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(TurboTax Free Edition customers are entitled to payment of $30.) Excludes TurboTaxīusiness. Not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or We will not represent you before the IRS or state agency or provide legal advice.
Support Center for audited returns filed with TurboTax for the current tax year (2021) and the past two tax
#INTUIT MINT REFERRAL BONUS PROFESSIONAL#
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Audit Support Guarantee: If you receive an audit letter based on your 2021 TurboTax return, we. Review, or acting as a signed preparer for your return, we'll pay you the penalty and interest. 100% Accurate Expert-Approved Guarantee: If you pay an IRS or state penalty (or interest)īecause of an error that a TurboTax tax expert or CPA made while providing topic-specific tax advice, a section. (TurboTax Online Free Edition customers are entitled to payment of Larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTaxįederal and/or state purchase price paid. Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back: If you get a. Of a TurboTax calculation error, we’ll pay you the penalty and interest. 100% Accurate Calculations Guarantee: If you pay an IRS or state penalty or interest because. With TurboTax you can be confident your taxes are done right, from simple to complex tax returns, no matter what your situation. Remember, with TurboTax, we'll ask you simple questions about your life and help you fill out all the right tax forms. So when you receive your W-2, it will report the total amount of federal tax you paid through withholding-which you will report on your return to reduce the amount of your outstanding tax bill. One last thing to remember is that your employer must withhold taxes on your bonuses just like they do for your salary. In addition, a larger AGI can potentially make you ineligible to take certain deductions or force you to take less than the maximum deduction that’s available to taxpayers with lower incomes.Īnd lastly, the higher your AGI is, the more difficult it may become to qualify for tax credits. If you itemize deductions and report some expenses that must be reduced by a percentage of your AGI, the larger your AGI is, the lower your itemized deductions will be. There are other implications to reporting a larger AGI that can affect your tax return. Just like a cash bonus, these amounts get added to your normal wages or salary. And if your employer doesn’t give you a bonus in cash, they will still report the fair market value of it on the W-2.įor example, if your company rewards you for your dedication with a free vacation, your W-2 will reflect the cost of your airline ticket, hotel and all other expenses your vacation covers. In the eyes of the Internal Revenue Service, your bonus is no different than the salary you receive. When your employer provides you with a bonus, they will report it on your W-2 in box 1-but it’s combined with your normal wages or salary. This will inevitably increase your adjusted gross income, or AGI-which can potentially increase the amount of tax you owe. Unfortunately it isn’t, and you must include your bonuses on your tax return. You may be wondering if the bonus you receive at work is subject to special tax treatment. Hello, I’m Scott from TurboTax, with important news for taxpayers who receive bonuses from their employer.
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