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TurboTax is the ultimate tax filing solution for independent contractors, freelancers, and business owners. It is one of the most user-focused services that guides users through each step.
The Turbotax calculator is 100% accurate, and they double-check each tax return before filing.
They offer a maximum refund guarantee due to the access to more than 350 tax deductions, and each detail is reviewed carefully to guarantee error-free filing.
Onto our TurboTax review!
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How does TurboTax work?
The software is similar to an interview. Users are guided through easy-to-answer questions that may affect the tax situation, such as marital status and kids.
The answers allow TurboTax to identify the right credits and deductions, and what questions should come next.
Turbotax How To File 2021 Taxes
Filing taxes with TurboTax is a straightforward process. It is developed for first-timers and it uses step-by-step and plain-English questions to identify the right tax forms for each individual.
The software even makes recommendations for filing status, credits, and deductions, among others. The software also checks the returns for errors and makes recommendations on how to correct them.
TurboTax advisors are also available if you need expert advice.
Turbotax How Long To Get Refund 2021
TurboTax refunds require up to 21 days. Once you transmit the tax return, TurboTax sends it to the government. It can take up to 48 hours for the IRS to accept the request as they check personal information to ensure record matching. The quickest way is to choose the refund via direct deposit. If you need an update on the e-filed tax return, you may contact TurboTax via phone.
Turbotax – Why Is My Refund Lower?
The refund might be lower if you use the Refund Processing Service to cover the TurboTax online fees. Alternatively, this might have been reduced by the government to correct errors or using a refund offset. Fortunately, there is an IRS Where’s My Refund tool that helps you quickly identify whether the refund has been offset.
Turbotax How To File Extension
TurboTax offers access to form 4868 which allows you to file an extension. Complete it with personal information and mail the form to the suitable IRS address as per instructions. It is vital to mail the form by the initial due date of the tax return. TurboTax offers EasyExtension, an online tool that helps you file the extension in a few minutes.
How much is TurboTax Online?
TurboTax Intuit comes with a straightforward interface similar to a chat that also explains different concepts as you work on your taxes. You can easily import 1099s and multiple W-2s.
Is TurboTax free? The packages available are:
- Free plan which allows 1040 and state returns
- Live Basic starting at $50 with on-demand video access to human assistance
- TurboTax Deluxe starting at $50 provides tax deductions, Schedule C for income
- Premier starts at $50 and allows for the above features with the possibility to report investments and rental income
- Self-employed starts at $50 and adds support for home office deductions, special expense-tracking features, and also comes with QuickBooks Self-Employed for one year
The last three plans include ItsDeductible, a mobile app, and a feature that allows you to find deducted values for donations of objects, such as clothes and household items. The software is available across all devices.
RELATED: What Is Gross Income?
What Turbotax Should I Use?
There is a TurboTax product for each individual. If you are unsure which one is the right option, there is a short 2-step questionnaire to help you identify the right one. Additionally, their customer service team can offer you expert advice.
Frequently Asked Questions (Faq)
Which Turbotax For Rental Property?
For many needs, the Deluxe version is the best choice, including for rental property.
Where Are Turbotax Files Stored?
TurboTax stores all the tax files in the “My Documents”, and then “TurboTax” folders. This option is by default.
Turbotax Where To Enter Estimated Tax Payments?
If you made any estimated tax payments, you can enter them in the section entitled “Estimated and Other Income Taxes Paid”. Firstly, open the return and look up the terms “Estimated Tax Payments” and click on “jump to”. Then, select the type of estimated tax payments you would like to add, and press on “Start”. Type in the amount of estimated tax according to each quarterly due date.
Which Turbotax For LLC?
For a single-member LLC which is treated as a sole proprietorship, TurboTax Home & Business offers all the necessary tools to help you file your taxes. If the LLC has multiple members, TurboTax Business is recommended.
Turbotax Where To Enter 1095-C?
It is not required to file the form 1095-C with the IRS. As a result, TurboTax does not have it as a dedicated field. The 1090-C must be retained for personal records. Only the 1095-A form is required in the Health Insurance section. This is the only 1095 form needed by the IRS.
Which Turbotax Do I Need For K1?
Turbo Tax Self-Employed and TurboTax Online Premier support the K-1s.
Can Turbotax Do Back Taxes?
TurboTax can help you do your back tax returns with only a few steps. You need the W-2s or the 1099 forms received during those years to report your income. In case of credits and deductions, it is recommended to gather any supporting evidence to be able to claim them.
If there is any document missing from the past decade, TurboTax can help you request a copy from the IRS by filing the form 4506-T. Then, download the previous IRS tax forms that can be easily accessed using TurboTax and prepare the back tax returns according to their prompts.
TurboTax Cryptocurrency & Bitcoin
TurboTax helps virtual and digital currency users with their tax compliance. Platforms like CrypoTrader.tax syncs with TurboTax allowing you to file your cryptocurrency taxes.
Turbotax Customer Service
Customer support can be contacted via phone or chat. The TurboTax phone number is 1-800-446-8848.
Review on TurboTax: Summary
All in all, TurboTax is an easy-to-use software that will guide you through all the steps to file your taxes, get deductions, and more, regardless of your circumstances because there are different TurboTax products ideal for any individual. The interface is user-friendly and contains plain-English fields that can be filled in with ease. In case of any questions, the TurboTax advisors are ready to offer expert help.
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