Most popular FAQs for Turbo Tax Online Filing 2020
TurboTax for Windows personal CD/Download desktop software will transfer last year's tax data file (.tax2020 file) or PDF from the 2020 TurboTax desktop or online software. It even transfers PDFs created in TaxACT or H&R Block tax prep software.
We'll transfer over 100 fields to help you get a head start on your return, including:
Names and other personal info
Social Security numbers
Addresses
Employer and business info
Income forms such as W-2s and 1099s
Credits and deductions
Refunds and tax owed amounts
Capital losses
Disallowed deductions
Credits carried over to subsequent years
Tax schedule information
E-file signatures if you successfully e-filed last year
Be aware that TurboTax does not transfer information that requires complex calculations, like depreciation.
How to File Taxes Online
Do I have to file taxes?
Whether or not you have to file taxes will depend on your income, your age, and other things. In most cases, you don't have to file a tax return every year unless your total income is over a certain amount or you meet other requirements.
Usually, you don't have to file a tax return if your income is less than the standard deduction. But you may still have to in 2022 if you meet certain conditions. If all of the following are true for you, you don't need to file a tax return:
Under age 65
Don't have any special circumstances that require you to file (like earning self-employment income)
Earn less than the 2022 standard deduction for your filing status
If you don't meet all of these requirements, you may still need to file a tax return. Even if all of these things are true, you may still want to file a tax return. If federal taxes are taken out of your paycheck, you can only get a tax refund if too much is taken out.
For example, let's say your filing status is "single." No one else can claim you as a dependent, and you had $600 of federal tax taken out of the $5,000 you earned as an employee during the year. Since you made less than the standard deduction, you probably can get that money back. You can only get it, though, if you file a tax return and ask for a refund.
The IRS doesn't automatically issue refunds, so if you want to claim any tax refund due to you, you should file a tax return.
If you need to file your taxes, the easiest way is to file online.
How to file your taxes
Whether you're filing your taxes for the first time or the 50th, it's always a good idea to gather your tax information early so you can prepare your return and file faster.
You can send your taxes to the IRS either electronically, which is called "E-filing," or by mail. E-filing has become the most common way to file, with more than 90% of all tax returns sent to the IRS in 2020 being filed this way.
The IRS has said that e-filed tax returns are more accurate, don't take as long to process, and get refunds to people faster. Even so, about 10% of people still choose to send in their taxes the old-fashioned way, by mail.
No matter how you choose to file your taxes, the basic steps are the same:
Gather the documents you’ll need to file your taxes
Calculate your taxable income by tallying your gross income
Claim all applicable tax deductions and credits
File your tax return with the IRS.
Below breaks down each step necessary for filing taxes online, starting with the forms you need.
What tax forms do I need for online tax filing?
At the start of the tax year, you might want to make a folder for your tax return. Then, put any important tax information you get in that folder until you are ready to file your tax returns.
Most of these forms will come out in January or early February, after the end of the tax year. But some forms could come out even later. If you file your tax return before you get all the forms you're expecting, you might forget to include something important. Once you have all the forms you need to fill out your tax return, you might want to get started on it as soon as possible. There are many good reasons to file your tax return early.
Some common forms to watch out for are:
Form W-2, Wage and Tax Statement
Form W-2G, Certain Gambling Winnings
Form 1099-DIV, Dividends and Distributions
Form 1099-INT, Interest Income
Form 1099-MISC, Miscellaneous Income
Form 1099-NEC, Nonemployee Compensation
SSA-1099, Social Security Benefit Statement
Form 1099-G, Certain Government Payments
Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
Schedule K-1, Partner's or Shareholder's Share of Income, Deductions, Credits, etc.
Form 1098, Mortgage Interest Statement
Form 1098-T, Tuition Statement
Form 1098-E, Student Loan Interest Statement
You might get these forms in the mail or be able to find them online. Check with your employer or the IRS if you haven't received your W-2. Some online tax software lets you import your W-2 electronically and will even let you know when it is ready.
Check the tax forms you got this year to see if they are the same as the ones you got last year. Check to see if you no longer need the information you're missing. For example, if you closed the bank account that sent you the Form 1099-INT last year, you won't get it this year.
During a tax year, you may also have new things happen to you. You'll need to think about the whole year to figure out if your new tax situation might mean you'll get new forms this year. If so, you should be on the lookout for them. For example, if you opened a brokerage account or started trading crypto, you should expect to have forms for these things.
