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Did you know TurboTax software is designed to take away the burden of understanding IRS tax forms and instructions? If you e-file through TurboTax you don’t have to worry about a single tax form. All the forms and instructions you need to complete your tax return are provided for you.
When you’re doing your income taxes, you will require a number of forms and probably the most significant one is the W-2 form. TurboTax Online will find and import your W2, which allows you to file your taxes as soon as possible.
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You can find Federal tax forms at the website of the IRS, or you can use TurboTax to automatically supply the correct tax forms for you.
You can be assured you are preparing and filing the correct tax form by using TurboTax online tax software. You don’t have to wonder if you should use the 1040 tax form, or the 1040EZ. Filing your tax return can be a nerve wrecking feeling, but it doesn’t have to be if you let the tax software guide you through the tax filing process.
The 1040 tax form originated back in 1913, yet over the years, the basic setup has remained unaltered. This form collects your income, credits, and deductions. Furthermore, even though there are other forms and schedules that you can use for additional calculations, all of the final numbers from those forms are reported on the 1040 tax form.
There are different varieties of this tax form. We will be discussing them below.
IRS Form 1040 Instructions in Prior Years
In prior years, 1040 forms and instructions were sent out in the mail to tax payers. However, since many taxpayers don’t paper file, they are no longer sent out. Nevertheless, you can get paper copies of the form by going to an IRS center or your local post office. The IRS.gov website also has printable versions or you can place an order to have the forms mailed out to you.
The long form 1040 has several sections for you to fill out your personal income (name, personal information, filing status, exemptions, income, adjustments to income, tax and credits, other taxes, payments, and the final calculation of what you have to pay or what you will receive in the form of a refund).
You will find that many options will reference additional forms or schedules. This keeps the “long form” 1040 from becoming even longer, since calculations are done on different schedules and not the 1040.
Currently, there are 12 schedules for the 1040, and numerous other forms, which may be used in conjunction with it.
We will only be discussing the most common ones below.
When you turn to TurboTax for help it will be like an interview. They will ask easy to answer questions while filling in the correct tax forms for you behind the scenes. The answers you provide will enable them to see which deductions and credits you qualify for. In the event that you are unsure how to answer a question there are tax experts readily available to help you.
TurboTax provides you with step by step instructions to insure that you get every deduction and credit that you are eligible for. TurboTax insures that you get the largest refund possible. They even have a free tax refund calculator available that allows you to know the amount of money that you will be getting back.