Turbotax Deluxe

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ISBN: 9780072130836 | 0072130830
Cover: Paperback
Copyright: 12/1/2000

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(Osborne) An official guide to the best-selling tax program, TurboTax. Shows how to take advantage of the recent tax code changes, how to organize and assemble financial records efficiently, and how to do the most efficient, cost effective method of tax preparation, instead of doing it the hard way. Softcover.

Acknowledgments

xiv

Introduction

Part I Getting Started

Tax Law Changes for 2000 and Beyond

(10)

Changes That Affect Everyone

(3)

Widening Tax Brackets

(1)

Standard Deduction Increases

(1)

Personal Exemptions Amounts Changing

(1)

Itemized Deduction Limitation

(1)

Social Security Threshold Changes

(1)

Changes for the Self Employed

(1)

Changes for Investors in Retirement Funds

(1)

Changes for College Students Paying Back Loans

(1)

Changes for Parents

(1)

Changes for Landlords

(3)

Assembling Your Tax Information Before You Begin

(18)

Documents That Identify Your Income

(6)

W-2 Forms

(4)

1099 Forms

(1)

Bank Statements

(1)

Broker Statements

(1)

Documents That Identify Your Expenses

(8)

Saving Purchase Receipts

(1)

Saving Credit Card Statements

(1)

Receipts for Charitable Donations

(4)

Organizing Your Tax Documents

(3)

Order of Income Documents

(1)

Order of Expense Documents

(3)

Tax Scenarios

(22)

Scenarios for Single Taxpayers

(5)

Tax Brackets for Single Taxpayers

(1)

Exemptions

(2)

Typical Deductions

(1)

Additional Taxes

(1)

Available Credits

(1)

National Averages

(1)

Scenarios for Married Taxpayers

(4)

Tax Brackets

(1)

What Is the Marriage Tax Penalty?

(1)

Exemptions

(1)

Typical Deductions

(1)

Additional Taxes

(1)

Available Credits

(1)

National Averages

(1)

Scenarios for Taxpayers with Children

(3)

Tax Brackets for Head of Household

(1)

Exemptions

(1)

Typical Deductions

(1)

Available Credits

(1)

National Averages

(1)

Scenarios for Business Owners

(2)

Tax Brackets

(1)

Exemptions

(1)

Typical Deductions

(1)

Additional Taxes

(1)

Available Credits

(1)

National Averages

(1)

Scenarios for Elderly Taxpayers

(7)

Tax Brackets

(1)

Retirement Income

(1)

Standard Deduction

(1)

Typical Deductions

(1)

Available Credits

(5)

Part II Using TurboTax to Prepare Your Tax Return

Getting Started with TurboTax

(26)

Using the TurboTax Interview

(9)

Navigating Around Your Tax Return

(3)

Viewing Your Forms

(1)

Viewing Your Tax Summary

(3)

Getting Help from Your TurboTax Program

(1)

Exit TurboTax and Return Later

(1)

Switching from Interview to Forms, and Black Again

(2)

Referring to Last Year's Return

(2)

Special Tips for Quicken and QuickBooks Users

(3)

Importing from Quicken

(2)

Importing from QuickBooks

(1)

Entering Personal Information

(9)

Choose a Filing Status

(2)

Enter or Verify Name, Address, Social Security Number

(2)

Answering Questions

(1)

Entering Dependents

(4)

Entering Income into TurboTax

(84)

Using TurboTax's New Automated Tax Return

(1)

W-2 Income from Your Job

(10)

Entering Details from Your W-2s into TurboTax

(8)

If You Need to Change Any W-2 Information

(1)

Reporting Sales of Stock, Mutual Funds, and Other Investments

(5)

Capital Gain Tax Rates

(1)

Entering Basic Information About the Investment

(1)

Selling Stock

(1)

Selling Shares of Mutual Funds

(1)

Selling Other Investments

(1)

Interest Income

(4)

Dividend Income

100

(2)

Entering Dividends Reported on 1099 Forms

101

(1)

Accounting for Stock Dividends

101

(1)

Income from Your Own Business

102

(24)

Are You an Employee or an Independent Contractor?

