The announcement contains several links, so it is better to post the link to the announcement.
https://www.irs.gov/newsroom/irs-announ ... tax-filing
American IRS posts 2026 income tax information
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Gaybutton
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Gaybutton
- Posts: 24325
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Re: American IRS posts 2026 income tax information
I just completed my 2025 income tax 1040-SR form and sent it in. Trump, at least in my opinion, did one thing I like - his improvements of tax regulations for us seniors. I will be getting a tax refund this year 5 times greater than the refund I got last year. That took me by surprise. I was expecting a larger refund, but not as much as that. I re-checked everything several times to make sure, and that's how it comes out.
I do not E-file. I send in paper forms, so it will be several weeks before I actually receive the refund as long as IRS doesn't dispute it. In my case there is not much to dispute or audit. My taxes are simple and the only deduction I am eligible for is the standard deduction.
I hope all of you Americans will get similar results. I'll be even happier if by the time I get the refund the exchange rates are much better.
I do my taxes via FreeTaxUSA - https://www.freetaxusa.com
I do not E-file. I send in paper forms, so it will be several weeks before I actually receive the refund as long as IRS doesn't dispute it. In my case there is not much to dispute or audit. My taxes are simple and the only deduction I am eligible for is the standard deduction.
I hope all of you Americans will get similar results. I'll be even happier if by the time I get the refund the exchange rates are much better.
I do my taxes via FreeTaxUSA - https://www.freetaxusa.com
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2lz2p
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Re: American IRS posts 2026 income tax information
I just eFiled my 2026 tax return. In the past, I used TurboTax and paid a fee of about $45. Thanks GB for the link to FreeTaxUSA.com. I used it this year. It took about 30 minutes as I had to enter all my data which would have been auto-filled by TurboTax. It was free and very easy to use.
I prefer to eFile as it is a simple process. Further, if getting a refund and filing early (late Jan or early Feb) it beats the rush and IRS usually deposits the refund in my US bank account within 7 days of filing. I just now rec'd notice from FreeTax that IRS has accepted the return.
I always use an Excel spreadsheet I set up years ago to calculate my refund/payment amount. Previously using TurboTax, my calculated amount and their final prepared return have always been in agreement. Likewise, in using FreeTaxUSA, my calculation agreed with theirs.
The Senior Allowance did help me considerably even though I still had to pay $139 in this year instead of getting a refund. Since I retired with a Civil Service pension, it was subject to what they call the "windfall" provisions because I paid into the Civil Service system rather than social security for 30 years - under those provisions, I received an amount based what I actually had previously paid into social security rather than the otherwise "minimum" amount. In early January 2025 congress passed a law, which Biden signed, that did away with the "windfall" provisions and was retroactive to Jan 1, 2024. In March 2025, I received a sizable lump sum payment for the resulting increased social security which was for the past 15 months and beginning in April, a new monthly payment which was more than double what I had been receiving.
Based on the lump sum and increased payments, I estimated I would have to pay about $1,500 in additional tax for 2025. However, unlike GB's situation, for me the new Senior Allowance resulted in a very substantial lowering of my final tax liability, so definitely a big plus.
I prefer to eFile as it is a simple process. Further, if getting a refund and filing early (late Jan or early Feb) it beats the rush and IRS usually deposits the refund in my US bank account within 7 days of filing. I just now rec'd notice from FreeTax that IRS has accepted the return.
I always use an Excel spreadsheet I set up years ago to calculate my refund/payment amount. Previously using TurboTax, my calculated amount and their final prepared return have always been in agreement. Likewise, in using FreeTaxUSA, my calculation agreed with theirs.
The Senior Allowance did help me considerably even though I still had to pay $139 in this year instead of getting a refund. Since I retired with a Civil Service pension, it was subject to what they call the "windfall" provisions because I paid into the Civil Service system rather than social security for 30 years - under those provisions, I received an amount based what I actually had previously paid into social security rather than the otherwise "minimum" amount. In early January 2025 congress passed a law, which Biden signed, that did away with the "windfall" provisions and was retroactive to Jan 1, 2024. In March 2025, I received a sizable lump sum payment for the resulting increased social security which was for the past 15 months and beginning in April, a new monthly payment which was more than double what I had been receiving.
Based on the lump sum and increased payments, I estimated I would have to pay about $1,500 in additional tax for 2025. However, unlike GB's situation, for me the new Senior Allowance resulted in a very substantial lowering of my final tax liability, so definitely a big plus.