(TurboTax Free Edition customers are entitled to payment of $30.) This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state purchase price paid. We will not represent you before the IRS or state tax authority or provide legal advice. Audit Support Guarantee – Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2023 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Report Center, for audited individual returns filed with TurboTax for the current 2023 tax year and for individual, non-business returns for the past two tax years (2022, 2021).Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back – Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state purchase price paid.This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax. 100% Accurate Calculations Guarantee – Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest.No matter which way you file, we guarantee 100% accuracy and your maximum refund. Or, get unlimited help and advice from tax experts while you do your taxes with TurboTax Live Assisted.Īnd if you want to file your own taxes, you can still feel confident you'll do them right with TurboTax as we guide you step by step. With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. For this example, if you are single, you would find where the single column and $34,450 to $34,500 row intersect. Step 5: Find the amount of tax you oweįind where the row with your income and the column for your filing status intersect. Each filing status has a different column so be sure you use the one for your filing status or you will get the wrong amount of taxes due. Step 4: Identify your tax filing statusįind your tax filing status in the top row of the table. For example, if you have $33,460, you would use the income bracket ranging from $33,450 to $33,500. Find the income bracket that contains your taxable income in the left hand column of the table. Locate the tax table in IRS Publication 17 for the tax year you are filing. Also, when you use TurboTax to prepare your taxes, we’ll calculate your taxable income for you. Online calculators like our own TaxCaster calculator can help with this. Next, reduce your income further by any additional deductions you can take for yourself and your dependents to arrive at your taxable income. Beginning in 2018 these are no longer available. For tax years prior to 2018, you can reduce your income by personal and dependent exemptions. Your taxable income is generally equal to your gross income less the standard deduction for your filing status or the total of your itemized deductions. In 2023 for example, single filers can claim a standard deduction of $13,850 however, if you also qualify to file as head of household, your deduction increases to $20,800. This is important since the amount of your standard deduction will vary depending on which filing status you choose. The IRS allows you to choose any filing status that you are eligible for. Understanding how to use the tables will make it easier for you to calculate the tax you owe or can provide you with an estimate of your future tax bills in case you need to budget for it. To help individuals calculate their income taxes, the Internal Revenue Service publishes tax tables each year in the instructions to your tax return and in IRS Publication 17.
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