102

(1)

Entering Income Reported on 1099 Forms

103

(3)

Entering Other Income

106

(1)

Cash versus Accrual Accounting

107

(1)

Entering Business Expenses

108

(7)

Taking a Home Office Deduction

115

(5)

Entering Auto Expenses

120

(4)

Entering Information About Business Assets

124

(2)

Income from Rental Property

126

(5)

Full-time Rental versus Vacation Rental

126

(1)

Entering Rental Income

127

(1)

Entering Rental Expenses

128

(3)

Nondeductible Losses from Rental Property

131

(1)

Income from Farming Operations

131

(9)

Farm Return Due Date

132

(1)

Entering Farm Income

133

(1)

Farm Income Averaging

134

(1)

Entering Expenses Relating to Farming

135

(1)

Depreciating Farm Property

136

(2)

Income or Expense of Farm Rental

138

(2)

K-1 Income from Partnerships, S Corporations, Trusts

140

(5)

Entering Partnership Information

140

(1)

Passive Activities

141

(2)

Entering S Corporation Information

143

(1)

Entering Trust and Estate Information

144

(1)

Selling Your Home

145

(4)

Determining Your Gain on the Sale of Your Home

146

(3)

Retirement Income

149

(4)

Social Security Benefits

150

(1)

Pension Income

150

(1)

IRA Income

151

(2)

Other Forms of Income

153

(10)

Gambling Income

154

(2)

Prize Winnings

156

(1)

Hobby Income

157

(1)

Jury Duty

158

(1)

Scholarship Income

158

(1)

Alimony

159

(1)

Unemployment Compensation

160

(1)

Income You Don't Have to Report to the IRS

160

(3)

Reducing Your Income with Adjustments

163

(26)

Tax-Deferred Retirement Plans

164

(13)

Keogh, SEP, and SIMPLE Plans

165

(2)

Contributions to 401(k) and 403(b) Plans

167

(1)

Contributions to an IRA

168

(5)

The Roth IRA

173

(2)

Conversions to a Roth IRA

175

(2)

Medical Savings Accounts

177

(3)

Adjustment for MSA Contributions

177

(2)

Warning About MSA Accounts

179

(1)

Adjustments for the Self Employed

180

(2)

Adjustment for Self-Employment Tax

180

(1)

Adjustment for Medical Insurance

181

(1)

Moving Expenses

182

(4)

Moving Expenses You Can Deduct

183

(1)

When to Deduct Moving Expenses

184

(1)

NonDeductible Moving Expenses

185

(1)

Employer Reimbursement for Moving Expenses

185

(1)

Student Loan Interest

186

(1)

What Interest Expenses Can You Deduct?

186

(1)

Who Qualifies for the Deduction?

186

(1)

Alimony

187

(2)

Reducing Your Income with Deductions

189

(42)

Which Taxpayers Can Itemize?

190

(1)

Medical Expenses

191

(6)

Types of Medical Expense You Can Deduct

192

(2)

Mileage Expenses for Medical Purposes

194

(1)

Deducting Health Insurance Premiums

195

(2)

Medical Expenses for Dependents and Others

197

(1)

Taxes You Paid

197

(8)

State and Local Income Taxes

198

(5)

Taxes on Property

203

(2)

Interest You Paid

205

(5)

Home Mortgage Interest

206

(2)

Points

208

(2)

Charitable Contributions

210

(8)

What Is an Authorized Charity?

210

(1)

Cash Contributions

211

(1)

Non-Cash Contributions

212

(3)

Limit of Deduction for Contributions

215

(1)

Unused Contributions Deduction

216

(1)

Donations of Travel

216

(1)

Donations of Time

217

(1)

Nondeductible Contributions

217

(1)

Casualty and Theft Losses

218

(4)

How Much Did You Lose?

219

(1)

Proving the Loss Occurred

219

(1)

How Much Can You Deduct?

220

(1)

Insurance Coverage for a Loss

221

(1)

Other Deductions

222

(9)

Job-Related Expenses

223

(1)

Job-Hunting Costs

224

(1)

Education Costs

225

(1)

Tax-Related Expenses

226

(1)

Investment-Related Costs

227

(1)

Gambling Losses

228

(3)

Taking All the Tax Credits You Can

231

(16)

Claiming the Child and Dependent Care Credit

232

(3)

Who Qualifies for the Credit?

