Short answer: Turbotax family plan is a tax preparation software program that allows up to five federal e-files and unlimited state returns for one price. It also includes access to an online community of experts for advice and support.
A Step-by-Step Guide to Using TurboTax Family Plan for Your Household Taxes
As the tax season approaches, many families are scrambling to figure out how they should be filing their taxes. Should it be jointly or separately? What credits and deductions can we claim? And most importantly, where do we even begin?
Luckily, TurboTax has got you covered with their Family Plan feature that allows up to five federal e-files at no extra cost for individuals who live together in the same household. So why not make your tax preparation experience a breeze with this step-by-step guide on how to use TurboTax Family Plan.
Step 1: Sign Up and Choose Your Type of Filing
After creating an account (or logging in if you already have one), select the type of filing you will be doing from the list provided. This will help TurboTax better understand what forms and information is required so you don’t waste time on irrelevant questions.
For example, if you’re married and filing jointly with children under 18 dependent upon you, choose “Married Filing Jointly with Dependents”. If everyone in your household is related but unmarried then select “Head of Household” status.
TurboTax makes changing between different types of filings easy; just click change until selecting is complete.
Step 2: Enter Important Personal Information
To file a family tax return through TurboTax Family Plan require personal information about each person covered by the plan such as Social Security Numbers (SSNs), birth dates, wage statements etc., therefore gather all necessary documentation before starting so things go smoothly!
The process automatically imports these details into appropriate sections saving energy spent inputting every detail into separate tabs manually. You may also import W-2s directly from participating employers’ payroll software systems using Auto-Fill my Return option which saves time ordinarily used for data entry into the tax return form .
Step 3: Answer Income Questions
Once basic personal info has been put in correctly – move onto earning income explanations . For each member’s income, enter the necessary banking details for direct deposit of a refund. If no bank account is available or refunds are expected, it may be desirable to have checks mailed instead.
TurboTax comes with built-in company support and can connect directly with their partner sites that include investment brokers and financial institutions such as Fidelity Investments, Charles Schwab , E-trade etc., seamless importing of data from these companies into tax return forms optimizing accuracy on income questions answers.
Step 4: Claim Credit Deserved
The Family Plan allows you to maximize all applicable credits and deductions – there’s simply no reason not to get them if they feel owed.
Some popular credits available in TurboTax Family Plan include Child Tax Credits (CTC- provides up-to k per child under age 17) and Earned Income Tax Credits(ETIC – benefits low wage earners). Additionally your state’s returns can qualify certain reductions as long as said-family meets requirements set by the revenue department!
There are various education related tax breaks including tuition fees (<$4000 annual cost ), student loan interest paid etc.; explain each expense related to schooling so deductions claimed reflect actual costs incurred while still complying fully within IRS law guidelines .
Pro tip: TurboTax supports AGI Adjustments which you should consider exploring while scoring additional savings on taxes too.
Step 5: Review & File
Once everything has been filled-out correctly , verify whether any discrepancies between possible mistakes corrected during review for errors — double check basic info before submitting your family taxes electronically using e-filing feature at minimal charging rate. A quick refresher overview shows what was done right across this easy step-by-step guide process towards gaining maximum reimbursement payouts allowing every save money where-ever they can especially when raising young families .
In conclusion, using TurboTax Family Plan simplifies filing our family's taxes together like never before! By following these five easy steps outlined above many more efficient taxpayers find premium quality assistance through their tax preparation increase savings while still remaining compliant with organization such as IRS and state revenue departments. It might have felt daunting but using the Family Plan, every household has a perfect opportunity to get ahead of their taxes in no time.
TurboTax Family Plan FAQ: Common Questions and Answers
As the year draws closer to its end, it’s time for us all to start preparing our tax returns. On this note of preparation lies a perfect opportunity for families and couples who wish to maximize their tax benefits with TurboTax Family Plan.
TurboTax has carved out an impressive niche in computerized income-tax software; they have been ranked as the best-selling tax software in America. With hundreds of programs that offer online forms access, there is no short supply of options on how taxpayers can generate and send their 1040s.
But what makes TurboTax stand out, even more, is their family plan package which presents incredible value for married or newly-wedded partners filing jointly.
Here are some common questions people ask about TurboTax Family Plan:
What Is The TurboTax Family Package?
The Turbotax family plan package offers two subscription levels – The Deluxe and Premier packages. Both versions let you file your federal taxes without restriction while providing support if needed from one of their seasoned advisers or customer service professionals.
Can I Still File Jointly If My Spouse And I Earn Different Incomes?
Absolutely! Filing taxes together as a couple under the status “Married filing Joint” means that each party’s incomes will be combined regardless of whose earnings are higher or lower. Henceforth both parties benefit from deductions geared towards those whose total revenues combined fall within adjustable gross income range (AGI).
Will Purchasing The Premier Version Rather Than Basic Help Increase Our Refund Amount?
Yes! Using premier means that apart from calculating millions in investment profits; it helps calculate rental property revenue-which also adds up when computing net profit prior to balancing off deductible costs pertaining yearly expenses like efficiency improvements, mortgage interest levies insurance premiums among others.
Is Adding A Child To Your Taxes Benefit For Taxpayers Or Their Children At Yearly Return Time?
It’s beneficial because adding children generally produces greater refund amounts due increased credits including Child Tax Credit, Additional Child Tax Credit and earned income credits.
All in all, the TurboTax family plan package is designed to simplify tax filing and maximize refunds for families and couples. With numerous benefits including reduced expenses, accurate calculations, thorough audits review process provided-what a better way than preparing your taxes together with support from professionals?
Top 5 Facts You Need to Know About the TurboTax Family Plan
When it comes to filing taxes, it can be a real headache for families who need to file multiple tax returns. But what if there was an easy and affordable way for your whole family to file their taxes with just one account? That’s where TurboTax Family Plan comes in. Here are the top five facts you need to know about this service:
1. It Covers Up To Five Federal Tax Returns
The TurboTax Family Plan is designed specifically for families or households with up to five federal tax returns to file. This means that parents and children, as well as siblings living under one roof, can use the same TurboTax account without having to pay extra fees.
2. Everyone Gets Their Own Account Access
Just because everyone is using the same TurboTax account doesn’t mean they have access to each other’s personal information or files. Instead, each family member gets their own login credentials so they can securely access only their individual tax return documents.
3. You Can Save Money By Bundling
Filing multiple tax returns through conventional means can add up quickly – especially if you’re paying separate fees per person! Not only does the Family Plan keep everything organized but bundling accounts end up being less costly than paying individually.
4. The Service is Backed by Expert Advisors
If needed, users of the TurboTax Family Plan have 24/7 access year-round from certified experts which enables efficient assistance along the way of smoothly filing your taxes efficiently and accurately!
5.TurboTax Offers Max Refund Guarantee
Perhaps most importantly- all members applying through Turbotax are eligible for 100% accuracy guarantee promising that maximum refund after reviewing all sites that offered refunds accordingly ensured that rest assured customers get exactly how much possible deductible money is available at both levels.
All in All: Between affordability guarantees and expertise guidance towards getting clients completed deductions allowed from income based factors- it really makes things easier not just administratively streamlined but also on the pocketbook for busy household members. With TurboTax Family Plan- it’s a win-win situation!