Turbo Tax = More $$$
Mar 09 '01 (Updated May 10 '01)
The Bottom Line Preparing your tax return doesn't have to be difficult. Turbo Tax for the web has made filing taxes easier!
I consider myself very capable when it comes to our family finances. Filing our tax return, on the other hand, is not so simple. This is the second year we've used Quicken Turbo Tax for the Web. Last year, we didn't own a home, but it was our first year married. This past year, we've bought a house and had our first child. Without the help of Turbo Tax for the Web, we would have not known about many deductions. We actually received a bigger refund because of using this online service!
Let's start with the website itself . . . www.TurboTax.com
Cost to File:
1040EZ - Federal - $6.95 --- State - Free
1040 - Federal - $14.95 --- State - $9.95
Your first choice is which form to use.
1040EZ is used when income is less than $63,000 if you're married, $57,500 if you're single
1040 is used if you own a home
I know there are several other reasons for which form you choose, these are just the basics. My husband and I used the 1040 form.
This review is based on our experience.
Next is choosing to Start a new return or Continue 2000 tax return. If this is your first time you would start a new return. If you have used this service in the past, you can enter your Member ID and Password to transfer information from previous returns. If you don't remember your member id and password, you have to start a new return.
There are 9 EASYSTEPS
~ Personal Information ~
This first EASYSTEP is the most important. By the information you enter here decides which form (1040EZ or 1040) is best to use and how you should file (Single, Married filing jointly, Married Filing Separately.) You enter information such as your name, address, phone number, occupation, date of birth, social security number, and dependent information.
~ Income ~
This section is pretty basic. This is where you enter your W2's and any type of investment information that you make money on.
~ Deductions ~
Under deductions, you have the choice to itemize your deductions. Some of these choices include child care and education expenses.
~ Taxes & Credits ~
Here you find out if you qualify for Earned Income Credit as well as business credits.
~ Misc ~
This section is for special situations, such as and extention of time to file.
~ Review ~
You can run Error Check to check for any mistakes so that you may correct them before you file.
Also, there are four sub-categories:
- Deduction Finder - Are there any deductions you may have missed?
- Audit Alerts - Lets you know if there is anything on your return that may trigger an audit.
- Averages - You can compare your return vs. the average U.S. return.
- Tax Report - Tips on how to reduce your taxes for the following year.
~ State ~
They use your information you've already entered for Federal to determine your State return. Quick and simple!
~ Filing ~
This section tells you how to electronically file, gives you the status of your return, and gives you your order information and summary. This is also where you enter your credit card information for payment.
If you don't already have Adobe Acrobat Reader installed in your computer, you will need to download it here. This is the format they use to view and print your return.
If this is your first time using Turbo Tax for the Web, you will need to print and sign papers to mail into the appropriate tax offices.
This is also where you choose how you would like to receive payment if you have money owed to you. Your choice is a check by mail, which may take a month or so to get, or direct deposit. You can have your Federal and State return directly deposited into your checking or savings account. This generally takes only 2 weeks, so you can get your money quicker if you need it!
~ Finish ~
Here you print copies of the return for your personal records.
There is also a Rewards Program for customers of this service.
- Deals on investment companies such as E*Trade
- Save money from Sprint & Proflowers.com to name a few
- Travel deals
- Special rates from insurance companies and financial institutions
You can go back at any time to check the status of your return. All you need is your Member ID and your Password.
SAFETY
The website insists it is secure. (Even has the gold lock icon.) My main concern with the safety issue is that if someone really wants your information, they will get it. Whether it's from an internet site or your own garbage you leave out at the street, it's there for the taking. If someone would get my personal information from this website, Turbo Tax would be held accountable. I'm not saying I trust the security of this site completely, but I do feel comfortable enough to use it.
Why I chose to use Tubo Tax for the Web
If I were to go to a local accountant or other tax service, it would have cost anywhere between $25 - $60. Turbo Tax for the Web cost me $24.90. I never had to leave the comfort of my own home. Also, I found deductions I wouldn't have known about which helped us get a bigger return. I will continue to use this online tax preparation service unless I find a reason to make me feel otherwise. My experience was very good.
Should YOU use this service?
If you have any doubts about safety, this site is not for you. Better to be safe than sorry.
If you are like me and aren't too sure about how to file, what to claim, ect . . . then Turbo Tax for the Web may really benefit you.
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Member: Kati
Location: Ohio, USA
Reviews written: 123
Trusted by: 98 members
About Me:
God Bless America!
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