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Turbo tax Form: What You Should Know

There's a form for each IRS Form — Turbo Tax Tax Tips & Videos — Intuit Sep 22, 2024 — If you have a simple tax return, you can file with Turbo Tax Free Edition, Turbo Tax Live Basic, or Turbo Tax Live Full Service Basic. A simple tax Learn all about the Tax Forms you need to send and what you should do when you file to avoid any surprises. Turbo Tax Tax Tips & Videos — Intuit TurboT ax Videos — Intuit Sep 25, 2024 — If you have a simple tax return, you can file with Turbo Tax Free Edition, Turbo Tax Live Basic, or Turbo Tax Live Full Service Basic.

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FAQ - Turbo tax

Does Turbo Tax get you the biggest refund?

It would be illegal for any of them to vary in the amount they can get youbecause that means one of them is doing something wrong or at least notacting in your best interest. Seriously to most tax pros I know itu2019s justmath and they donu2019t even want to admit that thereu2019s any subjectivity involved.They donu2019t feel they have any control over the amount they get you.TurboTax isnu2019t a marketing hoax when you read the fine print which surelysays compared to other online sites. But of course itu2019s still just a websiteor tax program so it is what it is. Neither can get you a bigger returnunless they can find something you did wrong. Neither can get it to you fasterbecause itu2019s not them sending you the money. So theyu2019re all the sameu2014if youknow what youu2019re talking about. But no one does and thatu2019s where thedifference lies in our ignorance.A tax accountant or enrolled agent or tax pro of course can do more knowsmore knows your situation and has a vested interest to perform. She probablygot a masters in this subject so knows as much about tax as a lawyer knowsabout law. You canu2019t fake tax or softskill tax any more than she can fakeprogramming or chemistry. But if youu2019re at the Turbo Tax level and mostpeople are she may not be worth the money. Turbo Tax and other similarsoftware packages are there for people who care more about the initial outlaythan anything else and have taxes that are simple enough to do themselves.Iu2019m personally suspicious that anyone does them correctly on those sites andquantifying that risk is IMHO where the professional comes out ahead. Forexample Iu2019m sure 25 of people get the question u201care you married or a head ofhouseholdu201d incorrect on page one and thatu2019s a big deal. But in theory ifyour taxes are simple enough to do online and you know all the vocab or arewilling to take the time to figure it out on the spot and not make any callsor do any guesswork itu2019s all data entry from there. I used to do my CAEZ onthe phoneu2014literally just punch your SSN and the amount you made into a touchtone phone Later when I started doing them online I had an MBA and wasteaching Accounting at the college but before I had a specific tax licensecould still barely do my taxes online. Now thereu2019s always someone whou2019s goingto pop in here and say how easy it is but I suspect they just donu2019t even knowenough to know what questions to ask in order to confuse themselves

Can a person on an F1 OPT visa file their taxes using tax software like TurboTax?

Individuals on an F1 OPT visa who have been in the US for 5 years or fewer areconsidered nonresident aliens for tax purposes and file Form 1040NR or 1040NREZ which cannot be filed electronically. Turbo Tax does not support Form1040NR or any of its variants. There are some Web sites that will generateprintable copies of the forms online I have not used any of them so I cantvouch for how good they are. If you have been in the US for six or more years then you determine whetheryou qualify as a resident alien using either the substantial presence test orgreen card test. If you qualify as a resident alien you can file Form 1040 orone of its variants which can be filed electronically otherwise you are backto Form 1040NR.

Can a resident alien international student use software such as turbo tax tofile taxes?

A resident alien who possesses a green card an ITIN or another form ofidentification with which to file an US Federal Income Tax Return may file aForm 1040 1040A or 1040EZ. These forms are more easily prepared using taxsoftware such as Turbo Tax. That is not to say preparing a tax return iseasy. The degree of difficulty depends on the taxpayeru2019s ability to read andunderstand the English language understand the applicable laws and theability to complete a form that many find quite difficult.Thus the answer to the question u201cMay a resident alien international studentuse software like Turbo Taxu201d is yes but whether that student u201cCANu201d is anentirely different question. At the very least that student is best advisedto visit the local IRS or State Department of Revenue offices where they mayreceive some basic assistance from a trained volunteer tax preparer unlessthey have the necessary knowledge ability understanding and experience toprepare the tax return on their own..

