How to file taxes for free turbotax
How To File Your Taxes On TurboTax | TurboTax Free Edition Tutorial
Timecodes:
[Music]
thank you hello everybody this is going
to be a tutorial on how to file your
taxes for free using Turbo Tax free
edition
so whether you are considering doing
your own taxes or are officially filing
your own hopefully this video will
provide some helpful information to ease
some concerns or give you a little
tutorial
first off let's compare Intuit TurboTax
options for filing on your own you can
choose any of these options you can test
it out and you only pay at the end when
you file so even if you choose the wrong
type of Turbo Tax you can go back and
add your information to one of the other
options before you actually pay at the
end
Turbo Tax is the number one best selling
tax preparation software to file online
the benefits of Turbo Tax include doing
your own taxes at your own discretion
without appointments and saving a
boatload of money off tax prep fees
Turbo Tax offers a wide variety of
resources from calculators and tips to
the ability to have tax experts file on
your behalf
Turbo Tax breaks down everything that
you need to know and walks you through
the different options to file correctly
and maximize your return
so there's four basic options that Turbo
Tax offers from the free edition that
we're going to go over today to others
that are for more self-employed
businesses or stock trading or more
advanced deductions the prices shown
here are federal only you'd want to
click stay additional to see the full
prices
also Costco has discounts on Deluxe and
Premier Editions
so this video is going to focus on the
free edition for basic simple tax
returns so typically taking the standard
deduction and basic W2 or 1099 income
information
if you have more complex needs for
example lots of itemized deductions
medical expenses inheritance information
real estate Investments or you moved
from state to state or you work in a
different state Etc then the free
version will probably not do it for you
so first thing you're going to need to
do on the home page of Intuit TurboTax
is Click do it yourself then doing your
own taxes click see pricing and click
simple tax returns only should be zero
dollars The Next Step you're going to
register your personal information and
get a login plus your password
so upon logging in for the first time
TurboTax is going to ask you a lot of
basic questions try to set you up and
determine which product is right for you
so again you can choose any of
turbotax's products to test and you only
pay at the end when you file so if it
turns out you do not need a deluxe or
Premier option you can simply do the
free edition filing as well
now there's a race mode toggle which all
it is is a way to kind of pressure you
into during your taxes a lot faster so
as you can see there's a little timer
whenever you hit the race mode toggle
so the Turbo Tax home provides a
timeline and basically all the different
information that you would input using
the free edition in addition there's a
documents tab which you can upload a lot
of your documents and it will pre-load
that information in rather than manually
typing it
over to the right you have live tax help
now TurboTax currently has a promo where
you have free help with live assisted
basic features so you can ask more
questions and get more information
so when you begin to file your
information your menu is on the left
hand side and you can go from tab to Tab
and your information will save so you
can go back and edit or fix things
before you have to review and file so
first you're probably going to put in
your personal information for yourself
your spouse and any dependents you might
have
after personal info you're going to
click Federal wages and W-2 this is
where you're going to put your and your
spouse's W-2 information and income
now you can upload the information or
you can begin typing the information in
manually by putting employer IDs or
different information on the W-2
many times Turbo Tax will find your
information already in the system and it
will auto upload all the rest of the
information rather than manually typing
it you may also manually type the W-2
information in
all right after you put your W-2
information in you will see a refund
amount for the federal and state based
on what you put in this number will
change as you adjust and update
information
next is the deductions and credits so
this is where you're going to see if you
can itemize more than the standard
deduction
reminder this is the free edition so it
is basic with deductions
now currently the standard deduction is
twenty five thousand nine hundred so you
play with the deductions to see if you
can in fact increase that number
as you go Turbo Tax will let you know if
the standard deduction is right for you
or itemized so with the deductions in
credits you're going to put in mortgage
information property tax information
there also is a way that you can sync
your loan bank account information to
TurboTax and it will automatically
update all your loan information and
property tax information so at the end
of your deductions and credits Turbo Tax
will recommend either the standard
deduction or itemized deductions
so once that is determined there are
some additional questions like donating
to presidential funds or some other
information that is needed to finalize
your federal return
it will review all of what you put in
and then you will finalize it and
determine how you will want to receive
the refund if it's applicable
after Federal is the state prep now
Turbo Tax will upload all the
information from the federal and the W-2
information to the state side after all
the federal stuff is input there will be
additional questions based on the state
tax laws
the review tab will find any unfinished
information or errors Turbo Tax will not
allow you to file until all required
information is input the file section is
where you're going to finalize what you
owe or your potential refund and any
other fees you will then determine
whether you will electronically file an
input Bank information at this point
the tax tools tab has extra links to
help
and the option to clear and start over
this is especially handy if you're
playing around with the different Turbo
Tax options all in all the Turbo Tax
free edition is a great way to save
money and do your own taxes especially
if you have a simple return again simple
returns are generally just putting W-2s
in and taking the standard deductions
however if you have some simple itemized
deductions that will cover over the
standard deduction amount then it also
might be worthwhile
don't forget to subscribe thank you guys
for watching and best of luck in your
tax returns
Related queries:
how to file state taxes for free turbotax
how to file previous years taxes for free turbotax
last day to file taxes for free turbotax
does turbotax offer free filing
who qualifies for turbotax free file
