Finished My Taxes - And EFiled For Free!
Personal Finance
Well last week I finally received the 1099 I was waiting for from Zecco. This weekend I was able to finish up my taxes and file them with the IRS. According to the IRS schedule I should get my refund direct deposited on March 7th.
Free Efiling
For the last 2 years I have used TaxAct to do my taxes which offers free federal E-Filing regardless of income. Both years I’ve checked the numbers against TurboTax as well and both have come out the same, and since TurboTax charges $14.95 to E-File I went the free route. TaxAct doesn’t have the best web interface, but it is certainly usable, and you can’t beat the price.
Unfortunately in my state (New York) there is no free option so I mailed those taxes in since it did not seem worth $12 to E-File versus $1 for the postage.
Tax Summary
My refund this year is pretty high - about $6000. It was our first full year in our home, my wife’s first year at her her job, and not a busy year for my side business. I hope to adjust these numbers this year so I don’t keep giving the government such a large interest free loan.
I don’t really have this money earmarked for anything at this point. Probably pay off some various bills and invest the rest.
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I have used TaxACT for the past few years as well. I was a loyal user of TurboTax prior to that, but I can work my way through the less user-friendly TaxACT interface for the extra savings.
I used TaxACT last year and liked it quite well. I used TurboTax the year before that, because it’s what my mom always uses, and liked it aside from the price.
This year, TurboTax is offering a “Freedom Edition,” which is free Federal AND State filing to anyone with an adjusted gross income of less than $30,000 (and only in certain states, but it’s a long list of states, including NY). Of course, that doesn’t really work for everyone, but it’s definitely what I’ll be recommending for my fellow college students!
Stephanie - Yes, the Turbotax Freedom Edition is great for those who can use it. Sadly (or not sadly I guess) I fall well above the threshold.