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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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IRS - TY2024 Free Tax Software

beebee
edited January 10 in Other Investing
Linked are (eight) IRS Free File tax preparation and filing services from trusted partners for you to explore. You are responsible for determining your eligibility for a free federal tax return from the list of trusted partners.
https://apps.irs.gov/app/freeFile/browse-all-offers/

Comments

  • Old_JoeOld_Joe
    Note however that the Adjusted Gross Income threshold is only $84,000 for eligibility to use these services.
  • Derf
    edited January 10
    @Old_Joe A charity donation may help one out let alone some of the people that got burnt out . Just a late evening thought.
  • msf
    Nice thought. But for tax purposes, AGI is gross income before you start subtracting deductions and other items.
  • Derf
    I believe one can claim $300 on standard form. I"m probably wrong as I haven't done my Taxes in the last 7 or 8 years. I realize $300 isn't going to help much, but to some people every little bit saved is a plus.
  • beebee
    edited January 12
    Old_Joe said:

    Note however that the Adjusted Gross Income threshold is only $84,000 for eligibility to use these services.

    Only $84k AGI? 70% of taxpayers qualify... looking forward to the day when I don't qualify. I must remember the saying,

    "No one ever went broke paying taxes."
    ;)

    I like this one too:

    Mark Twain:

    "The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin."

    7 out of 10 taxpayers eligible for IRS free tax filing
  • msf
    edited January 11
    Derf said:

    I believe one can claim $300 on standard form. I"m probably wrong as I haven't done my Taxes in the last 7 or 8 years. I realize $300 isn't going to help much, but to some people every little bit saved is a plus.

    Unfortunately, that "above the line" deduction was temporary, it was only allowed in 2020 and 2021. There is a movement to restore it and make it permanent.
    https://tax.thomsonreuters.com/news/hundreds-of-nonprofits-push-for-passage-of-charitable-act/

    Above the line deductions

    Though your post did remind me of another way to make this work. People over 70½ (sic) can take qualified charitable deductions (QCD). Instead of taking distributions from a traditional IRA (and thus increasing income), those distributions can be sent directly to charities. This way your AGI isn't increased because of the distributions and the charities still get your contributions.

  • Derf
    Thank you, @msf for the refresher.
  • Old_JoeOld_Joe
    edited January 11
    @bee- said- "Only $84k AGI? 70% of taxpayers qualify..."

    No disagreement there. However I suspect that the great majority of MFO posters are in that other 30%, and my observation was made with that in mind.
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