How do I do my taxes online?
Each year, you can choose how you want to prepare and file your taxes. You can do so in one of three ways:
Preparing the tax forms by hand and mailing them in.
Using online tax software to prepare the required forms through on-screen prompts and guidance.
Hiring a tax professional to handle it for you (some online tax software comes with tax professional assistance).
You can choose to e-file your taxes if you file with the last two options. You can do your own taxes and file online if you use tax software.
When you use online tax software, you can enter your information once and have it carry over to the next year. This makes it easier and faster to do your taxes every year, which means less stress and faster refunds if you're due one.
The first step in filing your taxes is to gather all the forms and other documents you need to fill out your return. To speed up this process, you might want to keep all of the paperwork you need for your taxes in one safe place. This keeps your tax documents in order and makes them easy to find when it's time to do your taxes each year.
When you are ready, you can put this information into the online tax platform. You can do this by hand, or you can check to see if your online tax software lets you import your tax returns. If you can import this information automatically into your tax software, you could save even more time and avoid making mistakes on your return. Tax software works with a number of businesses and organizations to get digital copies of your tax information. This information is then put in the right boxes, lines, and sections on the right forms.
After you put in your information, tax software will either:
Interview-based tax software: This interface has you answer questions prompted by the software. The interview will gather information from you and place these details on the relevant forms automatically, making it easy to use if you aren’t familiar with all the forms used to prepare your tax return.
Form-based tax software: This software requires you to know about the tax forms used to prepare your return. It'll step through each form and require you to place the correct information from the corresponding boxes on your tax documents.
With interview-based software, you are guided through each part of your tax return. It starts by asking you questions about yourself and your taxes to learn more about you and figure out how to help you. If you're using the software for the first time, the first questions will ask for personal information about you and any dependents. If you've used this software before, it will ask you to confirm your information and see if anything has changed since you last filed your taxes. Depending on how you answer these questions, the software will help you decide which tax filing status is best for you.
Next, the software will ask you how much money you made from all sources during the tax year. After that, you can claim any deductions and credits you are entitled to. The software might be able to do a lot of this work for you by importing your tax documents and putting the information on your tax return in the right places.
From there, you should check your tax return to make sure it is correct. After that, you can file your taxes online.
What are the benefits of filing taxes online?
Using online tax software has several benefits. Not only does it simplify your tax return filing, you can file it more securely with e-File, enabling you to get your refund faster should the IRS owe you money.
Fewer mistakes. When you file taxes online with tax software, you substantially reduce the likelihood of making errors as compared to preparing your returns on paper. The automated nature of tax software works to prevent simple arithmetic errors and also places information in the correct boxes and on the correct forms. This reduces the chances of filing an inaccurate return. Further, if you make a mistake on your return, such as claiming a dependent who has already been claimed, or entering an incorrect Social Security number, the IRS can detect it quickly. They'll send back an error report in as little as a few hours so that you can quickly fix the problem.
Quicker, more accurate preparation. Filing taxes online with tax software can also pull information from previous returns, such as any carry over losses, passive activity losses, information for calculating underpayment penalties, and more from a prior year. You can automatically import relevant tax information for your current tax return, allowing you to get the job done a lot faster than if you prepared your return by hand. Plus, you don’t lose track of these important items that might benefit you in the current year, potentially saving you more money on your taxes.
Faster refunds. The IRS handles e-filed returns faster than paper returns. Your e-filed return processes quicker and goes through an error checking system much sooner than a paper return. If you prepare your own return and send it by mail, you can expect to wait up to six weeks or more for your refund. Because the IRS can review your return quicker, you get your refund deposited directly into your bank account faster. You can also elect to receive your refund in the mail if that is what you prefer.
Can I import tax forms?
Online tax software has streamlined the ability to prepare your tax return by having you input your unique tax information through intuitive question and answer prompts, on-screen guidance, access to a tax professional, and convenient e-filing with the IRS.
Tax software allows you to import your tax information directly onto your return without needing to handle physical forms or manually enter the data.
You can import tax forms like:
W-2 from your employer
1099-B, 1099-DIV, 1099-OID, 1099-INT or 1099-R forms from brokerages where you invest or institutions where you bank
1099-NEC forms from companies you work for as a self-employed person
1099-MISC forms for non-employment related payments or income
TurboTax Tip: When selecting the financial institution for importing your tax forms, be sure to select the right company from the list. For example, several participating partners' names may start with First National Bank. Select your specific bank to ensure your details can be found.
