How to fill out tax form on TurboTax

How To Fill Out Tax Form on TurboTax?

TurboTax is one of the most popular tax preparation software programs in the USA. Whether it is about filing your state or federal taxes, TurboTax allows you to e file them from the comfort of your home or while on the go. That said, it is important to correctly fill out the various TurboTax forms so that you don’t miss out on your refunds.

With the availability of over a thousand IRS tax forms for reporting various income types and expenses, it could be difficult for you to fill out the relevant one with 100% accuracy. Fortunately, you don’t have to learn how to fill out all of them. Simply focus on the necessary ones and understand your tax return. Read this section carefully to know how you can fill out tax form on TurboTax.

Form 8862 on TurboTax To Claim The Earned Income Tax Credit

If your earned income credit (EIC), child tax credit (CTC), credit for other dependents (ODC) or American opportunity credit (AOTC) is rejected, you need to fill out Form 8862 and attach it to the tax return. In such instances, you might wonder how to fill out form 8862 on TurboTax and search online about form 8862 TurboTax. Before we discuss the step-by-step process to fill TurboTax form 8862, go through the below-mentioned pointers which are the EIC requirements:

  1. Only a US citizen is allowed to fill out form 8862 of TurboTax.
  2. There must be a certain income for the taxable year and you should have a valid Social Security Number (SSN).
  3. Ensure that you aren’t a qualifying child on another return.
  4. You cannot use the married filing separate (MFS) as the form filing status.

Once you ensure these requirements, go through the below-mentioned step-by-step process to fill TurboTax form 8862:

  1. In the first line, enter the year for which you are filing the form.
  2. In the second line, check the boxes that are relevant to your credit (s), if any.
  3. You cannot claim the EIC if you qualified as a child of another taxpayer for the year mentioned in the first line.
  4. On line 4, check Yes and check No if you could be claimed as a qualifying child.

Steps To Fill Out TurboTax Form 8962

If you need to fill out Form 8962 TurboTax; however, not aware how to fill out form 8962 on TurboTax, follow the below-mentioned process:

  1. Launch TurboTax software on your computer.
  2. Type 1095-a in the search box located at the upper-right hand side of the screen.
  3. Click on the magnifying glass icon.
  4. From the search results, click on 1095-a link that will redirect you to the entry screen of the form.
  5. To fill TurboTax tax form 8962, simply answer the questions as asked in the form.

Series of Steps To Fill Out TurboTax Form 8949

The Form 8949 TurboTax informs the IRS about all the details of your stock trade made during the financial year. If you don’t know how to fill out Form 8949 on TurboTax, follow the series of steps mentioned below:

  1. To start on how to fill TurboTax form 8949, first generate and print the form.
  2. At the bottom of the form 8949 TurboTax, you will find a Schedule D – Capital Gains and Losses Instruction Sheet.
  3. To continue to fill TurboTax form 8949, log into your TurboTax account or register for a new account.
  4. Click on Federal> Wages & Income> Let’s Get Started.
  5. Follow the on-screen prompts for selecting the details about your income.
  6. Click on the Start button located next to Stocks, Mutual Funds, Bonds, Other.
  7. You can click on the “Add more income” option if the “Stocks, Mutual Funds, Bonds, Other” section doesn’t appear on the screen.
  8. Follow the on-screen instructions to complete filling the form 8949 of TurboTax; TurboTax will display the summary page with all the details entered in the form.

What Is Form 5498 And How To Fill Out on TurboTax?

The form 5498 TurboTax is required for reporting your IRA contributions to the IRS. Usually by May 31st of every year, you should file this form with the IRS. Here’s an overview of the TurboTax Form 5498:

  • Box 1:  Contributed amount to a traditional IRA
  • Box 9: Contributed amount to a Savings Incentive Match Plan
  • Box 10: Amount that is put into a Roth IRA

If you are wondering how to fill out form 5498 on TurboTax, you actually don’t have to fill anything on this form. Simply keep this form with you that can be used for determining the end of year value. Also, the TurboTax form 5498 could be used for determining your investment based on non-deductible or Roth IRAs.

Login To Your TurboTax Account To Enter Form 3922

If you work in a company and have purchased ESPP stock during the tax year, your employer gives you the form 3922 TurboTax. In case you didn’t sell any ESPP stock, it is recommended that you don’t enter anything from 3922 TurboTax form. If you are don’t know how to fill out form 3922 on TurboTax, follow the steps mentioned below:

  1. Visit turbotax.com and log into your TurboTax account.
  2. Search for 1099-b and click on the link.
  3. On the “Did you sell stocks, mutual funds, bonds, or other investments” screen, select Yes.
  4. Click on Stocks, Bonds, Mutual Funds, and click on Continue.
  5. Follow the on-screen instructions and select your financial institution to import the forms directly.
  6. Answer the questions on the 1099-B sales screen and select Yes.
  7. Click on Continue and add your details from your 1099-B.

