Free e-file

Gary Brown · Joined: 25 Aug 2007 Posts: 2

Hi,

Some sites offer free e-file, I hear. Who? and what's the catch?

I am deciding between TaxCut again or trying TaxAct. TaxCut
lets me input last years information - maybe worth the $20
price difference but TaxAct gives free e-file. Free e-file
elsewhere would tip the balance.

Thanks,
Gary

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Archived from group: misc>taxes>moderated

Dick Adams · Joined: 25 Aug 2007 Posts: 25

Gary Brown wrote:

> Some sites offer free e-file, I hear. Who? and what's
> the catch?
>
> I am deciding between TaxCut again or trying TaxAct.
> TaxCut lets me input last years information - maybe
> worth the $20 price difference but TaxAct gives free
> e-file. Free e-file elsewhere would tip the balance.

While I know nothing about either TaxCut or TaxAct, we
all know nothing is truly free. Is there really a free
e-file or is just a come-on to get "your personal
information"? Selling "your personal information" is a
major revenue stream stream for many companies.

Why not optimize your withholdings and paper file? Your
refund or taxes due should be minimal and you should
receive fewer telemarketer calls (if that is possible)!

Dick

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John Levine · Joined: 26 Feb 2008 Posts: 1

>> Some sites offer free e-file, I hear. Who? and what's
>> the catch?

They're probably trying to sell you refund anticipation loans at rates
that would make your local loan shark blush.

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Dick Adams · Joined: 25 Aug 2007 Posts: 25

>>> Some sites offer free e-file, I hear. Who? and what's
>>> the catch?

> They're probably trying to sell you refund anticipation
> loans at rates that would make your local loan shark blush.

It's so usurous that I'm surprised the Mafia has not
started a tax prep business. But maybe they have.

Dick

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Bada · Joined: 24 Feb 2008 Posts: 2

Dick Adams wrote:

> Gary Brown wrote:
>
>
>>Some sites offer free e-file, I hear. Who? and what's
>>the catch?
>>
>>I am deciding between TaxCut again or trying TaxAct.
>>TaxCut lets me input last years information - maybe
>>worth the $20 price difference but TaxAct gives free
>>e-file. Free e-file elsewhere would tip the balance.
>
>
> While I know nothing about either TaxCut or TaxAct, we
> all know nothing is truly free. Is there really a free
> e-file or is just a come-on to get "your personal
> information"? Selling "your personal information" is a
> major revenue stream stream for many companies.
>
> Why not optimize your withholdings and paper file? Your
> refund or taxes due should be minimal and you should
> receive fewer telemarketer calls (if that is possible)!
>
> Dick

TaxCut and TaxAct are both legitimate. They both have been around for
several years. You can buy TaxCut at Wal-Mart. It used to sell for about
$9.99, I think it is double that now. You can go to TaxAct on the web
and file your Federal income tax free and e-file free. While you are
filling out your taxes, it asks if you want to upgrade to the deluxe
edition with state filing for about $12.99 which is cheaper than TaxCut.
You don't have to upgrade, you can just say no each time it asks. I
filed my Federal tax free 2 or 3 weeks ago and e-filed free. I declined
the upgrade. They notified me the next day that the IRS had accepted my
e-file and I had my refund 7 days later.

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Elle · Joined: 26 Feb 2008 Posts: 1

"Gary Brown" wrote
> Some sites offer free e-file, I hear. Who? and what's the
> catch?

Except for an income limit of typically $54,000 and
occasionally some restriction on tax forms available, there
is no catch.

Go to www.irs.gov and click on "freefile" on the left.
Search more at the IRS site and you will find that the IRS
has found it desirable to liaison with tax preparation
companies to offer this service. It has been doing so since
2002. The IRS improves efficiency and apparently gets a pat
on the head (from the President, Congress and you and me)
for making filing easier and less expensive. The tax prep
companies get some free advertising. Plus the state return
prep and efiling charge is typically on the order of $10.

I used Taxact.com 's site for my return (Sch D needed). I
also coached a friend through using it (Sch A needed). Both
of us liked it a lot.

I think Turbotax.com's free site is nicer, but it has a
stricter income limit and does not allow Schedule D.

The IRS FAQ on free file:
http://www.irs.gov/efile/article/0,,id=118993,00.html

I owed money this year but decided to use Taxact's freefile
(having what I owe deducted on the date I chose before Apr.
15) because, the IRS says, my Stimulus Act rebate will now
be direct deposited. There is an outside chance that early
filers will also see their rebate sooner, though the IRS is
not claiming this.

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