Tag: Tax preparation

TurboTax Freedom Edition: An Overview

The TurboTax Freedom Edition, not to be confused with the regular Free Version, is a tax preparation software offered by Intuit¹. It’s designed for individuals with simple tax returns and offers free federal and state tax preparation⁴.

TurboTax Freedom Edition
TurboTax Freedom Edition

Who Can Use It?

The Freedom Edition is ideal for those with W-2 income and those looking to maximize tax credits for dependents¹. It’s also suitable for individuals who qualify for the Earned Income Tax Credit (EIC) and Child Tax Credit¹.

Features

The software is user-friendly and guides users step-by-step through the tax filing process¹. It allows users to import their W-2 forms, answer basic questions about their life, and get their maximum refund¹. The software also offers features like CompleteCheck™, which scans your return to ensure it’s 100% accurate¹.

Limitations

While the Freedom Edition is more fully-featured than the regular Free Edition, it’s intended for simple tax returns only⁴. It does not cover situations like itemized deductions, unemployment income reported on a 1099-G, business or 1099-NEC income, stock sales, rental property income, or credits, deductions and income reported on other forms or schedules².

Customer Reviews

Users have praised TurboTax Freedom Edition for its ease of use and helpful features. Some testimonials include appreciations for its user-friendly interface and stress-free tax preparation process¹.

In conclusion, the Freedom Edition is a valuable tool for individuals with simple tax situations looking to file their taxes at no cost. However, it’s important to understand its limitations and ensure it suits your specific needs before using it. For more complex tax situations, other versions of TurboTax may be more appropriate.

(1) Free Tax Filing with Free Edition – See if you Qualify. https://turbotax.intuit.com/personal-taxes/online/free-edition.jsp.
(2) Solved: Do I qualify for the TurboTax Freedom Edition if I’m self …. https://ttlc.intuit.com/community/taxes/discussion/do-i-qualify-for-the-turbotax-freedom-edition-if-i-m-self-employed-and-earned-less-than-33k-it-told/00/752681.
(3) TurboTax® Free Edition – Customer Reviews. https://turbotax.intuit.com/reviews/online/free-edition/.
(4) TurboTax Free Edition 2023 + Free State (Income Limit?) – Mighty Taxes. https://www.mightytaxes.com/is-turbotax-free/.
(5) Is there a Freedom Edition for 2019? I have filed under the Turbotax …. https://ttlc.intuit.com/community/taxes/discussion/is-there-a-freedom-edition-for-2019-i-have-filed-under-the-turbotax-freedom-edition-for-several/00/150491.

Missed the April Tax Deadline 2022?

Tax season is here again, and if you’ve missed the April Tax deadline 2022, you have some important decisions to make. First thing’s first: what should you do if you missed the April 15th Tax Deadline? You can do three things.

April 18 was the deadline to file your tax return. If you missed the filing deadline and need more time, we can help. Apply for an extension of time to file your return by April 18. Depending on your situation, you don’t have to pay any additional taxes due by doing this. The extension gives you until Oct. 15 to file and pay taxes without penalty or interest charges.

April Tax Deadline 2022
April Tax Deadline 2022

Tax Deadline

Tax laws are complex, and filing late can lead to costly mistakes. This year, there’s still time to discharge your taxes if you missed the April deadline by filing an extension. April is the best month for tax extensions. If you owe interest or penalties skip straight over to the payment instructions and find out how to pay now and avoid late fees, penalties, and interest charges. For details on other extensions, see below…

Don’t stress. You have options if you missed the April tax deadline. If you’re looking for resources to help, visit IRS.gov, or call 800-829-1040.

Penalties and Interest

If you’ve filed your taxes late, you should send a payment as soon as possible to avoid penalties and interest. The IRS accepts many forms of payment, including by check or money order, online payment via debit or credit card, and even payment by phone with a credit or debit card. No matter which method you choose, it’s important to include a cover letter with your name, social security number and the exact amount you are paying.

Extra Time To File

Because of recent major disasters declared by the President, taxpayers who have been affected by these events have extra time to file their tax returns and pay any taxes due. This includes some disaster victims, taxpayers living overseas, certain military service members and eligible support personnel in combat zones.

The Department of Defense offers Military OneSource® members a free tax resource through MilTax. Eligible MilTax users can file their federal and up to three state income tax returns for free. MilTax is easy to use, accessible from any computer with internet access, and takes only about 20 minutes.

Government Report Shows Former IRS Employees Still Accessing Taxpayer Data

According to a recent Government Accountability Office report, the IRS continues to leave its vast computer systems without proper security. Private taxpayer data is vulnerable to hackers, fraudsters and former IRS employees. This GAO report tells of significant deficiencies relating to the financial reporting systems. Millions of Americans are rightfully concerned because they are required by law to file tax returns but worry about fraud.

The IRS must continue making improvements to taxpayer financial data controls. This news comes in the wake of a very unpleasant six weeks for taxpayers and the IRS. Taxpayers have entered this filing season with greater fears over fraud. TurboTax recently announced it was suspending tax return filings due to fraud.

Taxpayer distress became more severe when some learned that their tax return had been filed by someone else who received their refund. At first, it did not involve federal taxes, only state returns. The FBI began investigating returns filed using TurboTax. Those interviewed about this spoke of data being compromised and returns may have been filed on the basis of 2013 returns.

IRS Employees
GAO Office

The report tells of easily compromised IRS passwords and outdated software having improper security functions. Worse yet, at times the IRS fails to delete access for employees who quit or have been fired.

Additionally, former employees of the IRS retain access to its data system when they should have been immediately cut off. A co-author of the report says that there is a plethora of taxpayer data that remains at risk for identity theft.