232

(3)

Taking the Child Tax Credit

235

(1)

Using the Education Credits

236

(2)

The Hope Scholarship Credit

236

(2)

The Lifetime Learning Credit

238

(1)

Taking Advantage of the Adoption Credit

238

(2)

Who Qualifies for This Credit?

239

(1)

When Should the Adoption Credit Be Claimed?

240

(1)

Cashing In on the Fuel Tax Credit

240

(1)

Claiming the Foreign Tax Credit

241

(1)

Calculating the Earned Income Credit

242

(2)

Taking the Credit for the Elderly or the Disabled

244

(3)

Paying Additional Taxes

247

(16)

The Nanny Tax on Household Employees

248

(2)

Kiddie Tax on Your Child's Income

250

(4)

Tax Rate for Children of Divorced or Separated Parents

251

(1)

Preparing an Income Tax Return for Your Child

252

(1)

Adding the Child's Income to the Parents' Tax Return

253

(1)

The Alternative Minimum Tax

254

(3)

Recover Your AMT Tax with a Credit

255

(2)

Paying Tax on Tips

257

(1)

Paying Self Employment Tax

258

(1)

How Much Do You Have to Pay?

258

(1)

Quarterly Estimated Payment Considerations

259

(1)

Paying the Penalty on Early Withdrawal from an IRA

259

(4)

Exceptions to the Penalty on Early Withdrawal

260

(3)

Preparing Your State Tax Return

263

(8)

Reviewing Changes to Your State's Tax Laws

264

(2)

Entering State Information

266

(1)

Paying State Taxes When You Move During the Year

266

(1)

Paying state Taxes When You Live and Work inn Multiple States

267

(4)

Finalizing Your Tax Return

271

(16)

Updating Your TurboTax Software

272

(1)

Check Your Return for Errors

272

(3)

Running the Final Review

273

(1)

Finding Errors Using the Forms Method

274

(1)

Printing Your Tax Return

275

(5)

Print Return for Filing

276

(1)

Tax Return for Your Records

277

(1)

Printing Selected Forms

278

(1)

Print the Form You're Working On

279

(1)

Filing Your Return Electronically

280

(2)

Sign Consent Form

280

(1)

Checking on the Status of an Electronically Filed Return

281

(1)

Electronic Tax Return Due Date

281

(1)

Mailing Your Tax Return

282

(5)

Don't Forget!

282

(1)

Where Does the Tax Return Get Mailed?

283

(4)

Part III Internet Resources to Help You File Your Taxes

Exploring Tax Sites

287

(14)

Using the TurboTax Web Site

288

(2)

Using the IRS's Web Site

290

(3)

Checking on the Latest Changes to Tax Rules

292

(1)

Get a Head Start on Next Year's Taxes

292

(1)

Using Your State's Web Site

293

(1)

Other Internet Sites Relating to Taxes

293

(5)

Assessing Internet Security

298

(3)

Using TurboTax for the Web

301

(10)

Information to Gather Before You Begin

302

(1)

What to Expect from Your e-Experience

302

(3)

TurboTax for the Web and Security

304

(1)

Advantages to Using TurboTax for the Web

304

(1)

Filling in the Blanks

305

(1)

Prepare Your State Tax Return

305

(1)

Print a Test Copy of Your Tax Return

305

(1)

Follow the Interview

305

(1)

Use the Automated Tax Return Process

306

(1)

Printing Your Tax Return for Your Records

306

(1)

Filing the Return

307

(1)

Checking Your Status

307

(4)

Part IV Dealing with the IRS

Waiting for Your Refund

311

(8)

How Long Should You Wait?