Fill Out Form 8606 on TurboTax

If you need to fill out the form 8606 TurboTax, first, open your return by logging into your TurboTax account. Next, type “8606, nondeductible ira contributions” in the search box and press Enter. On the next page, answer the questions that are displayed on the screen and when you reach the “Any nondeductible contributions to your IRA?” screen, select Yes and then click on Continue. This will generate or fill TurboTax form 8606.

Follow Given Instructions To Fill Out TurboTax Form 1116 and 4852

You need to fill TurboTax form 1116 if you have only a single foreign income type. All the TurboTax form 1116 fillers should select on how they regard their income, whether on a cash or an accrual basis.

When you fill TurboTax form 4852, you must answer a few questions for estimating the total wages. The IRS doesn’t allow you to electronically file the form 4852 TurboTax. Hence, you need to take a printout of the required forms and send them to the IRS.

If you are wondering how to fill out form 1116 on TurboTax, follow these steps:

  1. Fill out all your foreign income.
  2. Search for foreign tax credit and click on the “Jump to” link in the search results.
  3. If you are prompted with “Did you pay foreign taxes in 2020 or have credits to use from a prior year?”, answer with a Yes.
  4. Follow the on-screen instructions to complete filing the form 1116 TurboTax.

Follow the below-mentioned instructions to fill out form 4852 TurboTax:

  1. Start with filling up the official names and provide your Social Security Number (SSN).
  2. To continue filling out form 4852 TurboTax, enter the tax year on the fourth question.
  3. Enter your employer details like the name, address, ZIP code, and TIN on the line 5 and 6.

TurboTax Form 8615 (Tax For Certain Children with Unearned Income)

Income gained from a source other than employment, work, or other business activity is termed “unearned income” by the government. Unearned income includes all investment income forms such as dividends, interest, rest, and royalty income.

Who Should File Form 8615?

This form is made especially for children. A child must file form 8615 TurboTax if the following conditions apply to them:

  • The child has more than $2,200 counted in unearned income.
  • The child is required to file a tax return.
  • At least one of the child’s parents is alive.
  • The child is within certain age limits.

Information on How to Fill TurboTax Form 8615

  • While filing the form, you must provide the child’s name and Social Security Number (SSN), the name and SSN of a parent, and which filing status the parent uses, such as single, joint or married filing separately.
  • When you fill TurboTax form 8615, you will see three parts of the state:

Part I: It identifies the child’s unearned income and how much it is subject to the kiddie tax.

Part II: This part calculates the kiddie tax.

To know how to fill out form 8615 on TurboTax, you can directly go to TurboTax’s official website.

Fill Out 8889 Form on TurboTax If You Are Beneficiary of HAS

The IRS (Internal Revenue Service) requires you to prepare Form 8889 with your tax return before deducting your contributions to the account.

It is only required when you are the beneficiary of a Health Savings Account (HAS). The form 8889 TurboTax helps you to:

  • Report your deductible contributions.
  • Calculate the deduction and report the distributions you take to pay medical expenses.
  • Calculate the tax you pay on withdrawals you make for non-medical related purposes.

To fill TurboTax form 8889, you must qualify the eligibility criteria for HAS. To qualify, you must first be enrolled in a Health insurance plan that imposes high deductibles that meet or exceed IRS required amounts.

3 Steps To Fill Out Form 8889

You need to file a Form 8889 in any year you or your employer contributes money to your HAS, or you make withdrawals from the account.

  • The deductions you calculate on Form 8889 will be taken on your income tax return on the first page.
  • Information or basic instructions on how to fill out form 8889 on TurboTax is provided by the official website of TurboTax or by the IRS.

Fill Out IRS Form 2106 on TurboTax (Employee Business Expenses)

IRS Form 2106 (Employee Business Expenses) or Form 2106 TurboTax is the form that lets you deduct business expenses you spent during the tax year. So if you traveled for work, you could deduct a portion of those expenses from your taxable income.

You can fill TurboTax form 2106 by entering your details in the two given parts of the form.

