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Im gonna do my taxes for the first time on my own. Im only 19 and i wanted to buy turbo tax so i could do my taxes on my own. It shouldnt be that hard I have 1 W-2 Form, A Interest Form From Cashing in my savings bonds, And a tax form from the lottery. I was wondering how does turbo tax work. Do I need a income tax booklet where you put all your taxes in then you mail it in or do i just use turbo tax then print off the papers and mail those in?

2007-11-29 11:14:32 · 4 answers · asked by Anonymous in Business & Finance Taxes United States

4 answers

You just enter the information into Turbo Tax, and then the program will print the appropriate forms. You can also use the program to "e-file" so it's an entirely paperless process. The return is sent electronically to the IRS and your state.

2007-11-29 11:18:49 · answer #1 · answered by just_the_facts_ma'am 6 · 0 0

Turbo Tax will make it easy for you to file your taxes because it'll ask you questions that you will find easy to answer.

It has several sections and once you complete one section you move on to the next section, but you always have the ability to go back and change something as you're working through it.

As you're working through each page there is a little box in the corner that tells you how much you will get back or how much you owe. You can watch this change as you progress through the program.

There is even a 'what if' scenario for contributing to your IRA that tells you how much each contribution that you pencil in will affect your taxes. It can do this because you have until April 15, 2008 to contribute to your IRA.

The program asks many more questions than you would ask yourself if you were doing this with an IRS workbook.

Upon completion you will have the option of printing and mailing your copies or filing electronically.

I had a problem in deciding which one was right for me to buy last year because the 'Schedule C' that I needed came with the PREMIER package for 2005 taxes, but did not come with the 2006 PREMIER package. I took it back because it was guaranteed and bought the HOME AND BUSINESS package.

It can give you some fits at times, but all in all it work pretty good.

Good luck!

2007-11-29 21:50:26 · answer #2 · answered by GC Tallyho 1 · 0 0

Here's my approach to filing with a tax program.

Print out a blank copy of the 1040 first and dummy it up.
Then put all of the income forms on one side of the computer. As you answer questions about that form, move it to the other side of the computer (and never move it back--otherwise you end up entering the data twice). When done with the program's interview, print out the 1040 and look at it. Does it *look* right? If yes, THEN submit it electronically.

Submitting it and then looking at it leads to too many 1040X amended returns.

2007-11-29 19:30:25 · answer #3 · answered by Anonymous · 0 0

You won't need to pick up a booklet, Turbo Tax will print out the forms you need.

2007-11-29 19:59:04 · answer #4 · answered by Judy 7 · 0 0

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