if it’s not accepted, you can easily find out why.
E-file helps make your tax return even more accurate, which means a quicker refund. To get your refund even faster, combine e-file with direct deposit. Nine out of 10 taxpayers get their refunds within 21 days. You can track your refund by using “Where’s My Refund?” on IRS.gov. It’s updated once daily. There’s even an IRS smart phone app, IRS2Go, which you can use to track your refund.
SIDEBAR:
Filing your taxes with the new health care coverage is easy. You will need to complete one of the following steps, and using Free File, brand-name software makes it easier for you.
Reporting health care coverage
If you and everyone on your tax return had health care coverage for all of 2014, simply check the “full year coverage” box when completing your tax return in the Free File software. For most people, that’s it!
Claiming a coverage exemption
If you did not have health care coverage for all or part of 2014, you may qualify for a coverage exemption. Free File will help you complete Form 8965 and file it with your tax return.
Making a shared responsibility payment
If you or your dependents did not have qualifying healthcare coverage or an exemption, you may need to make a payment with your tax return. Free File will help you calculate your payment and report it on your tax return.
About the Premium Tax Credit
If you or anyone on your return purchased insurance coverage from the Marketplace, you may be eligible for the premium tax credit. If you chose to have advance payments of the premium tax credit sent to your insurer in 2014, you must reconcile, or compare, the advance credit payments with the actual premium tax credit you are allowed to claim on your return.