TurboTax has plenty of tips and tricks to guide you. Google a topic and TurboTax to get a link. For example "Tax Breaks TurboTax" gets you this link.
HERE is a link about Credits
HERE is a link with a calculator for choosing Standard Deduction vs Itemizing Deductions
The IRS also issues publications.
The TurboTax application asks (a lot) of questions in the tax interview to get an idea of which credits and/or deductions might be useful to you.
The choice between taking the Standard Deduction or Itemizing Deductions is almost always based on which is the higher deduction. Deductions lowers your taxable income. Less taxable income means less tax.
(But there are exceptions, such as when filing married Filing Separately, then you must both use the same method)
The better choice of filing Married Filing Jointly or Married Filing Separately is almost always Married Filing Jointly. Certain credits cannot be claimed on a Married Filing Separately return. Credits lower you tax liability.
(But there are exceptions to when a person may prefer filing married Filing Separately)
The choice of Roth IRA versus Traditional IRA depends on when you want to pay the tax on the income.
Contributions to a Roth are after tax, where a contribution to a traditional IRA may be deductible, so there is no immediate tax advantage for a Roth IRA. The advantage is when the distributions from a Roth are made since the earnings are not taxed if the distribution is qualified, meaning you meet the holding requirements as well as personal information, such as your age. There is also no Required Minimum Distribution for the original owner of a Roth account.
Although Deductions and Credits, Filing Status, and different saving and investment instruments can be explained, the situation of the individual is also a factor.
We are here to help with a particular question or issue you may have when filing your taxes using TurboTax. There are also many "Learn More" links embedded in the software that address questions associated with the section you're in. These are very informative.
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