TurboTax tax return preparation is a fully guided process that walks you step-by-step through the whole procedure for filing your federal and state tax returns.
TurboTax 2020 Tax Software
Well here's the facts! With TurboTax 2020 Tax Return Software, tax filers don't need a lick of tax knowledge to be the expert needed to prepare and file their own return. The TurboTax tax preparation process insures no step, or deduction is missed. With that said, your maximum refund is guaranteed!
How To Properly Prepare for Tax Preparation
When you're ready to begin preparing your income tax return, make sure you have all the necessary
information and documentation available. You can save a surprising amount if time by collecting
and organizing your data up-front.
You will want to gather the following documentation that pertains to you before you begin the TurboTax 2020 tax return preparation process.
Personal information for you, your spouse, and your dependents:
- Social Security numbers
- Dates of birth
- Direct deposit information - routing and account numbers
- Foreign bank account info - location, bank name, account number, peak value
Household Income Information:
- Occupation income, W-2 forms for you and your spouse
- Investment income - 1099 forms (-INT, -DIV, -B, etc.), K-1s, stock options
- Income from unemployment forms 1099-G, Alimony, etc.
- Previous years state and local tax refunds
- Business income - profit/loss statement, capital equipment info
- Home office info - home size, office size, home expenses, office expenses.
- IRA and pension distributions - forms 1099-R, 8606
- Rental property income/expense - profit/Loss statement, suspended loss info
- Income property sale documentation - original cost, cost of improvements, closing costs, cancelled debt (form 1099-C)
- Social Security benefits - forms SSA-1099
- Prior year installment sale data - forms 6252, principal and interest collected with social security number and address of payer
- Miscellaneous income - Medical Savings Account (MSA), scholarships, jury duty, gambling winnings, etc.
- IRA contributions
- Energy credits
- Student loan interest
- Medical Savings Account (MSA) contributions
- Moving expenses
- Self-employed health insurance payments
- Keogh, SEP, SIMPLE and other self-employed pension plans
- Alimony paid
- Educator expenses
Taxes you've already paid:
- State and local income taxes paid
- Real estate taxes paid
- Personal property taxes
- Estimated federal income tax payments made
Itemized tax deductions and credits:
- Home mortgage interest and points, closing costs you paid - Forms 1098
- Charitable donations: cash, item values, miles driven, out-of-pocket expenses
- Casualty and theft losses: amount of damage, insurance reimbursements
- Miscellaneous occupation deductions: union dues, unreimbursed employee expenses (uniforms, supplies, travel, seminars, education, publications, etc.)
- Investment interest expense
- Medical and dental expenses
- Advance Child Tax Credit payment
- Child care costs - amount, provider's name, address, tax id
- Education costs - forms 1098-T, education expenses
- Adoption costs - SSN of child, legal, medical, transportation costs