![]() ![]() Although other software programs also allow you to import documents, none are as comprehensive as TurboTax, which imports information from more than 1.4 million employers and financial institutions. Intuit’s product continues to impress with its easy navigation, clear instructions and ability to import thousands of documents from employers, investment firms and other institutions. HSA account holders who take money out for medical expenses are required to report it on their tax return failure to do this could trigger a large penalty. (You can download software versions rather than filling out your forms online, but doing so is generally more expensive unless you prepare more than one return.) We gave our hypothetical taxpayer a mortgage, some modest investments and a health savings account (HSA), an increasingly popular tool for workers with high-deductible health insurance plans. This year, we reviewed five online versions of tax-filing programs. So it’s more important than ever to use hard-to-crack passwords and update antivirus programs before you embark on this annual chore. ![]() Last year, identity thieves hacked into the IRS database of prior years’ tax transcripts and stole information about 350,000 taxpayers. ![]() TaxSlayer and TaxAct recently disclosed that customer data was stolen in late 2015. (All prices cited here are as of February 16.) Some programs rely too heavily on tax jargon or offload you to jargon-filled IRS documents, rather than explaining them in plain English for you.Īnd despite recent efforts to improve security, hackers and identity thieves continue to look for ways to penetrate these mother lodes of sensitive data. Baseline prices may even rise by the time you finish filling out your forms. ![]() Extra costs aren’t always clearly disclosed, so you could end up spending more than you planned. They’ll do the math for you, alert you to tax breaks you might overlook, and flag questionable data entries that could raise eyebrows at the IRS.īut do-it-yourself taxpayers face numerous potholes when navigating tax filing programs. For once, we see truth in advertising: Indeed, TurboTax and its competitors simplify the chore of filing your taxes. In its current ad campaign, tax software giant TurboTax insists that you don’t need to be a Nobel Prize-winning physicist-or any kind of genius-to do your taxes, as long as you use TurboTax. ![]()
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