Tuesday, February 09, 2010

Tax Time

Do you have an adjusted gross income (AGI) under $57,000? Then you can prepare and file your taxes for FREE and get automatic deposit for FREE. The FreeFile Alliance and the IRS are working together to help working families save money preparing their taxes visit the IRS at this link to learn more.

Don't know what an adjusted gross income (AGI) is? This is the wikipedia definition
"Adjusted gross income (AGI) is a United States tax term for an amount used in the calculation of an individual's income tax liability. AGI is calculated by taking an individual's gross income and subtracting the income tax code's enumerated deductions, and is an important benchmark determining certain other allowed benefits.

Gross income includes wages, interest income, dividend income, income from certain retirement accounts, capital gains, alimony received, rental income, royalty income, farm income, unemployment compensation, and certain other kinds of income. AGI is the last number on the first page of the Form 1040, the standard U.S. income tax return form for individuals."
To recap, your adjusted gross income is NOT how much you made this year. It is how much you made after "above-the-line" deductions like student loan interest, contributions to IRA's and Health Savings Accounts, 1/2 of self-employment taxes and more.

You may qualify after all!!

But if not . . . . if your adjusted gross income is over $57,000 you can still e-file your taxes for free with FreeFile Fillable Forms. It is not tax software just the regular tax forms in electronic form. So instead of tromping over to the Post office to pick up all the paperwork you can retrieve, complete and file them all online anytime you want. It includes some basic calculators to help you along the way.

Good Luck!

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