Magick1's Full Review: Intuit TurboTax Deluxe for Tax Year 2002 Full Vers...
It is getting to be that time to think about taxes and filing. How are you doing your taxes this year? I will be doing mine electronically for the 3rd year in a row. This will be my second year using TurboTax.
This review was recently listed in error under the Quicken Turbo Tax. I caught my error, and have reposted this in the appropriate place, under Intuit.
I apologize for any inconvenience this may cause!
Purchasing and installing the program
Tax programs are out and very plentiful in most computer software sections in virtually any store. It does not take long to download the program. You insert the CD into your drive, and you are walked through step by step by the installation wizard. It will take only a few moments, and you will be ready to prepare your taxes.
Be sure the computer that you download the program on is connected to the internet and to a printer. You will need both, especially if you want to file, or “e-file”, your taxes. You will make a hard copy for your tax file and you will need to connect to the internet to file your tax information electronically.
Gather your information
Even though TurboTax makes filing your taxes a breeze, you still need to gather all of your tax information together. It will not fill in the information for you, but it certainly will walk you through the steps!
For a small example of the items you will need, please see below:
W-2’s (earnings statements)
1099 Int.
Mortgage Interest Statements (1098 statements)
Property Tax payment information
Stock information for buys/sells
Personal property tax statements
Donation slips showing how much you donated
This list above is just a small list of items you will need. You actually may need fewer items or more, depending on your financial situation. But, regardless, everyone should have their tax information ready when you sit down to input your taxes on the program.
Do not let this statement above make you think that you cannot stop the program and come back with further details. You can start, stop, and skip around at will. But, if you are the type of person that likes to sit down and get things done, this program will make filing taxes a simple, quick process.
What happens next?
TurboTax will walk you through everything. There are 9 tabs at the top of the window, they are as follows:
Personal Information
Income
Deductions
Taxes/credits
Miscellaneous
Final Review
State Taxes**
Print and File
Future Taxes
**This is an additional program that you will need to purchase, if you live in one of the 45 states that has to deal with state tax filing.
If you purchase the TurboTax deluxe, premier or home and business editions, the state tax program will be free. You will have to purchase this for $29.95 online now, or in the stores mid-January 2003. The expected shipping date, or availability date for a download, will be January 15, 2003. In stores, the state programs should be available about the same time.
You will find a rebate coupon in your TurboTax deluxe, premier or home and business editions to complete and mail to Intuit to receive the refund for your state program. It’s very simple. Just remember to complete the rebate as soon as possible! They are good for purchases made on or before April 30, 2003. So, you have ample time to get the program, complete your taxes and submit the rebate request!
Back to the program and the steps listed above. You will have opportunities to get answers to your questions while in the program. For example, a list of commonly asked questions is automatically listed along the right-hand side of that particular screen you are working on, and if you are not sure about something, you can click to get further information.
The help features available in this program are terrific. If for some reason you still have a need for more clarification, you can go online to their website and search for more information regarding your issue. (I believe that these additional features are only available for the deluxe version and higher.) There are helpful video explanations to describe and explain what you should do in certain sections.
You also have 3 different links on the top right hand side for quick and easy assistance. One is for the technical support website, one is for live tax assistance, and the other is for “need help”. Each one will connect you to the internet. The technical support feature will submit some of your system information to the technical support team so they can try to trouble-shoot and resolve the problem more quickly.
Filing
Before the final step and e-filing, this program will do a check, so to speak, of the tax information and what you are filing. It will advise you if you have items listed that could potentially trigger I.R.S. audits. If you have a very large or abnormal deduction listed, this will do a scan before you complete and file your taxes. It will notify you that there is a potential “red flag” for the I.R.S.
Any other benefits to buying this program?
Yes! Another nice feature to buying this tax preparation and filing software, the electronic filing costs are refunded to you. If you e-file your taxes, there is a rebate coupon included to mail-in, and you will be refunded $14.95. Not only will you get your refund quicker by submitting it electronically, but you will be refunded the cost to process the e-filing of your taxes! (I usually see my refund within 7 days, maximum.)
The actual program will be about $40, depending on which version you choose. But, for the basic, deluxe, premier and home and business versions, there is a $10 rebate. Also, you will be able to consider this an investment. You can also deduct the cost of the tax preparation, in this case the program, on your return for next year. (You have to deduct the costs for the tax year when you incur the expense.)
If you like Quicken, they have also teamed up to provide a great incentive for buyers. You can purchase this tax program and you will get a larger rebate - $40. You will need to purchase the tax program and one of the Quicken products. For example, you purchase TurboTax Deluxe and Quicken 2003 basic, you will have a rebate to mail in for $10 on the tax program and $30 for the Quicken program.
If you are looking for a new version of your favorite Quicken software, or maybe you do not have it but want to try it, this could be a great way to get the latest edition for less!
Importing
You can import your information from Quicken, QuickBooks (2002 or higher) and Microsoft Money.
What are the different versions, and their differences
Basic
Deluxe
Premier
Home & Business
Basic
The basic program is just that-basic. Most people that do not have to worry about deductions, other than the standard deductions would probably be fine with this version. You will still get free electronic filing, but you will have to pay for any state versions, if needed. The basic does not have the video advice from tax experts, nor does it offer the on-screen tax guide with the expert advice.
Deluxe
The deluxe does have allow for the free state version, and will assist you with tax-savings actions plans, tax law advisors, life event planners, tax strategy managers and the program will also help you analyze the best IRA for your needs. In addition, you will have the on-screen I.R.S tax guides and video advice.
Premier
The premier has all of the above and more. You can get capital gains/losses assistance, rental property assistance, 401K maximizer to assist you in maximizing your contribution without decreasing your take-home pay, 10-year forecasting to assist with the impact of the new tax laws, and year-to-year deduction manager that will check last year’s return to help you save money.
Home & Business
The home and business has the features above, plus more yet! If you need assistance with depreciation and how to maximize deductions, sole proprietors, or if you deal with contractors and employee situations, this would be the tax program for you!
There is a quite a bit of information listed above. But, if you are looking for a terrific tax program that is easy to use, and can help you with your taxes, this would be the program. I am not a tax expert, but this program certainly makes filing taxes easier and almost enjoyable.
**Update 1/13/02
We had ordered a copy of our state tax version on 12/29/02, and at that time, we were advised the state version probably would be available, or shipped, by 1/15/03.
We came home to find this cd in our mailbox today. It was early!
So, if you were concerned about getting your state version, do not be. Everything looks like it is going terrific.
There were some updates this evening. We downloaded them without incident from the website. It has been a wonderful experience so far this year, as it was last year!
Epinions.com periodically updates pricing and product information from third-party sources, so some information may be slightly out-of-date. You should confirm all information before relying on it.
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