TurboTax, an income tax preparation program by Intuit, has many versions and features to accommodate all tax situations. It gives users systematic instructions to prepare an accurate, timely return. If you are on Social Security, you can use TurboTax to compute your income tax return. If Social Security is not your only source of income, you may need to determine the correct version of TurboTax to take advantage of the many tax deductions and credits.
TurboTax has several versions to accommodate all taxpayers, from those with low income to corporations. The free version of TurboTax is available on the TurboTax website and is sufficient for many Social Security recipients. Certain income situations might require you to use a different version. If you need additional forms, you can upgrade your version of TurboTax, even after you begin preparing your return.
How TurboTax Works
TurboTax uses your personal information, exemptions and income to determine your amount of taxable income. The program also computes the amount of Social Security that is taxable. After computing your tax, TurboTax asks specific questions to determine whether you qualify for deductions and credits. TurboTax includes all required IRS forms and worksheets to accurately prepare and file your income tax return. Included in all versions of TurboTax is the option to electronically file your return. In addition, the deluxe edition includes state preparations.
What You Need
Immediately upon beginning TurboTax, the program requests your personal information. This includes name, address, date of birth and Social Security Number. It also requests personal information about your spouse and dependents. To prepare your return, you must have verification of income, such as W-2s and 1099s. Your Social Security income is listed on Form SSA-1099. To calculate adjustments, credits and deductions, make sure to have your mortgage interest statements, tuition costs and receipts, if you plan to itemize.
Completing the Return
Upon entering all of your personal information, income and receipts, TurboTax will check your return for errors. If you miss any entries or need to complete additional forms, TurboTax displays an alert and helps you to complete the form. TurboTax also provides a prediction of the chance of an audit and offers support in the event of an audit.
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