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2 Answers

How does Turbo Tax work?

Asked by: rdhouse 1537 views YA Discussion

This is the first time doing my own taxes and I have so many questions about the Turbo Tax program. First, do I need a computer to file my taxes or can I do them through my smartphone (I was planning on using the snap tax app were I snap a photo of my w-2 forms)? What happens after I fill everything out do I e-file and how or where? How much do they charge for a tax refund filing jointly with no state taxes to do? How fast do I get my money and where do I receive my money, my bank account? Please provide anything you know :)

2 Answers

  1. amy lynn on Jan 23, 2013 Reply

    I use turbo tax every year. I don’t know if they have a phone app or not since I always use a computer. Even if you can’t do a snap shot of your w-2, it is easy to copy the info into the form on the turbo tax site. Turbo tax will guide you through a series of questions to see if you qualify for any itemized deductions. After answering the questions, turbo tax will tell you if you will get a better refund by itemizing or by just taking the standard deduction. After everything is filed out, you can e-file directly with turbo tax and you can enter the routing number for your bank and bank account to have your money direct deposited into your bank account.

    The cost for using turbo tax will depend on if you have any special circumstances or special forms. The more basic your return, the cheaper it will be. If your income is low enough, it might even be free. I have never spent more than $ 50 to use turbo tax and I usually have some special circumstances that place my charges in a slightly higher than basic package. (such as college tuition info for my daughters or transactions from stock sales would change the price you pay because it changes the forms that need filled out for the return.)

    How long it takes to get your refund depends a little bit on how long the IRS is taking to process returns this year. Most years, I have my return back in two weeks or less. Once or twice it took a little longer. I also do my state return on turbo tax and I usually have my state return back within five business days. (Indiana) But that could depend on your state too.

    I recommend turbo tax 100% for anyone who has not used an online site before. I have tried two other sites, but always return to turbo tax for ease of use.

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  2. ki015199 on Jan 23, 2013 Reply

    You can use your smartphone to do your taxes. I personally switch up from computer to smartphone since it picks up where you left off regardless of what device you used last. Turbo Tax will guide you through the entire process. It’ll ask you basic questions to determine if a certain group of deductions is right for you. Once you’ve entered all your information, it’ll review what you’ve entered & give you the option to e-file. It’s a simple button you click on & it’ll ask you to enter your social or electronic signature to sign off on it. As far as the cost, that depends on which product you choose. The simpler your taxes, the cheaper the cost. Keep in mind, it’ll constantly try to talk you into upgrading. If you don’t want to spend the money, don’t do it. I don’t. I always use the Federal Free E-file. I think the next level up from free is the Basic $ 29.99. I could be wrong (I always do the free one.) Usually it takes 1-2 business days for the IRS to accept your return. After that, it can take 7-14 business days to receive your money, assuming the IRS has no questions about the info you’ve entered. Keep in mind the IRS will NOT accept returns until January 30 this year due to the tax changes Congress made. And last, but not least, it’ll ask you how you would like to receive your money. You can choose direct deposit & it’ll ask for your routing & account numbers. Of course, direct deposit is the best choice if you want your money the quickest way possible.

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