Part I: 

  • It is the part of the form where you input the business expenses you had throughout the year. It is whether or not you were reimbursed for those expenses.
  • It has two columns – Column A is for the business expenses like transportation and lodging expenses. Column B is for expenses such as Meals and Entertainment.

Part II: 

  • This part of the form is all about vehicle expenses. If you don’t incur any vehicle expenses, you can skip this section of the form.
  • If the car is being used for business and is claiming business expenses, you will have to disclose your vehicle’s information in Section A.
  • Section B and C cover the mileage rate that applies to the miles of business travel you are deducting and expenses like gas and insurance for your car and rental car expenses.
  • Section D is where you adjust the deductions.

For more detailed instructions on how to fill out form 2106 on TurboTax, you can visit TurboTax’s official website.

Outline And Instructions To Fill Out 1065 Form on TurboTax

Partnership Tax Return is also known as ‘Tax Form 1065’ is how business partnership reports their financial information to the IRS.

Who Needs to File TurboTax Form 1065?

According to the IRS, all partnerships in the United States should submit one IRS Form 1065.

  • IRS defines a ‘partnership’ as any relationship between two or more persons who join to carry on a trade or business.
  • Foreign partnerships with more than $20,000 annual income in the United States, or those who earn more than 1 percent of their income in the US, need to file Form 1065.
  • A partnership with any revenue and expenses for a year is not required to file a return.

What You Should Know To Fill Out TurboTax form 1065?

 To fill TurboTax form 1065, you need all of your partnership’s mandatory year-end financial statements, along with a statement of profit and loss that shows you the net income and revenues.

  • A list of balance sheets and the partnership’s deductible expenses for the beginning and end of the year is required.
  • When your business sells physical goods, you’ll need to provide information for calculating the cost of goods sold.
  • You will also need to provide your Employer Identification Number (also known as your Tax ID) and your Business Code Number.
  • To know how to fill out form 1065 on TurboTax, you need to sign in to the software or application. TurboTax will give you the services that you need to file form 1065 TurboTax.

Here’s How To Fill Out IRS Form 1040 on TurboTax

The IRS Form 1040 is an official document that U.S. taxpayers use to file their annual income tax returns. Form 1040 is divided into a few sections where you can record your income and deductions to direct the amount of tax you owe or the refund you can expect.

Reporting your income: 

  • The first page of form 1040 TurboTax is where you calculate your Adjusted Gross Income (AGI) and Taxable income.
  • The first section requires entering information on all income sources such as your wages and salary, interests, dividends, tips, taxable state and local tax refunds, etc.

Deductions for AGI: 

  • The IRS permits you to claim specific deductions or adjustments to arrive at your AGI.
  • Allowable adjustments are one-half of your self-employment tax payments, IRA contributions, payments of student loan interest, etc.

Deductions:

  • The second page of Form 1040 starts with your AGI and allows you to reduce it further with either the total of your itemized deduction or the standard deduction.
  • Itemized deductions are expenses such as state and local income taxes, mortgage interest, charitable contributions, and excess medical expenses.

Calculating the Tax and claiming credits: 

  • Now, you need to figure out the amount of tax you owe on your taxable income. You can do that by referencing the tax tables in your instructions.
  • When you use TurboTax to fill TurboTax tax form 1040, the Tax will automatically be calculated for you.

Can I File An Injured Spouse Form 8379 Through TurboTax?

To know how to fill out form 8379 on TurboTax, you need to first log in to your TurboTax account. If you don’t have an account, then you can create a new one.

To fill TurboTax form 8379, follow the instructions below:

  • First, open your return in TurboTax Online by clicking on the option ‘take me to my return.’ 
  • Click on the drop-down arrow next to the Tax Tools and select Tools. 
  • In the pop-up window, select Topic Search. 
  • Type 8379 in the ‘I’m looking for: box.’ 
  • Highlight 8379 in the results box. Click ‘Injured spouse claim and allocation’ and then click ‘Go.’
  • You will land on the ‘Innocent or Injured Spouse Relief’ page. Now, click on Yes. 
  • Follow the on-screen instructions on how to fill TurboTax form 8379 to complete this section.

Do I Need To File Form 5329?

Form 5329 is used to report additional taxes on IRAs, other qualified retirement plans, modified endowment contracts, Coverdell ESAs, QTPs, Archer MSAs, or HSAs. You must file a Form 5329 in these cases:

  • Your distribution is based on the tax, and distribution code ‘1’ is not shown in the appropriate box of Form 1099-R.
  • An exception applies but the box labeled ‘Distribution Code’ does not show a distribution code of 2, 3, or 4. If your distribution is fixed or subject to the tax, and a distribution code of 1 shows in the appropriate box, you don’t need to file a 5329 Form then.

