If you have a lot of stock sales, this could save you hours of tedious data entry. However, 1099 forms are the real time saver for me. The W-2 import function has been improved you now simply type in your employer’s tax ID number (EIN) and if they can they’ll import your entire W-2 electronically. One of the major reasons to use TurboTax is that you can directly import your W- information from a hundreds of partner providers, more than their competitors.
Importing W- Forms Directly From Providers Please share in the comments if you used this feature. I did not use the option to try and import a previous year’s return from another provider like TaxACT or H&R Block. I think most other competitors do this as well, however. This did feel rather convenient, and it helped make sure I didn’t forget any 1099s from old bank accounts. For example, all my Employer Tax IDs and addresses were pre-filled. They also had all my old W- providers to reduce my data entry needs a little bit more. Filing status, dependents, address, DOB, SSN, etc. If you used TurboTax the previous year, it will pull up all of your old tax information. For example, after entering in my property taxes, it said something like “Good news! The $X,XXX you paid is deductible and just reduced your tax bill!” The software’s “personality” was more friendly and positive.It should have asked me first if I actually wanted to figure these things out. For example, just entering a simple $700 1099-MISC from some random bonus deal led me down a 5-minute rabbit hole where TurboTax was trying to decided if this was really a W-2 job or independent contractor pay, if it was a business or hobby, and if I could deduct my cell phone usage and mileage for it. There was an increase in probing questions.I did feel like there were two slight changes from previous years though: I still remember filling out paper 1040 forms, and this is definitely easier to understand and less intimidating. I’m sprinkling several screenshots throughout this review, which you can click to enlarge.Īs in previous years, TurboTax uses a question-and-answer interview format. It feels like I could fill it out on an iPad, with its clear text, lots of pictures, and big buttons. The 2014 user interface is probably the cleanest one I’ve seen from Intuit. I’m pretty sure if you don’t enter any business expenses and/or deductions then you won’t have to make the upgrade.
Turbotax 2015 free state efile upgrade#
Note: I was able to enter the data from 1099-MISC forms without having to upgrade to Home & Business, even though this could be technically called “self-employment income”. I remember those days… my entire tax return fit on a single sheet of paper. You must file Form 1040A or 1040EZ – that means taxable income of $100,000 or less, no itemized deductions, no investment income, no stock sales. This year, TurboTax also has a Free Edition where you can get $0 Fed + $0 State for simple tax returns only. There are additional discounts out there available through various financial firms like Vanguard or Fidelity. TurboTax State Online an optional add-on at $36.99 including e-file.
Although their website shows a “retail” price of $79.99, anyone who visits the site will automatically see a discounted price of $54.99 for Federal including e-File. Due to my stock sales, I am going with TurboTax Premier Online. TurboTax comes in Free, Deluxe, Premier, and Home & Business tiers. Itemized deductions (Schedule A), including property taxes and charitable giving.Capital gains and losses from brokerage accounts (Schedule D).Contribute to retirement accounts (401ks and IRAs).Interest income and dividend income from bank accounts, stocks, and bonds (Schedule B).Both with W-2 income, as well as some simple 1099-MISC forms.Married filing jointly, subject to state income tax.Here’s a quick summary of our personal tax situation. First up is Intuit TurboTax, the more popular online version. I like shopping around as with all of these services, you only pay when you file. I plan on comparing the three major tax preparation websites again this year: TurboTax, H&R Block, and TaxACT. Although I’m still waiting on some 1099 forms (*cough* TD Ameritrade), I’ve already got most of my paperwork in order for my tax returns.
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