By integrating with these companies, tax software can import your tax forms directly, reducing the time needed to prepare your return while also resulting in fewer errors.
What should I expect when filing taxes online?
Filling out your tax return by hand should take longer than doing it online. If your tax situation is simple, putting together your tax return shouldn't take you a long time.
For example, preparing, reviewing, and e-filing your tax return shouldn't take long if you only have W-2 income and claim the standard deduction.
On the other hand, if your tax situation is more complicated, you may still have to enter a lot of information by hand. This is especially true if you itemize your deductions or claim certain tax credits.
For example, if you have a lot of bank and investment accounts, work for yourself, have a rental property, claim tax credits, or need to take into account the Alternative Minimum Tax (AMT), it may take you a little longer to prepare your tax return.
Tax software can help you keep track of these smaller details and give you an unbiased explanation of how different tax positions affect you. If you need help, some tax software will put you in touch with a qualified tax professional who can answer your questions, help you fill out your tax return, and look for deductions or credits you might have missed.
How do I pay my taxes online?
Paying your taxes online is straightforward and easy. If you file your taxes by hand, the amount owed on your return can be submitted online directly to the IRS through its Direct Pay web portal.
The portal allows you to pay online or over the phone with a bank account for free or by debit card, credit card or digital wallet for a fee.
The IRS offers you the ability to submit payments for the following returns through Direct Pay:
Tax Form 1040
Form 1040 Health Care payments
Form 1040ES (Estimated tax)
Form 1040X (Amended Return)
Installment Agreement
Form 4868 (Extension to file)
Form 5329 (Additional taxes on qualified plans)
You can also submit payment through your online tax platform. Depending on the provider, you may be able to pay by:
Direct debit from your bank account (free)
Credit or debit card (convenience fee)
Check or money order (free except for postage)
IRS Installment Agreement (this may be free or have a fee, depending on your circumstance)
Cash (at a retail partner)
How do I get my refund?
The fastest way to get your tax refund is to file your return online and have the money sent directly to your bank account. When you file electronically, the IRS will let you know the status of your tax refund within 24 hours. If you mail your return, the IRS will let you know the status of your refund within four weeks.
To check your status, you'll need to give your Social Security number or Individual Taxpayer Identification Number (ITIN), your filing status, and the exact amount of your refund. This information can be found on your filled-out tax return.
When you file, you can give your bank account information so that your tax refund can be sent directly to your account. You can also choose to get a check in the mail.
How long does it take to file taxes online?
On average, the IRS estimates it takes individuals 13 hours to complete their tax returns each year. Of course, the time it takes to file your taxes depends on your unique tax situation, preparedness and familiarity with your information.
More complex situations can entail additional forms and questions you’ll need to answer on your tax return, such as if you:
place trades in taxable investment accounts,
transact in cryptocurrencies,
own rental real estate,
work for yourself as a self-employed person
become subject to the alternative minimum tax
Getting your taxes ready and sending them in online can take more time for each extra thing.
In the same way, it often takes less time to prepare taxes and file them online when they are simple. For example, preparing your tax return won't take as long if you only have W-2 income from your employer and claim the standard deduction. It can be done in as little as a few minutes if you have the right forms, information, and tax software at your fingertips.
When you use tax software, it will ask you all the questions it needs to get a full picture of your tax situation, do the necessary calculations, and put the right information on the right tax forms.
Filing online can also cut down on math mistakes, making it less likely that you'll need to file an amended return if there's a mistake on your return.
What is the fastest way to file taxes?
Online is the fastest way to file taxes. Last tax year, 122 million people used the IRS's e-file system to send in their tax returns electronically. The IRS says that e-Filed returns are not only more accurate, but they also save time. They also offer better security and refunds that happen faster.
If you don't send your return through the mail, they can process it faster, check for mistakes, and give you most of your money back in less than 21 days. Using tax software, e-filing, and direct deposit to automate and cut down on mistakes is the fastest way to get your money back. Together, these will give you the best chance of being able to file your taxes quickly and get your refund as soon as possible.
With TurboTax, you can do your taxes, your way. Let's get your taxes done right. You can do them yourself, get help from a pro, or hand them over from start to finish.
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