Intuit, the company that has possession of Turbo Tax, stated that it would no longer participate in the Free File program by the IRS in July. For a long period, the company gave cost-free e-file services and was featured on the IRS website.
Turbo Tax does contain a cost-less option of filing on its website, even if they are not joining in the IRS’s program.
There are restrictions when it comes to who is entitled to enjoy their free service and those who have utilized Turbo Tax’s free file service in the past may discover themselves not able to use it this year.
Intuit said, “This decision will allow us to focus on further innovating in ways not allowable under the current Free File guidelines and to better serve the complete financial health of all Americans through all of our products and services, in tax preparation and beyond.”
Turbo Tax’s free service is just available to those who are filing a simple tax return. Two options are there, one that enables customers access to an expert to get a response to their queries, the deadline of filing for this service is March 31.
Another option (full service) allows customers to remain in contact with a professional who will make preparations for their taxes and the timeline of filing for that service is February 15.
Who Is Entitled to Utilize Turbo Tax’s Free Services?
Turbo Tax stated a simple tax return utilizes form 1040 and includes:
- W-2 income
- Limited interest and dividend income reported on a 1099-INT or 1099-DIV
- Claiming the standard deduction
- Earned Income Tax Credit (EIC)
- Child tax credits
- Student loan interest deductions
Who Isn’t Eligible to Use Their Free Service?
Those who have:
- Itemized deductions (such as mortgage or property deductions)
- Unemployment income reported on a 1099-G
- Business or 1099-NEC income
- Stock sales
- Income from rental property
- Credits, deductions, and income reported on schedules 1-3
- Charitable donations
- Education expenses
The company said “We are obsessed with helping millions of Americans looking to take charge of their finances so they can prosper.
Intuit’s AI-driven expert platform makes it simple for consumers to make better financial decisions, helping them not only receive their maximum refund but empowering them by putting control in their hands so they can make smart money decisions and realize their financial dreams.”