, turbo Tax, the Intuit product with the biggest household name, collects the sensitive details necessary to do your taxes : your Social Security number, where you work, your income, whether you own a home, what deductions you’re eligible for, and where you bank.
While we were reading we ran into the question “Why do people use turbotax?”.
, turbo Tax is tax preparation software. You can use it to fill out your state and federal income tax returns. The software allows you to electronically file your tax returns once you’ve completed them. You have the option to print out your returns to sign them physically and mail them to your designated address as well.
The main advantage of Turbo. Tax is that it can import these forms automatically and spare you this step. But here’s the thing about the forms: The IRS gets them too.
Here’s the short answer: If you made less than $34,000 in 2018 and paid Turbo. Tax to file your federal income taxes, then you most likely got ripped off. I know, it’s July, the sun is shining, and the last thing you want to think about for the next eight or nine months is taxes.
This of course begs the question “Should I buy TurboTax software for my PC?”
On the other hand, if you buy Turbo. Tax software for your PC, at the end of the day you have both the tax return data file and the software that created it. If you need to you can go back and review all of the inputs you made that resulted in the finished return. The entire creation process is visible to you.
Does TurboTax save your tax return as a data file?
But while Turbo. Tax Online does prompt users to download a copy of their tax return when you file, it saves the return as a PDF. It does not prompt you to save the return as a data file. And while there is a way to do so, it’s not obvious that’s what you’re doing – at least in the 2010 version.
The next thing we asked ourselves was: how does TurboTax keep you up to date with your tax returns?
Before transmitting your returns, the company uses its Complete. Check software to run a comprehensive review so nothing gets missed. Once you submit your taxes, Turbo. Tax sends an email confirmation, and you can keep up with filing and tax return progress on the Turbo, and tax app.
Well,, turbo Tax subtracts its fees from your federal refund with your permission. , turbo Tax also guarantees to cover any IRS or state debt resulting from a calculation error., turbo Tax is an online tax prep and filing software with plans for every tax bracket.
While we were researching we ran into the inquiry “Is TurboTax archiving tax data for 2010?”.
UPDATE: 12/7/11 — Turbo. Tax is now making changes and will start archiving tax data files for tax years 2010 and later, according to Bob Meighan, vice president, Turbo, and tax. For more details — and how to get .tax files for returns earlier than 2010– see my latest post, Lessons from the cloud: How I got my Turbo. Tax data back.
How much does TurboTax cost?
, turbo Tax online offers four different ways to file your taxes, depending on your unique tax needs. With all versions except desktop computer software, you can start and enter your information for free. You only pay at the end when filing your federal and state tax returns. Prices do not include any discounts.
How do I open a TurboTax tax return?
By default, Turbo. Tax saves tax files in the My Documents Turbo, and tax folder. After locating the path to the tax file on your computer, open your tax return using the same version of Turbo. Tax for that year. For example, open your 2020 return in the Turbo. Tax 2020 program and your 2019 return in Turbo, and tax 2019.
Should you hire a tax professional or TurboTax?
While some people with very complex or unique situations may feel more comfortable with the direct assistance of a tax professional, the majority of tax situations are easily covered by Turbo, and tax., turbo Tax offers online and desktop versions of its software, with different prices depending on your tax filing needs.
, yes, turbo Tax uses fraud prevention and other security measures to keep your personal information safe. , is turbo, and tax good?, turbo Tax offers multiple levels of tax services, including a free plan for basic tax returns.