What are the pros and cons of using Turbo Tax?

Pros 1. Cheap While they claim and promote free...it is actual free for Federal but costs roughly 30 for State. Still pretty cheap to file taxes. 2. Fast If your taxes arent complicated you can easily file your return in 1 hour. 3. Partially Automated Turbo Tax has APIs to download a number of W2s and also Stock Activity. 4. Online It is available online to start on your time schedule. You dont have to make an appointment and wait for a tax preparer to see you. 5. Simple for 90 of population The vast majority of the population have a simple financial situation and use the standard deduction for filing taxes and Turbo Tax is great for this situation. 6. Keeps your history While I highly recommend printing out your tax return and saving in a safe spot...Turbo Tax has your historical information and you can access it if necessary.Cons 1. Cant be used for complex financial situations If you own your own business or have to pay AMT...I would highly recommend talking to a tax professional. 2. Limited tax advice While there are some simple strategies and Turbo Tax asks important questions you will only get limited feedback. If you have any specific questions or complex future plans Turbo Tax most likely will not be the greatest source of information. 3. Reliant on the company Normally this wouldnt be an issue but Turbo Tax already had an issue in Minnesota but has been fixed.Minn. Stops Accepting TurboTax Returns Due To Potential Fraud Minnesota resumes accepting TurboTax filings after suspicions of fraud

Is Turbo Tax effective at saving me money?

Turbo Tax is not a person.It cannot save you money. It is a computer program which makes computationsbased on 1 tax law and 2 the information you feed into it. If you feed itwrong information it will spit out wrong information.You have a u2018gut reactionu2024 that somehow your 1000 tax liability is notcorrect.To be blunt here if you were wellversed in income tax preparation youwouldnu2019t need Turbo Tax and could tell immediately if something was wrong.That is a nice way of saying your gut feeling is not evidencebased. Itu2019s onlya feeling. The number i.e. the amount TT is telling you to pay could beright and it could be wrong. Without looking at your tax return nobody reallyknows.That being said you will pay more taxes than an employee that just made 11Kall other things being equal simply because you are self employed. Beingself employed means that you will be paying an u2018extrau2024 7.65 in federal taxeswhich represent medicare 6.2 and social security 1.45 taxes that wouldnormally be paid by a wouldbe employer.If this is your first year in business for yourself and have previouslyworked as an employee for a company this is one possible reason the taxesu2018seemu2024 high to you relative to what you made. However Iu2019m just guessing onthat point.As for what to do now perhaps before filing your return it may be to youradvantage to take it to a tax service such as HR Block Liberty or Hewitt andask them if theyu2019d be willing to give your tax return a quick glance to see ifthey can see any glaring errors. Iu2019m sure they wonu2019t do it for free but iftheir fee seems reasonable to you it may be worth your while to get a secondopinion so to speak u2024 just for your own peace of mind.

Is H&R Block a better option to file taxes than Turbo Tax?

