Description: The article is about turbotax login. The author is going to talk about turbo tax 2016 which came out about a month ago. It’s a good solid product, we can learn the ways to run and check it, we can also know the reasons why the author highly recommends it for filing the taxes.
Today I’m going to talk about turbo tax 2016 which came out about a month ago, we are at the end of December 2016 and this is the turbo tax that you will use to file your tax return, that’s due in April of 2017, so I bought and downloaded this from Amazon.
Let me go ahead and show you, once you download it, you’ll get a file that looks like this depending on which version you got, whether you got deluxe premier home in business, so we’ll double click that file, click run, give it a second to extract and then you’ll get a pop up.
You can’t see it on the video, you’ll get a little pop up at this point, click yes and then it will start running here, so it takes a few seconds here to extract the file, we are on turbo tax 2016 installation, so click Next, agree to the license terms, it will by default install it to this location which is fine.
They want to make sure that it updates automatically and then you can choose whether or not you want to help them improve the software by sending anonymous performance reports back to turbo tax.
I’m going to uncheck that, but that’s up to you, click install and then wait a few seconds here while it installs, it’s fairly fast, it might take a few minutes depending on your computer, so now it’s installed and you click Launch TurboTax now.
Here it goes and the first time you run it, it’s going to go out and check for the latest updates, there are almost always going to be updates, the first time you install this, because from the time that they released the software until now, there may have been last-minute changes to the tax laws or they may have found some last-minute bugs or some updates to some of the forms from the IRS.
It went out and checked and it did find updates, so we’ll click update TurboTax 2016 and you’ll get another little pop-up window, you can’t see it on the video, but it’s here in the background, so click guess, when you get that and then it will go ahead and down those latest updates and that might take a few minutes depending on the speed of your connection.
This time, it will download any of the states that you have filed your state tax return with, so if you have more than one state, it might download multiple states that will make sure that you have the latest tax laws for the state that you’re filing your state tax return with.
If you have a state tax return and then it will grab the latest version of any federal tax forms that are out there, so you’ll always have the latest and greatest and the IRS, so now the updates are done installed everything there and then it will restart the program and it should open up for us now.
It goes all right, so the first screen you’ll see when you open TurboTax for the first time is this registration screen where you can fill in your information and then TurboTax will let you know any updates or anything like that, that comes out later.
If you don’t want to fill that in, you can click continue and then click yes, it will skip that, this is the main screen, so when you’re ready to start your tax return, you click begin here, if you need to amend a return that you already filed, you can do that here.
If you need to file an extension, if you can’t finish your return by the due date, you can click this button to file an extension to note that you have to get your extension in before the due date before April 18th, so make sure you do that.
If you’re going to be late on your tax return and then TurboTax, this year is also coming with a free one-year trial of quick and starter Edition, so if you want to do that, click that claim this offer button and you can do that.
We’ll go ahead and click begin to start a tax return and then it will ask you if you want to start a new tax return or if you want to prepare w-2s or 1099s for your employees or contractors, this is only there if you got the home and business version.
Otherwise, it will only allow you to do the individual tax return, so we’ll click continue there, what it’s doing now is looking for last year’s tax return file so that it can go ahead and grab that from the return that I filed last time.
Around that way all the information that I entered last year will be pre-populated, so I don’t have to enter all the same stuff over like my name, my spouse’s name, dependents names, all of that information.
So it did find my tax form from last year here, it shows the date that it was last modified, if it does not find the form that you used last year and you want to import that information, you can click browse here and you can look for turbo tax or H&R, Block files or tax act files from last year.
It will import those, so it found mine, so I will click transfer return and it will copy that information into this year’s tax return for purposes of this demonstration. I will click continue without transferring and that would be for anyone who doesn’t want to transfer their information from last year’s tax return.
This is the beginning of the new tax return, as you can see, this is a nice simple interface, it makes it easy to do your own taxes and TurboTax will walk you through asking questions and you answer the questions and it will do your tax return for you based on the answers to the questions.
I’ll show a few questions here, so it will go through your name, it will go through occupation and some other questions about your occupation, your state of residence, it’ll step you through entering all of your personal information.
After that’s finished, if you bought the Bowman business version, it will go through all of the business information here and you can have it walk you through step by step or you can choose what you want to work on.
So if you’ve never used TurboTax before, I recommend clicking walk me through everything and it will do that with the business tab here, if you buy the home and business version, it will also do the same thing with the personal tab.
So we’ll go to the personal tab now, this is what everyone will have regardless of the version of TurboTax you bought, so the turbo the personal tab, you click continue and you can choose walk me through everything or I’ll choose what to work on.
So if you’ve never used TurboTax before, I recommend clicking walk me through everything and this is an example of what happens, it will start asking you questions about your job, your income from your life, your financial situation.
It will fill out your tax forms for you, so if you have a w-2, you can click work on my w-2, click continue and then you start entering in the information from your w-2 form here, if you don’t have any, you can say I don’t have any.
Once you get done with your w-2s, they’ll all show up here under your income and then you can go to other types of income and you keep clicking next down here and it’ll keep asking any questions, so I will ask if you got any interest or dividend income from your savings account or something like this.
If you did, you would click yes and it would step you through what information to enter there, so as you can see, it’s very easy, you keep clicking next down here and it will keep asking you questions, did you sell any investments in 2016? what types of investments is it talking about?
Then you click keep clicking through answering yes or no and continuing to answer the questions that it asks OK, so it’s very simple, so we’ll click Next and it goes through all the different types of income, you could possibly have retirement income.
Click Next again, we’ll go through income received from your state or local tax refunds 1099 miscellaneous forms OK, so it’s easy, keep clicking through and answering the questions and I will find out any income that you received throughout the year.
Once you have done with income, then it will go to deductions and the same thing you can choose to walk me through everything, I will choose what to work on, so for the sake of time, I’ll click, I’ll choose what to work on and that shows you all the different things that it will ask you questions.
As you go through, so you can enter in any charitable donations that you had, you talked about your family independence, any education expenses, medical expenses, any other types of expenses, it will find all of the different possible deductions that you can have, it will figure out how to get you the best refund possible.
It will continue to ask you questions to make sure that it has all the information, it needs about you in here, so I’ll click through some of these, so you can see it will even show you, if you didn’t contribute to an IRA this year, it will give you an opportunity to see why your tax refund difference would be.
If you did that and then it has a health insurance section so that it can go through and make sure that you had the proper health insurance for the year, other tax situations and goes through everything that you could possibly need.
At the end, it will do a review of your federal tax forms and let you know if there are any problems and then it will go through your state tax return, if you live in a state where you have to file one of those and that’s the same thing, it will step you through asking you questions about your situation and you answer the questions.
In the end, you review everything that you’ve done and then you’ll file it, it steps you through all this, you keep clicking the continue button and it will do this all for you, when you get to the end, it will allow you to file your return electronically which is free and that means you’ll get your refund faster.
After you have all finished and have filed your return, you can come back into TurboTax and click on the check a file status button, you can click that button and it will let you know the current status of your tax return and your refund.
If you’re getting a refund, so that is TurboTax, it is very easy to use highly recommended for people who like to do their own tax returns, it’s much like in years past, it works greatly, I haven’t had any problems with this version.
It’s always been a very good solid product and I highly recommend it for filing your own taxes if you choose to do your taxes yourself, thanks for your time and I hope you all have a great day.