January 16, 2014 12:09 pm

FreeFile Begins

FreeFile is a no-cost way to figure your taxes online and submit your federal return electronically. FreeFile for 2013 returns opens on January 17, 2014 (although the IRS will not begin to process individual income tax returns until January 31, 2014. FreeFile can be used by those with adjusted gross income up to $58,000 (last year the income limit was $57,000). About 70% of all taxpayers are eligible for this service.

Those with income over $58,000 can use Free File Fillable Forms starting on January 31, 2014. This no-income option allows taxpayers who do not need preparation assistance to complete and file their federal income tax electronically. There are no income limitations to use Free File Fillable Forms.

Tags: FreeFile
advertisement
Tax Glossary

Tax attributes

When debts are cancelled in bankruptcy cases, the cancelled amount is excluded from gross income. Tax attributes are certain losses, credits, and property basis that must be reduced to the extent of the exclusion.

More terms