TurboTax FAQs
Intuit Inc. specializes in creating financial solutions for individuals and small businesses. Founded in 1983, Intuit has developed products that have revolutionized the personal finance software industry. The company's most prominent products include Quicken, QuickBooks and TurboTax. The TurboTax software provides paper and electronic tax filing options to individuals and small businesses. TurboTax has quickly become one of the most commonly tax software used in households.
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Will I Have Access to Tax Returns From Previous Years?
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Tax customers often need to refer to a prior year's return. If you file your taxes using TurboTax online, a copy of the completed return will remain on the secure server. Access the return by logging into your account using your established username and password. If you have filed using the TurboTax CD, the prior year's return will be stored on your hard drive or removable storage. Your information will not exist on the secure server.
How Long Does an Approval Take?
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Once you have completed your return and processed the e-file, your tax return is electronically passed to the Intuit Electronic Filing Center. This takes only moments. Your return is then sent to the Internal Revenue Service (IRS) for processing. Federal returns generally require 24 to 48 hours for acknowledgement while state returns require five days or more. Accepted IRS returns will generate any applicable refunds within 28 days of acknowledgement. However, most returns are issued within five to seven business days after acknowledgement. The IRS Refund Cycle Chart provides detailed information on expected refund time frames.
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What is Error Reject Code 0269?
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Error Reject Code 0269 is issued when there is a discrepancy in the Recovery Rebate Credit amount. Every return now asks for the amount of Recovery Rebate Credit you received from the prior year. The Recovery Rebate Credit is commonly known as the Stimulus Payment. If you have entered an incorrect amount, your return will be automatically rejected. If you are unsure of the amount you received, contact the IRS for details. You will be required to verify your identity by providing the representative with answers to certain questions. These questions include your Social Security number, address and the prior year's adjusted gross income.
What is Error Reject Code 0679?
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Error Reject Code 0679 generates when there is a mismatch of the prior year adjusted gross income amount. The prior year AGI is used as a security feature of by the IRS. The information you provide is matched to the AGI information on file. If the information provided does not match the IRS records, the return is automatically rejected. Refer to your prior year's accepted federal tax return for the exact AGI amount.
What is the First Time Homebuyer's Credit?
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The Housing Assistance Tax Act of 2008 provides an interest-free loan to qualifying first-time homebuyers under the First Time Homebuyer Credit. The 2008 qualifications include home purchases between April 9, 2008 and January 1, 2009. The credit provides an interest free loan of up to $7,500, repayable over a 15-year period. The 2009 credit provides up to $8,000 and does not require repayment if the home is maintained for at least three years.
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