312

(1)

Checking on Your Refund

313

(1)

Checking on an Electronic Refund

313

(2)

Refund Status If You Used the TurboTax Program

313

(1)

Refund Status If You e-Filed at the TurboTax Web Site

314

(1)

e-Refund Status by Telephone, 24 Hours a Day

315

(1)

Refund for the Wrong Amount

315

(1)

Interest Earned on Late Refunds

315

(2)

Choosing to Let the IRS Keep Your Refund

316

(1)

Saving Your Refund for a Rainy Day

316

(1)

Refunds That Never Come

317

(2)

Paying Tax to the Government

319

(12)

Tax Due with Your Tax Return

320

(3)

Your Income Increased in 2000

320

(1)

Some of Your Income Is Not Subject to Withholding

321

(1)

Your Tax Situation Has Changed Since Last Year

321

(1)

Your Income Is Too High for Certain Tax Benefits

322

(1)

You Own Your Own Business

323

(1)

Options for Withholding Tax

323

(3)

Claim More Withholding Allowances

323

(2)

Claim Fewer Withholding Allowances

325

(1)

Claim Extra Withholding

326

(1)

Stagger Your Withholding

326

(1)

Estimated Payments

326

(2)

How Much Should You Pay?

327

(1)

Calculate Your Actual Tax

327

(1)

Installment Agreements

328

(1)

Offer in Compromise

329

(2)

Amending Your Tax Return

331

(12)

Situations That Require Amending

332

(1)

How Far Back Can You Go?

333

(1)

Amending Your Return

333

(10)

Where in TurboTax Do I Amend My Return?

334

(2)

Entering Information for the 1040X

336

(3)

Enter Explanations

339

(1)

Attachments to the 1040X

339

(1)

Mailing Your 1040X

340

(3)

Communicating with the IRS

343

(14)

IRS Letters Requesting Information

344

(2)

The Incomplete for Processing Letter

344

(1)

The Notice of Tax Due and Demand for Payment

345

(1)

Statement of Changes to Your Account

345

(1)

IRS Letters Associated with an Audit

346

(2)

The Audit Letter

346

(1)

The 30-Day Letter

347

(1)

The 90-Day Letter

347

(1)

Preparing for an Audit

348

(3)

Keeping Taxpayers in Line

348

(1)

Determining National Averages

348

(1)

Types of Audits

349

(1)

Stay Calm

349

(1)

What Should You Bring to an Audit?

350

(1)

What Shouldn't You Bring to an Audit?

350

(1)

Your Appearance and Mannerisms

351

(1)

Sending Someone in Your Place

351

(1)

Appealing IRS Decisions

351

(6)

Try to Settle Without an Appeal

352

(1)

How to Appeal

352

(5)

Part V Good Tax Sense for the Future

Recordkeeping

357

(8)

Keep Your TurboTax File in a Safe Place

358

(2)

Same Computer, Next Year

358

(1)

Making a Copy of Your Tax File

358

(2)

Keeping Good Records

360

(2)

IRS Recordkeeping Guidelines

360

(1)

Records of Property Purchases

360

(1)

W-2 Forms

361

(1)

Prior Year Tax Returns

361

(1)

Records of payments

362

(1)

Documents You Don't Need to Keep

362

(3)

Tax Planning

365

(24)

Tax Planning for Next Year's Tax Return

366

(11)

What You Can Do

366

(1)

The Tax Events You Can Control

367

(10)

Planning for Your Retirement

377

(4)

Company-Sponsored Retirement Plans

378

(1)

Traditional IRA

379

(1)

The Roth IRA

380

(1)

Making Investment Decisions

381

(4)

Preparing for Taxes on Gifts and Estates

385

(4)

Using TurboTax for What-If Scenarios

389

(42)

Planning for Life Changes

390

(17)

Tax Effects of Life Events

391

(6)

Using the Tax Planner

397

(3)

Using the IRA Planner

400

(7)

Part VI Appendixes

A Purchasing and Installing Your TurboTax Program

407

(8)

Purchasing TurboTax for Federal Tax Returns

408

(1)

Installing the TurboTax Federal Program

408

(2)

Purchasing TurboTax for State Tax Returns

410

(1)

Installing Your TurboTax State Program

411

(4)

B Bonus Tax Worksheets

415

(16)

Automobile, Buy versus Lease

416

(2)

Home Office Depreciation Deduction

418

(2)

Converting Your Traditional IRA to a Roth IRA

420

(1)

Roth IRA: Long-Term Investment Worksheet

421

(3)

Non-Cash Charitable Contributions: Valuation Guide

424

(7)

Index

431

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Turbotax Deluxe

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