Taxes can feel like a daunting task, can't they? All those forms, numbers, and deadlines – it's enough to make anyone's head spin. But what if I told you there's a way to simplify the process and navigate it with confidence? That's where TurboTax comes in. It's designed to guide you step-by-step, making tax submission less of a headache and more of a streamlined experience.
Ready to demystify tax season and get your taxes filed with ease? Let's dive into this comprehensive guide on how to submit taxes on TurboTax!
The Ultimate Guide to Submitting Your Taxes on TurboTax
TurboTax is a popular tax preparation software that helps individuals and small businesses prepare and e-file their federal and state income tax returns. It offers a user-friendly interface that asks you simple questions, and then it populates the correct tax forms for you. Whether your tax situation is straightforward or a bit more complex, TurboTax aims to help you maximize your refund and ensure accuracy.
Step 1: Getting Started – Your TurboTax Journey Begins!
Alright, let's kick things off! The first thing you need to do is decide which TurboTax product is right for you. TurboTax offers various editions (like Free Edition, Deluxe, Premier, Self-Employed, etc.), each tailored to different tax situations.
Assess Your Tax Situation:
Do you have a simple W-2 income? The Free Edition might be enough.
Do you own a home, have investments, or significant deductions? Deluxe or Premier might be better.
Are you self-employed, a freelancer, or a gig worker? TurboTax Self-Employed is designed for you.
Don't worry if you're unsure right now; TurboTax will often guide you to the right product as you input your information.
Create or Log In to Your Account:
Go to the official TurboTax website (turbotax.intuit.com).
If you're a new user, you'll need to create an account. This usually involves providing an email address and creating a secure password.
If you're a returning user, simply log in with your existing credentials.
Pro Tip: If you used TurboTax in a prior year, your previous year's information can often be imported, saving you a lot of time!
Step 2: Gathering Your Arsenal – The Documents You'll Need
Think of this as collecting all the puzzle pieces before you start building. Having all your documents ready before you begin will make the process much smoother and faster.
Personal Information:
Your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
Date of birth.
Your current address.
For dependents: Their SSN/ITIN, date of birth, and relationship to you.
Income Documents:
Form W-2: For wages earned as an employee. You'll get one from each employer.
Form 1099-NEC: For non-employee compensation (freelance, contract work).
Form 1099-MISC: For miscellaneous income (e.g., rents, royalties).
Form 1099-INT: For interest income from banks.
Form 1099-DIV: For dividend income from investments.
Form 1099-B: For proceeds from brokerage transactions (stocks, bonds).
Form 1099-R: For distributions from pensions, annuities, retirement plans.
Social Security Benefit Statement (SSA-1099): If you received Social Security benefits.
Any other income statements: such as K-1s from partnerships or S-corps, unemployment compensation (Form 1099-G).
Deductions and Credits Information:
Mortgage Interest Statement (Form 1098): If you paid mortgage interest.
Property Tax Records: For real estate taxes paid.
Student Loan Interest Statement (Form 1098-E): For student loan interest paid.
Tuition Statement (Form 1098-T): For educational expenses.
Childcare Expense Records: Including the provider's Employer Identification Number (EIN) or SSN.
Receipts for Charitable Contributions: Both cash and non-cash donations.
Medical Expense Records: If you're itemizing deductions.
Self-employment expenses: Receipts for business travel, home office, supplies, etc.
Prior Year Tax Information:
Your Adjusted Gross Income (AGI) from your previous year's tax return. This is often required for e-filing.
A copy of your last year's tax return can be incredibly helpful for reference.
Step 3: The Guided Interview – Answering TurboTax's Questions
This is where the magic happens! TurboTax uses an interview-style format, asking you simple questions and using your answers to fill out the correct forms. It's like having a tax expert guiding you through every step.
Personal Information:
TurboTax will start by asking about your filing status (Single, Married Filing Jointly, Head of Household, etc.). Your answers here are crucial as they affect your tax rate and eligibility for certain credits.
You'll enter your personal details and those of any dependents.
Income Entry:
This is typically the longest part. You'll go through each type of income you have.
W-2s: TurboTax often allows you to import your W-2 directly from your employer, which is super convenient! Otherwise, you'll manually enter the information from each box on your W-2.
1099s and Other Income: Follow the prompts to enter details from your 1099-NEC, 1099-INT, 1099-DIV, etc. TurboTax will guide you on where each number goes.
Self-Employment Income (Schedule C): If you're self-employed, TurboTax will walk you through reporting your business income and expenses. Be thorough here to maximize your deductions!
Deductions and Credits:
TurboTax is excellent at identifying potential deductions and credits you qualify for. It will ask questions about your homeownership, education expenses, medical expenses, charitable contributions, and more.
It will automatically compare the standard deduction vs. itemized deductions and recommend the one that saves you the most money. This is a huge benefit!
Don't skip any questions even if you think they don't apply. You might be surprised what tax breaks you're eligible for.
Step 4: Reviewing Your Return – The Crucial Double-Check
Before hitting that "file" button, this step is absolutely critical. TurboTax has a built-in review process to catch errors and ensure accuracy.
SmartCheck/CompleteCheck: TurboTax's review feature will scan your entire return for common errors, missing information, and potential audit flags. It will highlight areas that need your attention.
Explanation of Taxes: TurboTax often provides a summary of your tax situation, explaining how your refund or amount due was calculated. This helps you understand your return better.
