TurboTax Offers Essential Tips for First-Time Tax Filers

Filing taxes for the first time can be very intimidating, but TurboTax guarantees a completely hassle-free experience.

TurboTax’s spokesperson and lifestyle expert, Marinés Duarte shares the following tips for first-time filers to help them complete their taxes without a hitch.

Organize Your Tax Documents. By now, you’ve likely received all the tax forms you’ll need to file your taxes.  As you get each document, put them in the same folder so you can access them quickly when you sit down to file your tax return. Make sure to include the following:

• A W-2 if you had an employer. 
• 1099 documents from banks and financial institutions if you had interest bearing accounts
• A Form 1098-E if you have a student loan
• Form 1095-A if you purchased health insurance in the Health Insurance Marketplace.  This form is as simple as entering a W-2 in TurboTax and TurboTax also allows you to upload a 1095-A pdf to eliminate data entry. 
• Forms 1095-B and C.  These forms may come if you have employer-provided insurance, private insurance, Medicaid or Medicare; however, per the IRS , they are not required to be filed.  

You May Be Able to File for FREE. If you have a simple tax situation, you may qualify to file with the Form 1040EZ or 1040A. There are a few qualifications, but major ones include having a taxable income of less than $100,000 and taking the standard deduction. Luckily, you’re not required to know all the tax forms because TurboTax will be there to help you figure out the correct tax form for you to file. And, even better, you can file your taxes completely free with their Absolute Zero program.

E-File & Direct Deposit Your Tax Refund. E-filing and selecting your tax refunds with direct deposit are the best options when filing your taxes. Not only do you avoid a trip to the post office, but you can also expect to get your tax refund even faster. The IRS expects to issue nine out of 10 tax refunds within the first 21 days (or before) of IRS acceptance to taxpayers who e-file with direct deposit. If you mail your return and request a check, it can take much longer.

The Earlier the Better! Last tax season, about 75% of taxpayers received a tax refund close to $3,000. Don’t wait to send in your tax return. You can even file using your phone, and connect with a TurboTax expert free via one-way video with TurboTax SmartLook to get your question answered and be guided through your tax return.