Turbotax Deluxe,9780072130836

Turbotax Deluxe

by
ISBN13: 9780072130836
ISBN10: 0072130830
Format: Paperback
Pub. Date: 2000-12-01
Publisher(s): McGraw-Hill Osborne Media
List Price: $28.83

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Summary

(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.

Table of Contents

Acknowledgments xiv
Introduction xv
Part I Getting Started
Tax Law Changes for 2000 and Beyond
3(10)
Changes That Affect Everyone
4(3)
Widening Tax Brackets
4(1)
Standard Deduction Increases
5(1)
Personal Exemptions Amounts Changing
6(1)
Itemized Deduction Limitation
6(1)
Social Security Threshold Changes
7(1)
Changes for the Self Employed
7(1)
Changes for Investors in Retirement Funds
8(1)
Changes for College Students Paying Back Loans
9(1)
Changes for Parents
9(1)
Changes for Landlords
10(3)
Assembling Your Tax Information Before You Begin
13(18)
Documents That Identify Your Income
14(6)
W-2 Forms
14(4)
1099 Forms
18(1)
Bank Statements
19(1)
Broker Statements
20(1)
Documents That Identify Your Expenses
20(8)
Saving Purchase Receipts
22(1)
Saving Credit Card Statements
23(1)
Receipts for Charitable Donations
24(4)
Organizing Your Tax Documents
28(3)
Order of Income Documents
28(1)
Order of Expense Documents
28(3)
Tax Scenarios
31(22)
Scenarios for Single Taxpayers
32(5)
Tax Brackets for Single Taxpayers
32(1)
Exemptions
33(2)
Typical Deductions
35(1)
Additional Taxes
35(1)
Available Credits
36(1)
National Averages
36(1)
Scenarios for Married Taxpayers
37(4)
Tax Brackets
37(1)
What Is the Marriage Tax Penalty?
38(1)
Exemptions
38(1)
Typical Deductions
39(1)
Additional Taxes
39(1)
Available Credits
39(1)
National Averages
40(1)
Scenarios for Taxpayers with Children
41(3)
Tax Brackets for Head of Household
41(1)
Exemptions
42(1)
Typical Deductions
42(1)
Available Credits
42(1)
National Averages
43(1)
Scenarios for Business Owners
44(2)
Tax Brackets
44(1)
Exemptions
44(1)
Typical Deductions
44(1)
Additional Taxes
45(1)
Available Credits
45(1)
National Averages
46(1)
Scenarios for Elderly Taxpayers
46(7)
Tax Brackets
46(1)
Retirement Income
47(1)
Standard Deduction
47(1)
Typical Deductions
47(1)
Available Credits
48(5)
Part II Using TurboTax to Prepare Your Tax Return
Getting Started with TurboTax
53(26)
Using the TurboTax Interview
54(9)
Navigating Around Your Tax Return
54(3)
Viewing Your Forms
57(1)
Viewing Your Tax Summary
58(3)
Getting Help from Your TurboTax Program
61(1)
Exit TurboTax and Return Later
62(1)
Switching from Interview to Forms, and Black Again
63(2)
Referring to Last Year's Return
65(2)
Special Tips for Quicken and QuickBooks Users
67(3)
Importing from Quicken
67(2)
Importing from QuickBooks
69(1)
Entering Personal Information
70(9)
Choose a Filing Status
70(2)
Enter or Verify Name, Address, Social Security Number
72(2)
Answering Questions
74(1)
Entering Dependents
75(4)
Entering Income into TurboTax
79(84)
Using TurboTax's New Automated Tax Return
80(1)
W-2 Income from Your Job
81(10)
Entering Details from Your W-2s into TurboTax
82(8)
If You Need to Change Any W-2 Information
90(1)
Reporting Sales of Stock, Mutual Funds, and Other Investments
91(5)
Capital Gain Tax Rates
92(1)
Entering Basic Information About the Investment
93(1)
Selling Stock
94(1)
Selling Shares of Mutual Funds
95(1)
Selling Other Investments
95(1)
Interest Income
96(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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