IRS Reforms Free File Program, Drops Agreement Not to Compete with TurboTax

Re:IRS Reforms Free File Program, Drops Agreement Not to Com... by dehrmann on Tuesday December 31, 2019 @04:02PM (#21924711)

> They know all of your income down to the cent

If you have a W-2 job and all your investments are in a bank or brokerage, but they still don't know your filing situation, dependents, other income, or deductions.

Not that I'm justifying the current system. It's just that the IRS only knows the big picture for most people. The rest is complicated.

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Re:IRS Reforms Free File Program, Drops Agreement Not to Com... by torgian on Tuesday December 31, 2019 @09:26PM (#21926254)

Or if you work overseas and send regular payments to your bank account in the States, you need to make sure you file your Foreign Exclusion Tax form. Which is even more complicated. -.-

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Re:IRS Reforms Free File Program, Drops Agreement Not to Com... by redisman on Tuesday December 31, 2019 @04:34PM (#21924917)

Don't they know that from the W-4? Or does that not go to the IRS

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Re:IRS Reforms Free File Program, Drops Agreement Not to Com... by dehrmann on Tuesday December 31, 2019 @04:42PM (#21924981)

I'm not sure if it does or not, but you can have one W-4 per paycheck, so I thought it was just used to figure out your withholding. The amount withheld shows up on your W-2.

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Re:IRS Reforms Free File Program, Drops Agreement Not to Com... by zrail on Tuesday December 31, 2019 @09:51PM (#21926332)

W-4s are not filled with the IRS. Employers are required to maintain them for inspection whenever the IRS wants though.

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Re:IRS Reforms Free File Program, Drops Agreement Not to Com... by kelnos on Wednesday January 01, 2020 @06:53AM (#21927694)

There's no reason why they couldn't go to the IRS though. They could quite easily maintain this information and make it easy for you to update it come tax time if it's changed.

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