The deadline of April 15 for filing federal tax returns by American taxpayers is fast approaching. Taxpayers can make use of IRS Free File, which is a quick and easy way to file federal tax returns for free.
With IRS Free File, eligible taxpayers can use guided tax preparation software that is exclusively available at IRS.gov to receive free tax preparation, free electronic filing, and free direct deposit of their federal tax return, if they are due.
Taxpayers and households with a total adjusted gross income (AGI) of $84,000 or less in 2024 are eligible to use IRS Free File. Wages, tips, company income, retirement income, and other taxable income are all included in a taxpayer’s AGI.
If you need extra time to file, there’s an option. One of the simplest methods for requesting an extension is through IRS Free File. With an extended deadline of October 15, a tax filing extension ensures the taxpayer has six more months to file.
An extension gives taxpayers more time to file, but it doesn’t give them more time to pay if they owe. In order to avoid fines and interest, taxpayers must still pay taxes that are due on April 15, 2025. By the deadline of April 15, taxpayers who owe should pay their entire tax obligation or as much as they can.
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Failing to accurately report income may result in interest and penalties. Taxable income includes various sources of income such as interest earnings, unemployment benefits and income derived from the service industry, gig economy and digital assets.
Eligible taxpayers can use tax preparation and filing software vendors’ online solutions through a partnership between the IRS and the Free File Alliance. Based on factors like age, state residency, and income, each provider establishes its own eligibility requirements. IRS Free File will assist taxpayers in selecting the best provider for their requirements.
April 1 final day to begin required withdrawals from IRAs and 401(k)s by Retirees
In most cases, retirees who turned 73 in 2024 must begin receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s and similar workplace retirement plans by Tuesday, April 1, 2025.
Required minimum distributions (RMDs) are payments typically made by year-end. However, individuals who turned 73 in 2024 can delay their first RMD until April 1, 2025. This special rule applies to IRA owners and participants born after Dec. 31, 1950.
The April 1 RMD deadline is for the first year only. For subsequent years, the distribution is due by December 31.
Taxpayers receiving their first required distribution for 2024 in 2025 (by April 1) must take their second RMD for 2025 by Dec. 31, 2025. The first distribution is taxable in 2025 and reported on the 2025 tax return, along with the regular 2025 distribution.