Business

IRS opens Free File, will accept returns on Jan. 20; changes due for Affordable Care Act reporting

The early bird can expect both the worm and, from the Internal Revenue Service, a quick refund.

The IRS announced this week that the country’s 2015 Free File program, available at IRS.gov, opened Friday, and that the agency will begin accepting and processing all returns on Tuesday, Jan. 20.

Taxpayers will have until Wednesday, April 15 to file their 2014 returns and pay any due taxes.

This year’s return includes new questions related to the Affordable Care Act. Most taxpayers will simply be able to check a box to verify that they have had health insurance during the 12 months of 2014.

A minority of taxpayers will be required to do more. For more information concerning the responsibility to report, taxpayers can visit IRS.gov/aca. The site features information and tips related to the premium tax credit, the individual shared responsibility requirement and other matters.

The IRS said in a release that it expects to issue more than 90 percent of refunds within 21 days of receipt.

  Comments