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This full-service option takes place using technology and live video, and lets you have your tax return completed in full by a licensed CPA or tax expert. Not only that, but TurboTax Live also offers a full-service option as of 2021 (for the 2020 tax year). Just remember that, for TurboTax Live, you’ll pay about twice as much as you normally would for the software. This is an excellent option for someone who wants to have the highest level of tax preparation expertise but doesn’t want to pay the high cost of engaging a CPA to do the entire job. If any changes are needed before filing, the CPA or EA will make them for you. Once your tax return is complete, it’s reviewed by a tax expert.
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With TurboTax Live, you’ll pay more for your software program upfront, yet real tax experts are available to answer questions and help you figure out problems as they arise. TurboTax added a feature that can help make filing your taxes considerably easier, called TurboTax Live.
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It does this through its Where’s My Refund? feature, which enables you to track your refund from filing through receipt.įile for FREE with TurboTax What’s New in TurboTax for 2021 If you’re entitled to a refund, TurboTax lets you track it. This usually happens within one or two days, but in my experience, it’s usually within a few minutes - it’s that fast! It notifies you by email when your e-filed tax return is accepted by the IRS. You can also print copies for your records or save them to your computer for future use.īut TurboTax doesn’t disappear on you once you file. But you always have the option to print your return and file it by traditional mail. In most cases, you can e-file - at least, for your federal return. “If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we’ll pay you the penalty and interest.” Here’s what TurboTax says about their guarantee on its website: It also has an accuracy guarantee that can protect you in the event a mistake is made on your return. If you’re satisfied the information is accurate, you can then go about the business of actually filing your return.īut, before you do, you should know that TurboTax offers a few very important guarantees.įirst, it promises to get you the largest tax refund that’s legally possible. TurboTax also provides you with a summary to review before filing your return.
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The software then makes suggestions on how to lower your tax liability, such as putting more money into a tax-advantaged retirement plan. Once you’ve answered every question and provided all of the requested information, TurboTax will review your return and let you know if there are any errors or missing information. According to the Internal Revenue Service (IRS), the standard deduction for the 2020 tax year is $12,400 for singles, $18,650 for heads of household, and $24,800 for married couples. You might find that your deductions aren’t substantial enough to itemize, which has become fairly common since the Tax Cuts and Jobs Act (TCJA) raised the standard deduction.
You’ll be asked to provide the information for medical expenses, mortgage interest paid, state and local taxes, and charitable deductions, if you have any. Next, you come to the deductions portion.
With that capability, entering stock trades becomes a breeze. But it’s also possible to import the capital transactions schedule from your online brokerage account. It gets a little more complicated when you have to enter stock transactions. You’ll also be asked to provide information from 1099s, like bank interest or dividends earned.
This means you can upload the tax forms directly to the TurboTax platform, and it gleans some of your information without any work on your part. However, W2s from many large employers are available for direct import, making the task even easier. From there, the questions become more substantial, and most are fill-in-the-blank type questions.įor example, you’ll be asked to fill in information directly from your W2. For example, the process begins with some basic information about your employment and family size. The questions that TurboTax asks are very basic and easy to answer, and they’re also grouped around general tax topics. Let’s do a walk-through of TurboTax so you know what to expect, and which documents you’ll need before you begin. Once you purchase the software and start the process, you’ll mostly follow a simple question and answer format.Įven if you don’t know anything about income tax preparation, this sequence can easily guide you through the process. One major benefit of TurboTax is its user-friendly and intuitive user experience.
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