wifeofvolsfan's Full Review: Intuit TurboTax Basic 2003 Full Version for PC (28...
I buy the Intuit Turbo Tax Basic every year to prepare my taxes. It makes doing your taxes as easy as a piece of cake! On the back of the box it tells you about 4 Turbo Tax products, which are: Basic, Deluxe, Premier, and Premier Home & Business.
In Tennessee we do not have a State Tax so I don’t need the software for doing the state taxes.
What the basic version includes:
~ One free electronic filing after you send in the mail-in-rebate
~ Guides you through the return step by step
~ Double-checks for errors & missed deductions
~ Has an improved personalized welcome back interview based on last year’s turbo tax
~ Imports forms W-2, 1098 & 1099-the same forms the IRS gets
~ Imports from Quicken, QuickBooks, Microsoft Money & ItsDeductible software
Which version do you need?
If you need the version to do your state taxes you would want to get the Turbo Tax Deluxe. If your taxes are more complicated you may need the Premier version. The Premier version offers help for the sales of stocks, bonds & mutual funds. It gives you advice on best IRAs for your tax situation, help for maximizing 401(k) contributions, guidance for retirement planning, help with rental property depreciation & other deductions, tips on converting personal property to rental property and help for refinancing rental property. The Premier Home & Business version is for those who need tools for the self-employed.
So depending on how complicated your taxes are and what features you need will determine which version you need.
What you can use this product for:
~ 2003 Income Tax Return
~ 2003 Extension of time to file
~ Amended Return for 2003 or a prior year
Minimum System Requirements:from box
Computer: IBM or compatible Pentium processor (200 MHz and above)
Operating System: Windows 95, 98, NT 4.0 (Service Pack 3 or higher), 2000, Me, XP for Windows 2000 or greater, administrative rights are required to install and run the TurboTax program.
Memory: 32 MB of RAM.
Hard Disk Space: 85 MB for TurboTax program. Up to 60 MB of additional space required if Microsoft Internet Explorer is not already installed.
Monitor: Supports SVGA color monitors (high-color- 16-bit), 800x600 screen resolution recommended.
CD-Rom Drive: 2X CD-ROM drive (4X CD-ROM recommended)
Internet Connection: 28.8 Kbps or faster modem, or direct Internet connection, required to obtain product updates, complete electronic filing or access online features.
Third-Party Software: Microsoft Internet 5.5 (or higher) is required to access online features, obtain product updates and complete electronic filing. This program is included on the Turbo Tax CD and will be installed with the Turbo Tax program if the required version is not already present on your PC.
Printer: Works with any Windows-compatible inkjet or any Window-compatible laser printer with at least 1-MB of memory.
Getting Started:
When I first tried to load the Turbo Tax software it took about ten minutes and then it said there was an error. It said I might have a corrupted file. I started to panic because I didn’t know what was wrong. So I took the disk out and shut everything down. Then I started the computer back up and began the installation once more. This time it took about five minutes and everything went through smoothly. Thank goodness because I sure didn’t want any problems to deal with. After the first experience it was easy for me to get it installed.
You can check to see if there have been any updates made by the IRS. If anything has been updated there it will then show you. It is easy to run an update and can be done by going to the “Online” section at the top of the screen.
When you sit down to do your taxes make sure you have all of your information in front of you. You will need social security numbers for all dependents, your W-2’s, interest forms sent from banks and any other information that you have gotten. If you work and must pay someone to watch your child be sure you can claim that on your taxes. All you need is the social security number or tax id number of the provider and the total amount that you paid them for the year.
Preparing your income tax:
If you have used Turbo Tax before it will bring all of your information over from the last return. This makes it so easy and convenient. It pre-filled my name, social security number, dependents, and all other information from last year. The Welcome Back interview is better this year than it has ever been. It asks you questions to help know what forms you are going to need. The questions are simple and you mostly just answer Yes or No questions.