Address Any Warnings/Errors: If TurboTax flags anything, take the time to go back and correct it. Don't rush this part.
State Tax Return: If you're also filing a state tax return, TurboTax will transfer most of your federal information, making the state filing process much quicker. You'll still need to answer state-specific questions.
Consider an Expert Review (TurboTax Live): If you're feeling uncertain or have a complex situation, you can upgrade to TurboTax Live. This allows a real tax expert to review your return before you file, providing peace of mind and ensuring accuracy.
Step 5: Filing Your Return – The Grand Finale!
Once you've thoroughly reviewed everything and are confident in your return, it's time to submit!
Choose Your Filing Method:
E-file (Electronic Filing): This is the fastest and most recommended way to file. The IRS acknowledges receipt of your return within 48 hours, and refunds are processed much quicker.
Print and Mail: You have the option to print your return and mail it to the IRS and your state tax agency. This takes longer for processing and refunds.
Payment Options (if you owe taxes):
If you owe federal taxes, TurboTax will present various payment options:
Direct Debit: Authorize the IRS to withdraw the money directly from your bank account on a specific date (up to the tax deadline).
Credit Card: Pay with a credit card (third-party processing fees may apply).
Check/Money Order: Mail a payment with a voucher.
For state taxes, similar options will typically be available.
Refund Options (if you're getting one):
Direct Deposit: The fastest way to get your refund. TurboTax will ask for your bank account and routing numbers.
Check: The IRS will mail you a paper check.
Prepaid Debit Card: Some services offer this option.
Apply to Next Year's Taxes: You can choose to apply your refund to your estimated taxes for the upcoming year.
Pay TurboTax Fees:
Before you can e-file, you'll need to pay for the TurboTax product you used (unless you qualified for the Free Edition).
You can typically pay with a credit card or, in some cases, have the fee deducted from your federal tax refund (an additional processing fee usually applies for this option).
Submit Your Return!
Once payment is settled and you've selected your filing and refund/payment methods, hit the "File My Return Now" or similar button.
TurboTax will transmit your return securely to the IRS and your state.
You will receive confirmation emails from TurboTax and then from the IRS (usually within 24-48 hours) indicating that your return has been received and accepted. Keep these confirmations!
Step 6: What Happens Next? – Tracking Your Refund or Payment
You've done it! Now it's a waiting game, but you can still stay informed.
Track Your Federal Refund:
Use the IRS's "Where's My Refund?" tool: irs.gov/refunds. You'll need your SSN, filing status, and refund amount.
Refunds for e-filed returns with direct deposit are typically issued within 21 days.
Track Your State Refund:
Most state tax agencies have their own "Where's My Refund?" tool on their official websites.
Keep Records:
Save a copy of your filed tax return (PDF or printed) for your records. This is crucial for future reference, especially if you need to amend your return or apply for loans.
Keep all supporting documents (W-2s, 1099s, receipts) for at least three years from the filing date, as the IRS can audit returns within that period.
Frequently Asked Questions (FAQs) about Submitting Taxes on TurboTax
How to choose the right TurboTax product for me?
You can start with the TurboTax Free Edition, and as you enter your income and deductions, TurboTax will indicate if you need to upgrade to a different version based on the complexity of your tax situation (e.g., if you have investments or self-employment income).
How to import my W-2 into TurboTax?
TurboTax offers an option to import your W-2 directly from many employers by entering your employer's EIN and your W-2 box D control number. Otherwise, you can manually enter the information from each box.
How to know if my e-filed return was accepted by the IRS?
After e-filing, you will receive an email from TurboTax (usually within 24-48 hours) confirming that your federal return has been transmitted and then another email stating that the IRS has either accepted or rejected it. If rejected, it will typically provide a reason so you can correct and resubmit.
How to pay my taxes if I owe money?
TurboTax provides options to pay directly from your bank account (direct debit), via credit card (with a processing fee), or by mailing a check or money order with a payment voucher. You choose your preferred method before filing.
How to get my tax refund quickly with TurboTax?
The fastest way to receive your refund is to e-file your return and choose direct deposit into your bank account. Most e-filed returns with direct deposit are processed and refunds issued within 21 days.
How to file an amended return if I made a mistake?
If you need to make changes to a return you've already filed, you'll need to file an amended return (Form 1040-X). TurboTax can guide you through this process for a prior year's return, but you generally need to wait until your original return has been fully processed by the IRS.
How to access my prior year tax returns in TurboTax?
You can usually access your prior year returns by logging into your TurboTax account online and navigating to your tax history or documents section. This is especially useful for finding your prior year's AGI.
How to get help if I get stuck in TurboTax?
TurboTax offers various support options, including a robust help section with articles and FAQs, community forums, and options to connect with a TurboTax product specialist or a live tax expert (TurboTax Live, which may be an upgrade).
How to track my refund after filing with TurboTax?
You can track your federal refund directly on the IRS "Where's My Refund?" tool (irs.gov/refunds) by entering your Social Security Number, filing status, and exact refund amount. For state refunds, check your state's tax agency website.
How to ensure accuracy when using TurboTax?
Always double-check the information you enter against your original tax documents. Utilize TurboTax's built-in "SmartCheck" or "CompleteCheck" feature, which reviews your return for potential errors. If unsure, consider upgrading to TurboTax Live for an expert review.