Tax season is upon us and many families and individuals served by Mary Rigg Neighborhood Center qualify for help filing their taxes. Elaine Yednak, Financial Coach at MRNC, has recommended several sources for anyone looking for help filing their taxes for free.
- Indy Free Tax sites through United Way of Central Indiana offers free tax preparation sites throughout Boone, Hendricks, Marion and Morgan counties.
- MyFreeTaxes.com is an easy, fast and secure federal and state tax filing site powered by H&R Block ®. The online tool allows eligible taxpayers, with a combined household income of $64,000 or less, to self-file for free using a simple step-by-step process that includes telephone and online chat support. For more information, get help filing your taxes through MyFreeTaxes.com.
- The IRS Free Tax File gives you access to even more free online providers. However, each provider will have different eligibility criteria for free federal or state returns.
- If you love a paper form, try out the Free File Fillable Forms. These are just like the old paper forms, but done on the computer.
After choosing which method for filing taxes is best for you, you will need to gather all of your documents. While this list is NOT comprehensive, it is a good starting point. Most people will need the following:
- Social Security or Individual Taxpayer Identification Number (ITIN) for each family member and working adult.
- 1095-A if you received a tax credit from the healthcare.gov marketplace.
- Childcare provider name, address and tax ID, if applicable.
- Bank routing and account numbers for checking or savings account (if you qualify for refund via secure direct deposit).
- Last year's tax return, if you have it.
- A valid email address.
- W-2s, 1099s, 1098s and other income forms.
Elaine also wants us to remember, she says, "By law, the IRS must hold refunds claiming the Earned Income Tax Credit and/or the Additional Child Tax Credit until February 15." So if you file early and qualify for the Earned Income Tax Credit and/or the Additional Child Tax Credit, you may have to wait a bit longer for your refund.
Lastly, have a plan for how you will use your refund. Whether you're expecting $100 or $1,000 or more, know what you're doing with your money. Are you paying down debt? Building up your emergency fund? Preparing for the future? If you're not sure what to do, please consider contacting Elaine (317.639.6106 ext 209) for a financial coaching session.