Hello,
When we log into our TurboTax online account, it only gives us the 2019 filing option, but we already filed for the 2019 year through a CPA and completed that return process fully.
We would like to start preparing our 2020 tax filing documents. How do we begin preparing our 2020 filing documents? Maybe we are missing a step?
Thank you in advance for any advice.
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Although the beta versions of the program come out early they are not fully functional until sometime late January at best and many forms including the state programs are not complete until late Feb or sometime in March. The IRS efile start date is still TBD however in the last couple of years they have not opened until very late in January so don't be in a big hurry.
The Desktop CD/Download program usually comes out in early November. The Online Personal versions open in December. Keep checking back. https://turbotax.intuit.com/personal-taxes/online/
Buy the personal Desktop CD/Download programs here
https://turbotax.intuit.com/personal-taxes/cd-download/
Thank you for the detailed info that helps clarify timelines.
But we would also like to begin simulation of what our S-Corp and Personal Taxes will look like for the 2020 year. So we wanted to start punching in various tax scenarios, Gross income, 501c3 donations, expenses, etc...
Is there a recommended way to simulate what our taxes will be with TurboTax or another software?
Thank you for any recommendations how to best approach tax scenario simulation.
PS: I do know for 2020, the CARES ACT provides new deductions and various changes (for 2020 only).
If you need to do a Business return you can buy it here now,
Sounds like the software will help us simulate 2020 S-Corp/LLC taxes, at least based on the BETA version.
I guess the correct terminology is "estimated taxes" 🙂
The program will undergo many updates weekly until late Jan or sometime in Feb or March for some forms.
When the charts are updated for the 2020 program you can check the availability dates :
IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products
·
State Forms Availability Table for TurboTax Individual (Personal) Tax Products
Estimating can always be done with the fully operational prior year program ...
This is my mini version of a tutorial that should be in the downloaded program:
Forms Mode lets you view and make changes to your tax forms "behind the scenes."
If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.
Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.
If you want to play around with different figures and tax scenarios without affecting your original return you can ….
It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:
If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.
AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :
AND protect the files :
Always remember to shut off the auto update function once you have filed your returns and do not do any updates unless you have safeguarded the PDF & .taxfiles to a removable storage unit for safekeeping. Click on ONLINE then Update Preferences.... don't be afraid to click on all the menu headings to find all the goodies that are hiding.
Thank you for the additional data.
Will we need to enter all of our 2019 S Corp tax details in Intuit before beginning the 2020 preparation process?
Sincerely.
not sure what you're asking about S-Corp's. those returns can not be done online nor with the desktop 1040 software. you need the desktop Turbotax for Business. will also need a computer running Windows 10. if you did your 2019 returns through TT, the 2019 info will transfer to the 2020 returns. WARNING; all data transfer must be done before actually starting the 2020 returns
Thanks for the additional info.
No, didn't use TT last year, so I assume we will need to manually enter 2019? Am I understanding this correctly?
Thanks in advance for any additional tips on this.
If you don't have a compatible .taxfile you can transfer then the required 2019 info will need to be manually entered as needed ... follow the interview.
Ok, thank you 🙂
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