The IRS has launched a new program this year -- it's called "Free File", and it enables you to prepare and e-file your personal income tax return online for free.

But, alas, there is no free lunch and likewise this "free" program isn't really free for everyone. You have to meet certain eligibility requirements to take advantage of Free File, so read on!

Simply put, Free File is a new government program that enables certain qualifying individuals to both prepare and e-file their income tax returns for free -- online.

The IRS has entered into a partnership with 17 private tax software companies who each offer their services to public at no cost.

But here's catch: not everyone qualifies, and each of 17 software companies has different eligibility requirements.

Generally speaking, lower income people qualify, as do people of certain ages and those who live in certain states.

(Gee, sounds confusing, doesn't it? Guess that's why it's a government program.)

There are 3 main requirements. You only have to meet one of these criteria to qualify:

1. Income -- if your income is below following amounts, you qualify. Take note: there are several different qualifying amounts, depending on software vendor.

TurboTax -- $27,000 FreeTaxReturns.com -- $28,000 H&R Block -- $28,000 TaxBrain -- $12,000 CompleteTax -- $33,000 Efile-Tax-Returns.com -- $28,000 FreeTaxUSA.com -- $30,000 TAXSLAYER.COM -- $30,000 TAX$IMPLE -- $28,000 Free1040TaxReturns.com -- $25,000 ezTaxReturn.com -- $40,000 TaxEngine -- $9,200

Here we are again its tax time. And with all turmoil in our country not to mention in our private lives, Uncle Sam expects us to sit up and take notice of time of year and file our tax returns with IRS. Well I don’t know about you but with all tax law changes and comings and goings it can be down right confusing for average American. I spend half year before January studying and preparing to meet all of my clients needs and goals, and I still can find a surprise or two at my desk each morning. Take for instance new “Savers Tax Credit,” this little gem will only be with us next four years, by time it catches on…it’ll be gone.

Retirement Savings Contribution Credit is a tax credit allowing eligible contributions to an employer sponsored retirement plan or an IRA become tax deductible. A percentage of your qualifying retirement contributions are determined by using federal form 8880.

Qualifying retirement plans are Traditional and or Roth IRA contributions, and salary reduction contributions to most employer sponsored retirement plans (401k). You may include certain voluntary after tax plans as well.

You cannot claim this credit if any of these circumstances apply to you: You were born after January 1,1985 You are claimed as dependents on another persons return You are a full time student

Table of Income and Filing Status Percentage for Retirement Savings Contribution If your filing status isAnd Your AGI isYour Percentage is Married Filing JointlyNot over 30,00030,000------32,50032,500-------49,99950,000 or Above5020100 Head of HouseholdNot over 22,50022,500----24,37524,375----37,50037,501 or Above5020100 Single, Qualifying Widow(er) or Married Filing SeparatelyNot Over 15,00015,000-----16,25016,251----25,00025,001 or Above5020100

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