What is
TurboTax® OnlineSM? TurboTax
Online is an online (Internet) tax software program that allows you to
self-prepare and electronically file your tax returns. It is easy to use and
understand.
TurboTax Online uses an interview-style format to
lead you through preparing your taxes. The
answers are then properly placed on the appropriate IRS forms. You just answer the questions and the program does the
rest.
How do you
access
TurboTax Online? You can
click on the ad in the upper right hand corner of these
Internet pages or you can click any
TurboTax Online linked text regarding tax services.
What is the
process for using
TurboTax Online?
Once you click on the
TurboTax
Online ad, or any other
TurboTax Online linked text, you will be taken to a welcome page for
TurboTax Online and
Jackson
Hewitt. Click on the
TurboTax Onlinebutton and you will be taken to a page displaying a
description and the pricing of each package. You'll need to
select which TurboTax package you want to use. Once you make your choice, you'll
be taken to a sign-up page. At this point, input your user
name and password from last year, sign-up as a new user and create a unique
user name and password, or begin the tax process and sign-up as a new user later
in the process. After entering your user name and password,
you will be logged into the
TurboTax Online
program and will be ready to start preparing your tax return.
How will you
know which package to use? When
you access
TurboTax Online, there is a brief description of each package on the welcome page. If you are
still not sure of which package is right for you,
click here to visit the
TurboTax Support page, scroll over "Buying/Billing/Account," and click
"Which Product is Right For Me?"
The
following is a brief buyer's guide:
TurboTax
Basic is recommended if:
You don't pay
state taxes.
You rent your
home or apartment (don't own a home).
You don't make
many charitable contributions or have many deductions to claim (if any).
You didn't sell
investments, such as: stocks, bonds, or mutual funds.
TurboTax
Deluxe is recommended if:
You file one or
more state returns.
You owned (or
sold) a home during the tax year.
You made
charitable contributions during the tax year.
You had a lot
of medical expenses during the tax year.
Please
note: Deluxe is a great choice if you know your taxes are complicated,
but don't know which product to choose. If you hit a point where a higher
level product could help you out, TurboTax will point this out, and give you
the opportunity to upgrade right within the product.
TurboTax
Premier is recommended if:
One or more
TurboTax Deluxe situations apply to you, plus:
You own rental
property.
You sold
investments, such as: stocks, bonds, or mutual funds.
You sold
options from an employee stock plan, such as Non-qualified Stock Options (NQSOs),
Incentive Stock Options (ISOs), or Employee Stock Purchase Plans (ESPPs).
You're a
partner in a partnership business where you received a Schedule K-1.
You're the
beneficiary of an estate or trust where you received a Schedule K-1.
TurboTax
Home & Business is recommended if:
One or more
TurboTax Deluxe or Premier situations apply to you, plus:
You file a
Schedule C.
You receive
self-employment income from contract, consulting, or freelance work.
You are a sole
proprietor. A sole proprietor is considered a one-owner company that is not
registered as a corporation.
You receive
income from a business you run from your home or from a separate office
(that isn't incorporated).
You receive
income from a side job, such as a home-party sales (Avon®, Tupperware®, etc.).
You need to
prepare W-2 or 1099-MISC forms for employees and contractors (not available
in TurboTax Online)
You don't file
separate returns for your business and personal income taxes.
Your business
is not a S corporation (Form 1120S), a partnership or limited liability
company (LLC) (Form 1065) with more than one member, a C corporation (form
1120), or an estate or trust (Form 1041).
Please
note: If you are incorporated or a partnership or multiple-member LLC,
you'll need to use TurboTax Business to do your business return, plus one of
their personal products. When you use TurboTax Business, you must also file
a personal tax return.
How much does
TurboTax Online cost?
Prices are dependent on what package you choose.
For specific pricing, please visit our
TurboTax Online Pricing page.
When do you have
to pay for
TurboTax Online? You
will be prompted to pay for
TurboTax Online at the end of the program. One of the advantages
of using
TurboTax Online is that
you can go through the whole program, save it, come back to it, etc.,
before you are charged a fee. You'll be charged for the program when you're ready to print or electronically file your tax return.
What if you
have questions about
TurboTax Online while using it? Is there someone to contact for support?
When using
TurboTax Online,
you have FREE, unlimited access to
TurboTax's Support page. You'll be given a variety of options to get your
questions answered quickly and accurately.
When will
TurboTax Online be available
and when can you file your return?
TurboTax Online is currently available by clicking on the ad in the upper right hand corner of these
Internet pages or by
clicking any
TurboTax Online linked text regarding tax services.
The
program will be available online throughout most of the year (typically through
mid-October) if you need to go back and finish a tax return, file an extension,
or print additional copies of your tax return.
TurboTax can be found cheaper in the store, so why would I want to use
TurboTax Online?
There are a lot of reasons for the
price difference. Some retailers may discount the store (desktop) version as a
way to get you into their store. One very important factor to remember is that
once you buy the store (desktop) version and take it out of the box, you have
essentially purchased it and can’t return it. With
TurboTax Online,
however, you
can go through the whole program and calculate your tax return before you are
asked to pay for it. With
TurboTax Online,
you only pay when you print or electronically file your tax return. With the
store (desktop) version, you have to pay for it before you walk out of the store.
And, if you find that you need to upgrade the version you're using, you will be
prompted to do so with the online version while completing your return. If you
purchased the store version, you would have to buy a completely new version on
top of the one you already purchased.
The
TurboTax Online version
also comes with the state software version included in it. The state calculations are a
function of your federal tax return, so with
TurboTax Online, once you finish
your federal tax return, your state tax return is almost complete. Just answer a
few follow-up questions and you are done with the state tax return as well. The
store (desktop) version has a separate state software package that you have to
actually buy and load on your computer. Both the online and desktop versions have a
state electronic filing fee.
Plus, when purchasing
TurboTax Online
through the credit union, you'll receive a 10% member discount on
TurboTax Online
Deluxe. This is one of
TurboTax Online's most highly-used packages as it maximizes the
amount of deductions possible.
The store (desktop) version
also limits you to one computer when working on your tax return. With
TurboTax
Online, you can access your tax return anytime, anywhere from any computer that
has Internet access.
Typically, the store
(desktop) version also says that it includes a “free electronic filing”
(eFile) with the
purchase of the software. However, the reality is that you must first pay the
eFile fee up-front with your credit card and then send in a rebate
coupon to get your money back. With
TurboTax Online, your FREE eFile is included in the price of the product you
choose - no rebate coupons are required.
When will I
get my tax return if I file electronically? When you complete your federal
tax return, the TurboTax program gives you an estimated date that you will
receive your refund based on the
IRS's Refund
Cycle Chart.
State refunds are processed separately by each
individual state, so processing times vary from state to state. As a general
rule, you can expect your state tax refund within 30 days of the electronic
filing date.
If you choose, however, to have your refund
direct deposited into your account, the IRS states that you could expect a
return in as little as 8 days.
