(TurboTax Free Edition customers are entitled to payment of $30.) This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax. Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back – Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state purchase price paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax. 100% Accurate Calculations Guarantee – Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest.No matter which way you file, we guarantee 100% accuracy and your maximum refund. Or, get unlimited help and advice from tax experts while you do your taxes with TurboTax Live Assisted.Īnd if you want to file your own taxes, you can still feel confident you'll do them right with TurboTax as we guide you step by step. With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. TurboTax can even import your W-2 information directly from more than 400,000 participating employers and financial institutions and put it directly in the right tax forms for you. The standard deduction is a set amount the IRS allows you to deduct if you choose not to itemize your deductions. However, you should only itemize deductions if it saves you more in tax than taking the standard deduction for your filing status. Although you need these amounts to prepare your state tax return, the payments are also deductible on your federal tax return as part of your itemized deductions. There is other information on your W-2 that can increase your refund even more-but only if you itemize deductions.īoxes 17 and 19 will report the state and local income taxes that your employer must also withhold from your wages. If the tax you calculate on your tax return is less than the total amount of withholding reported in box 2 of your W-2, you will be receiving a refund from the IRS, because you have paid more tax than you owe. Your tax withholding is important because it is commonly the reason taxpayers receive tax refunds. However, for purposes of preparing your federal tax return, the key information is in boxes 1, 2, 17 and 19.īox 1 is going to report your annual salary plus all bonuses and other types of compensation you receive.Īnd box 2 will report the federal income taxes your employer has withheld from your paychecks throughout the year. Your W-2 form has a number of boxes that report information about your earnings and taxes. If you work as an independent contractor-meaning you are self-employed-you will receive a 1099 instead. The first thing you should realize is that you only receive a W-2 for the income you earn as an employee. But regardless of whether you are a seasoned employee or just completing your first year of employment-there are some things you may be interested to know about your W-2. If you have been working for a number of years, you probably know that you will be receiving a W-2 from your employer by January 31 each year. Hello, I’m Jill from TurboTax with some interesting information about the W-2 forms your employer sends you each year.
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