If you are in the State of New Jersey and would like to discuss your estate plan, our team at Willis Law Group LLC is here to provide you with any assistance that you may need. To schedule a consultation, we encourage you to give our main office a call at (877) 296-2575 or attend one of our free educational workshops throughout New Jersey.
Seniors and retirees should know that they may be able to use online tax preparation software free of charge. Additionally, all seniors are eligible for free counseling assistance from the Internal Revenue Service (IRS).
The tax preparation software industry has had a decades-long deal with the IRS to make free versions of its software available to low- and middle-income individuals. However, a report by ProPublica in 2019 revealed that the software companies were making it difficult for customers to find the free tax filing software, even going so far as hiding it from a Google search. According to the IRS’s Taxpayer Advocate Service, around 70% of taxpayers qualified for free filing, but only 1.6% used the free software in 2018. The IRS has now amended its agreement with the software industry to bar companies from hiding the free products.
The IRS Free File website links to the available free products. Each company sets its own eligibility standards based on income, age and state residency. As long as your adjusted gross income was no more than $69,000, you will find at least one free product to use. There are also two products that are in Spanish.
If you would rather not prepare your own tax return, seniors can use the IRS’s Tax Counseling for the Elderly (TCE) program. The TCE program is available to taxpayers who are 60 years old or older, and it specializes in answering questions about pensions and retirement plans.