• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick IRS announces Direct File as permanent free tax-filing option starting next year
Editor's Pick

IRS announces Direct File as permanent free tax-filing option starting next year

by May 31, 2024
by May 31, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

The Internal Revenue Service announced Thursday that its experimental Direct File free tax-filing option for simplified tax returns would become a permanent option starting next year.

In a release, the IRS, along with the U.S. Treasury Department, said its Direct File pilot program, which rolled out on a limited basis earlier this year, saw 140,000 taxpayers claim more than $90 million in refunds and save an estimated $5.6 million in filing costs.

“President Biden is committed to saving Americans time and money and ensuring families receive the tax benefits they’re owed. Providing a free tool to all Americans who want the option to file directly with the IRS is key to achieving those goals,” said U.S. Secretary of the Treasury Janet L. Yellen in a statement.

“After a successful pilot, we are making Direct File permanent and inviting all 50 states to offer this free filing option to their residents. The Treasury Department and IRS look forward to working with states to expand Direct File to Americans across the country.”

Direct File is designed for filers with relatively straightforward tax returns — like W2s or Social Security income — and who take the standard deduction. Other types of income, like those from gig work or other business returns, are not eligible.

Direct File is not a required government program, and does not replace existing filing services.

But advocates have long called for a program to reduce or even eliminate the cost of filing, especially in the digital age.

“President Biden is focused on lowering costs and making the tax system fairer for Americans, and that includes providing a free and simple way to file taxes, with no expensive and unnecessary filing fees and no upselling,’ National Economic Advisor Lael Brainard said in a statement.

Brainard applauded Biden, saying the administration’s ‘investment in modernizing the IRS is already paying off, and we’re looking forward to this resource being available to more Americans across the country.”

For filers subject to state income taxes, their states must opt-in to Direct File. Twelve states have already signaled opposition to doing so, echoing complaints by TurboTax parent Intuit that Direct File is a waste of taxpayer resources.

But a survey released by the White House showed 90% of respondents ranked their experience with Direct File as “excellent” or “above average.”

“The numbers speak for themselves: the Direct File Pilot was a success, saving American taxpayers countless hours and millions of dollars filing their taxes,’ said White House Deputy Chief of Staff Natalie Quillian in a statement. ‘Now, we’re bringing the program to a national audience. It’s just one more example of how President Biden’s Investing in America agenda is lowering costs for communities across the country.”

This post appeared first on NBC NEWS
You Might Also Like
  • Free cash programs spread as more cities expand the anti-poverty safety net
  • U.S. isn’t considering ‘blanket insurance’ for bank deposits, Yellen says
  • How on-time rent payments can help ‘credit invisible’ consumers be seen
  • Blue-collar hiring and pay gains stay hot in a cooling job market
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Biden administration greenlights Ukraine’s use of American weapons to strike inside Russia
next post
McDonald’s exec says average menu item costs 40% more than in 2019

You may also like

A government shutdown wouldn’t stop air travel, but it could...

September 29, 2023

Rite Aid is closing more than 150 stores as part...

October 19, 2023

EchoStar Begins Construction of Global S-band Network

February 3, 2023

Buy Buy Baby draws sale interest in Bed Bath &...

June 6, 2023

Amazon sued by D.C. AG for allegedly excluding neighborhoods from...

December 5, 2024

Over 1.5 million dehumidifiers recalled due to fire and burn...

August 19, 2023

USDA documented insects and slime at Boar’s Head plants, records...

January 15, 2025

Treasury Dept. will not enforce ownership information reporting for millions...

March 4, 2025

Tesla cuts U.S. prices on its Model Y, S and...

April 21, 2024

Average credit card balances jump 10% to a record $6,360...

February 9, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025
    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025
    • Amazon taps Xbox co-founder to lead new team developing ‘breakthrough’ consumer products

      May 30, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,765 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,472 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,451 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,432 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,308 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,581)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right...

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,581)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    New Starbucks CEO Brian Niccol commits...

    September 26, 2024

    Chase Bank is referring check fraud...

    September 9, 2024

    How raising interest rates helps fight...

    July 14, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here