TurboTax 2020 Freedom Edition and IRS Free File Alliance Offers Free Tax Filing
Are you searching for free ways to prepare your taxes and e-file for the upcoming tax season? If so, you will be pleased to know that the IRS is offering the IRS Free File Alliance this year, and they are including TurboTax 2020.
In order to participate, companies have to follow strict privacy and security guidelines.
In reality, there should be a large asterisk next to the word free as you’ll soon see. With that in mind, in order to actually qualify for the free edition, your tax situation must meet the following conditions:
W-2 income only. If filing your taxes requires forms beyond a standard W-2, you’ll have to pay to do your taxes with TurboTax 2020. Limited interest income from 1099-INT or 1099-DIV Standard deduction only. In order to file taxes for free on TurboTax 2020, you are only able to claim the standard deduction. As such, you might miss out on many potential tax deductions—like charitable contributions and unreimbursed business expenses. Earned-income tax credit (EIC). If you qualify for EIC, you can most likely use the Free Edition. Child tax credits. If you’re claiming child tax credits, you can most likely use the Free Edition.
On the other hand, you won’t be able to file for free with TurboTax 2020 if your tax situation is affected by any of the following:
Itemized deductions Business and 1099-MISC Stocks and investment transaction forms Rental property income Special credits and deductions, such as mortgage interest from form 1098 and student loan interest from form 1098-E, are not able to be filed with the free edition
As with any business software solutions, it’s important to consider the features & functionality. The tool should support the processes, workflows, reports and needs that matter to your team. To help you evaluate this, we’ve compared TurboTax Free Edition Online Vs. TurboTax Deluxe based on some of the most important and required Business tax features.
TurboTax Free Edition Online: Data Import/Export, Basic Reports, Online Customer Support, ..
TurboTax Deluxe list of features include the following: Data Import/Export, Basic Reports, Online Customer Support, .
Next, you’ll be asked some basic questions in an intuitive online sign-up flow. Then, it’s time to register your account.
Intuit, the creator of TurboTax 2020, has supported this program for more than a decade. TurboTax 2020 Freedom Edition FreeThey have donated more than 22 million federal and state tax returns for the low and middle-income taxpayers.
If you qualify, you’ll have the chance to file your Federal taxes for free. What’s even better is that you can also file your tax return for your state. So, you’ll be able to cover both types of taxes using one easy dashboard.
Filing your taxes with the TurboTax 2020 Freedom Edition can be done in a matter of minutes.
If you’ve filed with TurboTax 2020 before, you’ll be able to transfer the data across to the Freedom Edition. And if you’re working for a participating employer you’ll have no problems getting your W-2 information with TurboTax 2020.