As a tax professional at HR Block Iu2019m of course going to say that HR Blockis better than Turbo Tax but I have reasons besides just gaining yourbusiness Iu2019ve seen enough people come in that had previously done their return in Turbo Tax and other online tax products where the software had calculated the taxrefund incorrectly. Some of it was due to the client not knowing the correct tax law but most were the software just plain entering random information that the person hadnu2019t put in. This has resulted in letters from the IRS about the incorrect information and demanding additional taxes penalties and interest owed. In some cases when a return is more complex caution has to be taken when knowing what deductionscredits to take especially if you have a business or rental property. A tax professional will know the intricacies of the tax law and can help guide you and prepare the return correctly. For the small percentage of people who knowingly try to defraud the IRS by claiming children that are not theirs to claim credits get a higher refund the IRS will eventually find out and there will be severe consequences up to and including massive fines inability to claim the credits you should not have claimed the first place for up to 10 years and jail time. For these people itu2019s very easy to do a fraudulent returns and collect the refund in any online tax software because thereu2019s no upfront verification of your identity or those of the children that are claimed.I know the last one sounds severe and Iu2019m assuming I hope this does notapply to you. If your situation is fairly simple one or two W2s nochildren etc. online software can make more sense as most companies willprepare the federal return for free some companies will charge you to preparethe state return though others donu2019t. HR Block has an online product thatworks well and is free for both federal and state for simple returns.However when you come into an HR Block office you have the confidence ofknowing your return is prepared accurately and honestly. We will also askquestions about other potential income as well as credits and deductions youmight be able to claim that you havenu2019t thought of. We can also provide taxplanning advice at no additional charge.Hope this information is helpful to you and that we see you in one of ouroffices soon

What is the fastest time you have ever received your tax refund using TurboTax?

A few days by filing electronically. I have found it beneficial to file thestate return electronically even though it has a relatively high cost 24.99 in 2024. The one year I did not file my state form electronically Istill had not received my substantial refund for me by October. When Ifinally called the California Franchise Tax Board I got my refund in a coupleof days. From that time forward I file both Federal and State returnselectronically.One nice thing about using tax software is that the software makes correctionsthroughout the forms for any adjustment to figures you may have to make.

How easy is Turbo Tax to use for someone who knows nothing about U.S. taxes?Is there a program that's better?

Turbo tax is fools gold. Looks great. Marketing is great. People love to saydid it myself and dont need no expensive accountant. Right. Sure so whyis it that the IRS admits that taxpayers overpay their taxes by billions ofdollars By the way they do nothing to alert taxpayers that they haveoverpaid. Its a tails you lose heads we win world when dealing with the IRS.Why would someone walk into a shooting war with a slingshot when you couldfor a reasonable price hire Rambo Doesnt make sense. False economy. If you spend the time and research the tax code rules regulations and recentcourt cases read the instructions to the software carefully and proceed verycarefully you dont need an accountant. Plan on spending at least 40 hoursevery year doing research and education because thats what an alreadycompetent CPA is required by law to do in most jurisdictions. So now thatyouve spent all that time being educated are you really saving any moneyWhats your time worth Are you sure you read that arcane legal mumbo jumbocorrectly Wouldnt it make sense to have someone check your work After allits only your money at stake. Oh and when you get all that done watch outbecause every year the experts find errors in home tax prep programs..sometimes gaping errors. It was so bad last year that several states REFUSEDto accept TurboTax prepared returns. do the research you will see. Despitemassive marketing and advertising home tax programs are not all they arecracked up to be. Even the best of them are only very sharp tools in thehands of someone who isnt experienced and trained there are bound to bebloody accidents. But hey its just your money... and you will never knowthat you overpaid. Ignorance may indeed be bliss. Go find yourself a competent reasonable CPA or EA. They will save youmultiples of what you pay them. Youll get good financial planning ideas havesomeone to bounce ideas off and have a good feeling that things are in order.Dont mess with the IRS. Oh and if you do by some unfortunate chance win theIRS audit lottery and have to go for a stripsearch audit who will be thereto protect you and defend you If you have a competent preparer they willaggressively defend you. Yes I am a CPA and yes Ive spent my career helping people with theirtaxes. The most fouled up situations I have encountered have involved tax prepprograms. In fact I offer a guarantee in my practice if I cant find savingsequivalent to my fee after reviewing 3 years of home tax prep returns itsfree. Ive never had to eat my words.

Would you trust Liberty Tax service with a simple return or go to Turbo Taxfor less?

Fraud Allegations At Liberty Tax Franchises Raise Questions

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