this post was submitted on 13 Mar 2024
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It's easy if you only have income from one job. If you have income from any other activities they will not have the information required. Things like rental property income, selling items on sites like Etsy requires inputting your expenses for those activities. Sites like eBay and Etsy will send you an income statement called a 1099. This includes all of the money for all of your transactions including shipping that you charged the customer. So you have to deduct your expenses from that amount, unless you want to pay taxes on money you didn't actually earn. There are other items that count as deductions as well, including property tax deductions in certain states.
Here in a Spanish province the app had the correct information prefilled with my job changes, the stupid 50 euros I earned from the gamestop craze and all the special savings accounts that were dax deductible. I only had to add the special rent deduction (amount paid and % of that amount that's was mine), and the app calculated the amount that I was to be deducted from that and my age.
It's great, in has an explanation of all the deductions, it lets you edit everything before submitting, and it's free.
That's basically what free filing is in the US except you have to input your personal information and the information on the tax receipt called a W2 that you receive from your employer. They even call the basic tax form the 1040ez. Then that information automatically populates into your state tax form. Yes, we have to pay federal and state taxes separately.