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Best Tax Software for Young Adults - Money Under 30
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The filing of Federal tax returns is required under federal law. Individuals who receive more than the statutory minimum amount of gross income must file. [3] The standard U.S. individual tax return is Form 1040. There are several variations of this form, such as the 1040EZ and the 1040A, as well as many supplemental forms.
If you use an online tax service, though, fees can start to rack up. Here are some free or low-cost options for filing your federal and state taxes in 2024. File taxes for free through the IRS
The IRS Free File Program is a service that allows U.S. taxpayers to prepare and e-file their federal income tax returns for free. Through the program, commercial tax software companies that are part of the Free File Alliance offer free tax preparation software to tax filers with annual adjusted gross income (AGI) below $73,000 for Tax Year 2022.
In 2018, 89% of tax returns were filed electronically. [3] Taxpayers can e-file free using the IRS Free File service, either using an authorized IRS e-file provider's tax software, if eligible, or by using online Free File Fillable Forms from the Free File Alliance.
The filing deadline for most 2023 federal income tax returns is April 15, 2024. How long does it take to get my tax refund? The IRS issues most refunds within 21 days.
The average federal income tax refund in 2023 was $3,167 based on IRS data through Dec. 29, down 2.6% from the same period in 2022.
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Best Tax Software for Young Adults - Money Under 30