If you’ve already purchased a previous year’sDesktop tax software you canaccess it here. All three of TurboTax’s personal tax plans come with an audit support guarantee. With audit support, you get free one-on-one guidance in the event of an audit.
A Form 1040 return with limited credits is one that’s filed using IRS Form 1040 only (with the exception of the specific covered situations described below). Sign in or create an account to download and file your taxes with TurboTax. Nonbusiness bad debts must be totally worthless to the deductible. Nothing can be deducted if any portion of a bad debt is recoverable. Nonbusiness bad debts are deductible as short-term capital losses on Form 8949 and Schedule C (Form 1040). While TurboTax is one of the more expensive tax software available, it’s also extremely intuitive and easy to use and comes with multiple support options.
What is the problem with TurboTax?
If however, you use the cash method of accounting, you normally report income when you receive payment. You can’t take a bad debt deduction for amounts owed to you that you have never included in business income. Business bad debts are mainly the result of non-payment of part or all of a credit sale to a customer, or also a loan to a vendor, client, employee, or distributor.
Finally, you’ll review your federal and state returns and then submit them for filing. This plan costs between $89 and $219 to file federal returns, with $59 or $69 for each state return. It includes on-demand help from tax experts with an average of 12 years’ experience and a final expert review before you file. You’ll also get year-round support from tax experts with this plan, in case you have questions outside of tax season. This plan costs between $0 and $129 to file, depending on whether or not you qualify for a free federal return. State returns cost $64 each if you don’t qualify for the free version.
After the IRS accepts your return, it typically takes about 21 days to get your refund.
Audit defense is also included in this plan, which is available in all 50 states. H&R Block is the closest competitor to TurboTax, offering many of the same features. Its pricing plans are more affordable than TurboTax, though. Its free plan also has slightly expanded capabilities, which means more people may be able to file for free using H&R Block instead of TurboTax. H&R Block also has physical offices throughout the United States, so you can meet with a tax expert in person if you prefer that to virtual. Here, you’ll find the right TurboTax product to file tax returns for a prior year.
This plan lets you upload tax documents by snapping photos and also includes AI-Powered Intuit Assist. Even the free plan comes with TurboTax’s my turbotax login maximum refund and 100% accuracy guarantees. All of TurboTax’s individual pricing plans also come with support, including this free basic plan.