The software guides you each step of the way. On the right hand side you will see a Help & Info section. You can type in a question you have and it will look for the answer for you. You can also talk to a tax advisor. It costs $19.95 per call and the same price for an online chat. There is also common questions listed in the Help & Info column that pertain to what you are working on at that page. There is no charge to use the help section for common questions.
You go through everything on the tax return page by page. You enter things in directly from your forms. You can enter your itemized deductions. It will then tell you if it is more than the standard deduction so you will know which method to use when filing. It is always best to put in your itemized deductions to find out which is more. It will show you what can be counted for an itemized deduction.
When you are done entering all of the information it will give you an overview of your income, taxes, credits and refund or payment due. If you used this program last year it will also show you how last year compared to this year.
What other features are there?
ItsDeductible program for $19.95 which includes:
~ Assigns an accurate values to your donations in minutes
~ Searches for, identifies and maximizes legal deductions you may overlook
~ Imports donation info directly to Turbo Tax
There is a special situations section where you can report any of the following things:
~ Report shared support of a dependent with another person
~ Release a claim of exemption for a dependent to someone else
~ Pay any federal tax due in monthly payments
~ Report change of address since last return
~ Request a copy or transcript of a tax form
~ Prepare a report on foreign bank & financial accounts
~ Request innocent spouse relief
There are some money saving tools and tips that you can read about. There is a deduction find, which will show you some deductions you may have overlooked. There is an audit alert which alerts you to potential audit triggers. There is also a U.S. averages will show you how your income compares to the U.S. average.
If you would like your tax return reviewed by a professional tax review service you can have that done for $34.95.
How can you file?
You can electronically file your return or print it to mail in. Electronically filing is much quicker. You will need a bank account for the money to be deposited into. You must provide the Routing Transit number, bank account number and the bank name. Before sending your return you should run an error check on it. If you have errors in the return it will show you what they are and guide you on how to fix them.
Is there a fee to file electronically?
Yes, it costs $14.95 to file electronically. You can pay with a credit or debit card or have it deducted from your return. If you have it deducted from the IRS return there is an additional $12 charge. Your Turbo Tax software includes a coupon for a mail-in-rebate to have the filing fee refunded. So it’s really free (if you pay with debit or credit card); you just have to wait for the return check.
How long should it take to get your refund?
~ 10-16 Days with Direct Deposit
~ 3-4 weeks with a paper check
What next after you file?
You need to come back to Turbo Tax 24-48 hours after you file to check the status of your return. It must be filed by midnight on April 15, 2004. If your form is rejected you have until April 20, 2004 to re-submit it. When you file you have an electronic postmark which provides proof that your file was done on time. It shows the date and the time that Intuit got your return.
Wish you would have bought the Deluxe version instead of Basic?
No problem! You can upgrade to the Turbo Tax Deluxe from this software for $10.00
Misc. Information:
~ Turbo Tax products are #1 Best Selling/Rated
~ 100% Satisfaction money-back guarantee
~ Now prepares, prints & files on multiple computers!
~ Up-to-Date with new tax laws
~ Accurate Calculations Guaranteed (If you pay and IRS penalty or interest because of a Turbo Tax calculation error, they will pay you the penalty and interest.)
Final Thoughts:
This software is so easy to use! This makes filing your taxes a breeze! I have used it for several years now. I have always gotten back my refund for the electronic filing fee. My direct deposit has always gone through right on time and without any problems.
After you file your return you need to print an electronic filing signature form to mail in to the IRS or you can do it with information from your last return by electronic signature. You don’t want to forget this because they IRS will send you the form months later and scare you to death when you see IRS on the envelope. This has happened to me. You need to print a copy of your return to keep for your records along with your W-2’s and other tax information. You don’t have to mail any of that in when filing electronically.
Many thanks to nc10 for adding this to the database quickly!
Tax software guides users through IRS returns Interview-based wizard system Up-to-date with latest federal tax law Checks math and audit flags Very si...More at Amazon Marketplace
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