Taxpayers have no confidence in the credibility and security of the IRS especially after the Treasury Inspector General for Tax Administration stated that 1.6 million taxpayers had been affected by identity theft early in 2014. It was a fraction of that four years before. Electronic filing likely plays a role.

The GAO warns that gaining access to IRS files does not require much sophistication on the part of hackers. At the same time, it reports that some security weaknesses have been addressed, but more improvements must be made.

TurboTax Responds Well To Issues

We are currently in the midst of the tax season, and many tax filers already received their refunds. These individuals should feel happy and lucky because there is an issue currently afflicting the tax industry. Based on recent reports from the TheBestCompanys.com, some individuals are not receiving the refunds they were expecting. Apparently, identity thieves found a way to claim and steal from these unsuspecting individuals. Try using TurboTax 2015 next year.

Since the start of the year, internet fraud on the Turbotax 2015 free platform increased by approximately 37%. This percentage includes suspicious filers and filers who had their information compromised by hackers. TurboTax 2013 creators were not aware of this glitch for quite some time. When they discovered the issue, they started making changes to their interface, and now these issues are becoming less frequent.

The chief tax officer of Intuit, David Williams, believes internet fraud will be an ongoing problem. If they correct one problem, he expects a similar problem to pop up somewhere else. Intuit plans to do their part by placing safeguards and deterrents in vulnerable spots within the interface. Make sure to keep your data safe by updating the software often and working in a secure environment.

TurboTax 2015
Photo by CustomUSB.com

This will help out the tax filer tremendously, but the tax filer needs to do their part as well. Intuit encourages tax filers to guard their information when they are filing a tax return. This will put another barrier in front of any hackers and thieves. Use a firewall on your personal computer, run virus scans, and do not use public wifi services that are not secure. Thinking about doing your taxes from a hotel room, wait to get home as hotel wifi signals are not secure.

Healthcare & Intuit TurboTax

To know the ropes of TurboTax Health care and understand the highlighters of Affordable Care Act, turn your glances towards Intuit Inc. to get apprised of the facts. In addition to Health Care, you can File taxes online 2013 with the assistance of nation’s No. 1 rated online tax preparation services, Intuit TurboTax.

TurboTax(R) has been at your services for over 20 years, and has helped countless Americans decode the know-how of taxing processes. And, with the innovative launch of TurboTax Health, it has widened its spectrum and has taken up the initiative to educate the uninsured Americans how they can be a beneficiary of the Affordable Care Act, as per their requirements.

English: Depiction of the House vote on H.R. 3...
English: Depiction of the House vote on H.R. 3590 (the Patient Protection and Affordable Care Act) on March 21, 2010, by congressional district. Democratic yea Democratic nay Republican nay No representative seated (Photo credit: Wikipedia)

Feel free to logon to www.TurboTaxHealth.com, and check out the new free online tool TurboTax Health. It provides you with the insight into ACA, and how you can make the most of it through an interview-like experience, synonymous with the popular TurboTax software.

Making health care choices can be brain-rattlers, for people may not be sure if they are barking the right tree. Hence, this is where TurboTax Health steps in, and in three easy to-understand steps familiarizes you with Affordable Care Guide. You learn about the health care options you have to make the right decision. Answering to few questions simplifies thing for you, including:

  • · Do you qualify for a tax subsidy? And the estimated amount that would help you to get health insurance at a discount.
  • · Know the estimate of how much you have to pay for your health insurance.
  • · You come to know about the tax penalties in-case you opt not to go for health insurance.

For the ones opting to buy health insurance, TurboTax Health simplifies things for you, as it gets you connected to your state or federal health insurance sellers, or to eHealth, a leading private health insurance site.

Intuit Inc. has helped Americans to decode the complexity of taxation procedures and educated the masses with layman’s terms on the latest tax laws and legislation, and this process they have carried forward with health care.

People with health care queries can get their answers from TurboTax Health, which has created a unique social community of tax professionals and, personal experiences of peers. With the help of AnswerXchange community, people are breathe easy has they can get step-by-step guidance and be more confident on taking their own decision for their health care needs.

With Intuit you are in safe hands, as it has made impression with revenue of $4.2 billion in its fiscal year 2013.

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How To Check Your Tax Return Online

Check Your Tax Return Online

Everyone needs to be updated on the progress of his or her application for a tax return after they file. Failure to do this could unnecessarily prolong the waiting time, which is typically twenty one days. In most cases, the internal revenue service, commonly known as the IRS, is able to meet the 21 day target. However, delays associated with incomplete information or inaccurate details will hold up the process especially if the applicant does not get details of the hindrance. As a rule of thumb, one is advised to keep track of the process by checking the status of his or her tax return online.

There are several ways of verifying the condition of your tax return. To begin with, one can use a telephone to check the status of is of her tax return. The process is simple and it entails calling the IRS hotline at 1-800-829-1954. Besides this toll-free hotline, those with iPhone and Android phones can also check their tax return via a special application, IRS 2go. If you would like to check your tax return status online, the IRS website is the most appropriate place to visit. The website application is easy to navigate through and thus accessible to all and sundry.

The Where’s my Refund IRS web application will help you get the status of your tax return. However, this website is usually updated once in a day. For electrically-filed tax return, the refund information should be available in 24 hours after ISR receives the information. Alternatively, you can check your tax return online by simply having your security number ready at hand while logging in to the IRS website. Going by this option, a number of details would be required, including the exact amount to be refunded. Nevertheless, the goal will be met since one will be able to quickly learn the status of his or her returns.

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