To know how to fill out form 5329 on TurboTax, you need first to check your internet connection if it’s working correctly. Then follow the mentioned steps below:

  • Open your return and click on Search at the top of your screen.
  • Type form 5329 in the search box and then click on the magnifying glass icon on the right. Now, click on the link’ Jump to form 5329′.
  • TurboTax will direct you to a section where you can fill out the 5329 form, which will be included in your tax return.

Fill Out Form 982 Using TurboTax Deluxe Version

Form 982 TurboTax was formerly known as Reduction of Tax Attributes due to Discharge of Indebtedness. It reports the amount of canceled debt to exclude from taxable income. TurboTax automatically generates Form 982 if your canceled debt is for qualified principal residence indebtedness, also known as ‘Mortgage Debt Relief.’

To file Form 982 TurboTax, you need to use the deluxe version of TurboTax. The easiest way to fill TurboTax form 982 is to:

  • First, sign in to your TurboTax account Online and click “Take me to my return.”
  • When you are in your return on the left-hand side of the TurboTax Online screen, click on the “Tax Tools” and then on “Tools.”
  • In the Tools Window, choose “Topic Search.”
  • Now, enter Form 982 without quotes.
  • In the list, select Form 982 and click GO.
  • Now you will see the option “Tell us about your canceled debt.”
  • So with these steps, you will know how to fill out form 982 on TurboTax quickly.

When Do You Need To Mail Form 8453 Through TurboTax?

You need to mail your supporting documents, such as your brokerage statements (Form 1099B) and Form 8453 TurboTax. You are not required to mail Form 8949. When you use the summary method of reporting, in some cases, the IRS still wants the supporting details sent to them.

To fill out TurboTax form 8453, you need to note the following:

  • In limited situations, you are allowed to summarize investment sales without the complete details being provided.
  • If you summarize several investment sales that are either Box A sales or Box D sales, and there are no necessary adjustments (that is Code W for wash sales), it is not required to mail in a statement with further details.
  • TurboTax tells you this when your sales meet the criteria and will not ask you to send any statements.
  • If you are e-filing your tax return, then send your statements along with Form 8453 to Internal Revenue Service.
  • These essential points above will help you in steps to how to fill out TurboTax Form 8453.

How To File Statement of Specified Foreign Financial Asset Form 8938 on TurboTax Deluxe?

Foreign real estate is not contemplated as a foreign financial asset or any other foreign investments (if it is listed on a U.S. exchange or owned via a U.S. brokerage) or funds in a foreign branch of a U.S. Bank. In these situations, Form 8939 is not required.

To know how to fill out form 8938 on TurboTax, you need to follow the below-mentioned steps. To file Form 8938 TurboTax, you will need TurboTax Deluxe.

  • First of all, open or continue your return if you are not already signed in.
  • Search for 8938 and then select the Jump to link at the top of the search results.
  • On the Foreign Financial Assets screen, select Yes, I have foreign financial assets.
  • Now, answer Yes or No to living in a foreign country, and select Continue.
  • Again respond Yes or No to the amount of foreign financial assets and select Continue.
  • Carefully follow the on-screen instructions to fill TurboTax Form 8938.

Fill Out TurboTax IRS Form 8332 To Claim Your Child As a Dependent

If you have custody of your child but want to release the noncustodial parent’s right to claim your child as a dependent, you will need to fill out Form 8332 TurboTax. The required details would be your child’s name, tax year, Social Security number, your signature, and date.

Note the following details to know how to fill TurboTax form 8332:

  • If you choose to release your claim for one tax year or more, you need to input the same information in part two rather than part one.
  • Once it is done, send the form to your child’s noncustodial parent and not to the IRS. The parent will then file it with their tax return.
  • You will only have to fill out the form once you want to release your claim for more than one tax year. The noncustodial parent will attach copies of the original to their return each year.

For the Noncustodial Parent:

  • To know how to fill out form 8332 on TurboTax, you first need to be eligible to claim the child as a dependent.
  • It often requires the parent to live with the child for more than half the year to your child as a dependent.
  • This rule can be waived off when the parents are separated, divorced, or live apart from each other.

So, these are the various ways of filling out various Turbotax forms. Although there are many forms in TurboTax, the ones that we have covered here are the most commonly used. Follow the series of steps involved in filling out these forms the exact way as mentioned here, and ensure a smooth journey with one of the top-selling tax preparing software programs in the USA.