TurboTax has gained limelight since its initial release; 2001. It is an American tax preparation software that assists you in income tax preparation sans hassle. Developed by Michael A. Chipman of the company Chipsoft which is now acquired by Intuit, this software is widely used and for Mac it was named as MachinTax and was developed by SoftView.The software is structured so as to guide its user for the preparation of income tax statement systematically and is available for federal as well as state income taxes. This software is basically for individuals.
TurboTax comes with number of versions like TurboTax Deluxe, Premier and many others which differ from each other. The software usually releases its new version as soon as IRS accomplishes its revisions and approves the new version.
How to start with it?
The first thing is you need to create an account on the software. When a Turbo Tax account is created, it is an Intuit account. With this you can access Mint and Quickbooks too with same user ID.The software offers you free tax service for eligible taxpayers.
How to file tax online for free using the Turbo Tax Free File program?
First of all, go to the Turbo Tax website. Once on the website click on the see if you qualify button to find out if you can file your taxes for free. You will be asked some questions if your answer is yes to any one of them. Then you qualify for the free filing option. Now click on Start Turbo Tax Free File program button. You will be asked to create an account and login. After you do that you will be taken to your dashboard where the website will start asking you questions.
The first section is about your personal information like name, date of birth, occupation, social security number, marital status, etc. Once you are done filling in this information, then you move on to the income section. In here, you get two options in the first one, the website will walk you through the entire income category systematically, whereas in the second one you will be shown categories and you can choose which ones you want to work on.
Let’s start the income section by entering w two information. Enter the W-2 information as received by you. When you are done entering the info you will be shown a refund amount on your screen. Click the Continue button and you will be shown a screen to see if some uncommon situations apply to your W to choose accordingly and click Continue. You can add another two if you have one. Now you can move on to other income options like unemployment received retirement income, interest income, rental income, business income, etc. Then we move on to the deductions and credits section. Here you will be shown categories like property taxes, mortgage interest, earned income, credit etc.
Once you are done with this section, you will be asked if you want to enter sales tax information, choose accordingly and click Continue. Now you will be shown the best option for you to go with among standard deduction or itemized deduction. In this case, it was a standard deduction. Now you will be asked some questions about your health insurance coverage for the year. Answer these questions is applicable to you. Then you will be shown some other tax situations which might help you go through these and see if any of them are applicable to you. Otherwise, click on Done with another button. The next screen will confirm your social security number and date of birth to make sure this vital information is entered right.
The return is now reviewed to determine accuracy. any concerns are highlighted and you can revisit those sections to fix the problem. Once the problems are fixed, you will be shown your refund amount.
Now we move on to the state return. Add income here by clicking the Choose state button. Click on check my info button for one last accuracy check. You are good to file your taxes now and the refund amount will also be displayed here. If you can see your return qualifies for the Free File option.
Now to file the return with a website, you have to register by entering your name, address, phone number, etc. then click the Register button. Once registered, choose how you would like to receive your refund from the given options. Now you are ready to E file your return for free using Turbo Tax Free Edition program. You will be sent a verification code on your email to verify your email address. Once you enter that, you will be asked some additional questions about your last year’s return. Enter a valid identification and you will be taken to the finally file screen where you can choose a pin number to file. Now you can submit your tax return. Claims must be submitted within 60 days of your Turbo Tax filing date, no later than 31st May 2020.
- Fast refunding of tax
- Free and quality assistance to the users
- The software supports all the tax forms
- Full confidentiality
- Accurate Calculations; more money in pocket.
- Security and Safety
- In touch with CPAs or EAs online
- Unlimited Advice
- Genuine Information
- User friendly, live on screen support
- Everything is saved as you go.
- 24X7 support
Do remember that free filing has a qualifying criterion and only if you fulfill that criterion you will be allowed to file for free.
Like many other sites and apps, you can access the software via website on your system or can download the mobile app. The company let you start at any device you want. The software offers you customization by asking questions and the asked questions can be answered by layman also as they are not tax focused. Less about Taxes! More about you!