TurboTax is a software package used to prepare American income tax returns. The software is produced by Intuit, a global technology company that helps customers and communities overcome their financial challenges. TurboTax is among the leading companies of its type and competes with H&R Block and TaxAct. It came into existence in 1984 under the efforts of Michael A. Chipman of Chipsoft, who later sold it to Intuit in 1993. We shall see how to get money off TurboTax card without card shortly.
Tax filing is a complex undertaking that requires sophisticated software. The federal government relies on TurboTax among others to collect taxes from businesses and individuals. If you are a working citizen employed by the government or private company, you must file tax returns. That way, the country can grow in various sectors. There is no other reliable source of money for the government other than through taxation.
With TurboTax, you do not have to file the returns yourself. Since not everyone understands technology issues, the company has experts who can help you on the matters of your taxes. You can get unlimited tax advice or have it all done on your behalf with TurboTax Live. The system operates online and is secured to prevent data theft. C-Level Security has performed the TurboTax security certification for online usage.
How to get started with TurboTax?
You can start using the platform by creating an online account. You only need to start by visiting the Get Started Page to proceed. When you hit the Get Started tab, you will get a screen pop-up asking you, “Do you have a TurboTax Online account?” Upon getting such a query, you must select YES or NO. Since you are getting started, you should answer NO for the next steps.
You will need to select all that apply to get the right tax solutions for your case on the next page. Options to select from include the following.
- I want to maximize deductions and credits
- I paid rent
- I own a home
- I want a tax expert to do my taxes for me
- I want a tax expert to review my return
- I have a job (received W-2)
- I have children or dependents
- I donated over $300 to charity
- I sold stock, crypto, or own rental property
- I’m paying off student loans
- I own a small business
- I’m self-employed/an independent contractor
You should make sure that you select the suitable options not to make returns with errors. Once you select all that applies to you, you must tick how you filed the previous year’s taxes. Next, hit continue. You can even select the “Ask Me Later” tab to answer the question later. Since you are just getting started with TurboTax, chances are you used a different channel to file your returns. That can be a different software, CPA or an accountant, went to a tax service center, etc.
Once you press Continue, a page will open requiring you to create an Intuit account. Remember TurboTax is a product of Intuit, and thus you should not be confused between the two. To create an account, you will need to enter the following details.
- Email address
- User ID
- Phone number
Ensure everything is correct, and tap the “Create Account” tab. You will receive further details about your account at your email address.
How to file returns at TurboTax?
The easiest method to file your returns on the platform is online, also called E-filing. There is also an option to file via mail, but online is the most convenient and most used way to file your returns. Over 90% of all returns for 2020 tax returns received by the IRS were through the E-filing system. Therefore since it is the most preferred way to file taxes, I will major in it.
You must follow the process below to file your tax, which is the same for either online or mail filing methods.
- Gather the documents needed to file your taxes
- Calculate all your taxable income by tallying your total gross income
- Claim all tax deductions and credits
- File your returns with the IRS.
To file taxes online, you also require the following forms.
- Form W-2, Wage, and Tax Statement
- Form 1099-INT, Interest Income
- Form 1099-MISC, Miscellaneous Income
- Form 1099-NEC, Nonemployee Compensation
- Form W-2G, Certain Gambling Winnings
- Form 1099-DIV, Dividends and Distributions
- Form 1099-R, Distributions From Pensions, Retirement or Profit-Sharing Plans, Annuities, IRAs, Insurance Contracts, etc.
- Schedule K-1, Partner’s or Shareholder’s Share of Income, Deductions, Credits, etc.
- Form 1098, Mortgage Interest Statement
- SSA-1099, Social Security Benefit Statement
- Form 1099-G, Certain Government Payments
- Form 1098-T, Tuition Statement
- Form 1098-E, Student Loan Interest Statement
Online tax filing works in two ways which include;
- Interview-based tax software: You need to answer questions from the software, which automatically gathers information from you for the relevant forms.
- Form-based tax software: To use the method, you must know about the tax forms used to make your return. You should enter all the details as precisely as possible.
What are the benefits of online tax filing?
There are various advantages associated with online tax filing. They include the following.
i) Fewer mistakes
Online systems allow you to prepare your returns accurately compared to calculating on paper. They can detect where things are wrong for you to make corrections.
ii) Online tax returns are fast
You take the shortest time possible to file your returns since you have assistance from the systems. The manual system is slow due to the tedious calculations and writings you have to do.
iii) Faster refunds
There comes a time when you require refunds. It is faster to get refunds if you file online than using paper. The IRS handles e- returns faster than paper returns. And by the way, you can receive your refunds using the TurboTax Card.
How to get the TurboTax Card?
The TurboTax Card is a prepaid card that you can get online from TurboTax. You need to select the Turbo Visa Debit Card if you want to receive your refund. You need to sign up for the card online, then wait for the card to arrive in your place in 5-10 business days. Once you get it, you should activate it and start using it.
Upon getting the card, you will be able to get all your returns in the card account. By the way, the card allows you to control it using an app. You can download the Turbo Card App to manage your money while on the go. The app is on Google Play and the App Store.
How to receive tax refunds using your card?
Once you file for a tax refund, you only need to select the TurboTax card as the medium to use. You may also receive your refunds to your checking account when you set up a direct deposit. Some mobile wallets, such as Cash App and Venmo, also allow you to receive your refunds directly in your account.
Direct deposit requires the agency responsible for refunds to transfer money using the routing number and account number of your checking account or mobile wallet. To facilitate the transfer, you must fill out a direct deposit form.
However, the card is more convenient. If you are receiving your refund on the card, it is possible to track it. You need to visit irs refunds or call the IRS at (800) 829-1954. Intuit does not have any details about the status of your refund. You will see your balance displayed on your card account from your smartphone or tablet.
How to get money off TurboTax Card without card?
You can get money from your app without the need for your card as long as you have set everything in line with the card. The app allows you to pay bills online for various services such as internet, water, and electricity, among others.
Also, you can move money to your bank account without the need for your card using the app. First, you have to set up your account as a biller for you to transfer the amount of money to your bank account. After that, you can transfer the amount of money you want to your account, and when you select “Send and Receive Money.” After that, From the Billers drop-down menu, select “Online Bill Pay” and add a biller.
You can even add the TurboTax Card to PayPal and make an instant bank transfer without a debit card. When transfering the money, PayPal will get the amount you want to transfer to your bank account from the card’s account. PayPal allows you to transfer money instantly to a linked bank account at a fee. The standard transfer is free.
How do you use the TurboTax Card?
Apart from transferring money from the card to your bank, there are various ways you can use the card. They include the following.
- Buy goods and services
- Withdraw money at an ATM
- Receive direct deposit
TurboTax is a software package used to prepare income tax returns in America. The software is produced by Intuit, a global technology company that helps customers and communities overcome their financial challenges. Using the software, you can file your returns online conveniently.
However, you can still file your returns via mail, although tedious. You can use the TurboTax Card to receive your returns when you have some tax refunds to get. You can also receive returns in your checking account.