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⏩ Move on to the good stuff⏩
00:00 Introduction
00:27 Step #1 — Gather your paperwork
01:07 Step #2 — Create an account
01:24 Step #3 — Check your data and filing status
02:00 Step 4 — Enter federal tax information
02:53 Step #5 — Enter state tax information
03:12 Step #6 — Choose your refund method
03:44 Step #7 — Review and file your taxes
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VIDEO TRANSCRIPT:
Hello everyone, Jenn here from finder.com.
Today we're talking about one of the only certain things in life: taxes. With April 15 approaching and W-2s rolling in, it's time to file your federal (and in some cases state) taxes.
We'll show you how to file your taxes online with Intuit TurboTax – it's friendly to first-time filers and can be fairly cheap.
STEP 1: Gather your paperwork.
Before you head to the TurboTax website, gather a few documents that you'll need once you get started. Usually this includes:
-Your social security number and anyone else's numbers upon your return
-A government-issued ID, such as a driver's license
-Your W-2 or 1099
-Any interest earned on private investment accounts
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-Your Form 1095 and any medical bills
– Mortgage interest and real estate taxes
-Education costs
– Small business expenses
-Pension contributions
– Receipts of charitable donations
STEP 2: Create an account.
Before you can start making returns, you must create an account. Just fill out the form with your email address and choose a user ID and password. Make sure these are strong too, given how sensitive the information is.
STEP 3: Check your details and filing status.
Add your name, date of birth and zip code to get started. Then you add information about your filing status, including whether you are married.
Select one of the situations that apply to you from the past year. You'll then be asked for more details about the previous year's finances, such as whether you took on medical debt, traded cryptocurrencies, or received dividends.
Continue by entering even more personal information, such as your Social Security number and which states you lived and worked in.
STEP 4: Enter federal tax information.
The next step is diving into the nitty gritty of your federal taxes. TurboTax walks you through the process step-by-step, so you can save your place and return to it at any time – perfect when you need a quick break.
Your W-2, 1099, 1095, and charitable donations come into play in this section. Some documents can be uploaded and filled in automatically, or you can enter the information yourself.
Once you've gone through each section, TurboTax will ask you to fill in anything you may have missed and review your progress as you go.
If any of the states you lived in last year have state taxes that need to be covered, go to the next step. Otherwise, you can skip to step six.
STEP 5: Enter state tax information.
State taxes are a lot less intense than federal taxes. Essentially, the software imports the information from your federal taxes and processes the state taxes with very little additional input from you. A few clicks and you're done.
STEP 6: Choose your refund method.
You are now almost ready to file. It's time to select which refund method you want to use. Depending on when you file your tax return, you may even be able to request an advance upon your return.
Your choices are the following:
-Direct deposit to your bank account, which usually takes the least time
-Prepaid TurboTax debit card
-Paper check by mail
-Apply the refund to next year's taxes
-US savings bonds
STEP 7: Review and file your taxes.
Once you've selected your preferred delivery method and filled out all the necessary information (such as bank account details for direct deposit), it's time to submit a request.
It's time to review everything and then file. You can take one last look at all the sections and make sure nothing looks strange or is missing. Once everything is in order and you're on your way, sign the document electronically.
It will likely take a while for the IRS to accept the filing, ranging from a few days to a few weeks. And it may take even longer to fully process. Read our guide on Finder.com for written instructions on how to archive online and an overview of the pros and cons of each archiving method.
Please take the opportunity to connect and share this video with your friends and family if you find it helpful.
