TurboTax
From Wikipedia, the free encyclopedia
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| Developer(s) | Intuit, Inc. |
| Type | Tax software |
| License | Proprietary |
| Website | turbotax.intuit.com |
TurboTax is an American tax preparation software package developed by Intuit, Inc. There are a number of different versions, including TurboTax Deluxe, TurboTax Premier, etc. TurboTax is available for both Federal and state income tax returns. The software is designed to guide users through their tax returns step-by-step. TurboTax became an Intuit product as a result of the 1993 acquisition of its creator, San Diego-based Chipsoft. Chipsoft, now known as Intuit Consumer Tax Group, is still based in San Diego, but moved into a new office complex in 2007.
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[edit] Overview
In 2003, Intuit faced vocal criticism for its TurboTax activation scheme.[1] The company responded by removing the product activation scheme from its product. In 2005 TurboTax extended its offering by allowing any taxpayer to use a basic version of its Federal product for free as part of the Free File Alliance. By 2006 that offer has been limited to Free federal online tax preparation and e-file for taxpayers whose adjusted gross income is $28,500 or less (or $52,000 for those in the military), and those 50 or under.
In 2008, Intuit raised the price of TurboTax for desktop customers by $15.00 and included a free e-filing for the first return prepared.[2] The company's new "Pay Per Return" policy was criticized for adding a $9.95 fee to print or e-file each additional return after the first, including returns prepared for members of the same household. On December 12, 2008 the company announced that it had rescinded the new policy.[3][4]
TurboTax normally releases its new version in mid-November of each year. TurboTax for Tax Year 2008 was released mid-November 2008.
The Federal version of TurboTax Business is usually available sometime between November and the following January. State versions can take longer.[citation needed]
On January 21, 2009, TurboTax received considerable public attention at the Senate confirmation hearing of Timothy F. Geithner to be the United States Secretary of Treasury. Geithner had testified that he used TurboTax to prepare his tax returns for the years 2001 to 2004, but had incorrectly handled the self-employment taxes due as a result of his being employed by the International Monetary Fund. Geithner made it clear that he took responsibility for the error, which was discovered in a subsequent IRS audit, and did not blame TurboTax. Geithner paid $42,702 in back taxes. Intuit responded by releasing a statement saying "TurboTax, and all software and in-person tax preparation services, base their calculations on the information users provide when completing their returns."[5]
[edit] TurboTax Estimated Taxes
TurboTax Estimated Taxes is an online estimated income tax payment calculating and filing service. For taxpayers who file quarterly estimated payments, it provides payment calculators and allows e-filing of estimated tax payments. Automatic deadline reminders help users avoid late payments. The record of past payments can be automatically imported into TurboTax at tax-filing time, which saves the trouble of typing that history in manually.
[edit] Product activation suit
- An activation scheme from Macrovision in 2002 TurboTax.[6]
[edit] International Versions
The only other country's tax system Intuit addresses is Canada, with a product named QuickTax. Similar to TurboTax, the software is designed to guide users through their tax return step-by-step. ImpôtRapide is the French version of QuickTax, mostly used by residents of the province of Québec.
The online version of QuickTax is named QuickTax Online, or ImpôtRapide for the French language version.
[edit] References
- ^ Metz, Cade (2003-10-01). "Intuit's TurboTax Activation Scheme Irks Users". PC Magazine. http://www.pcmag.com/article2/0,1895,821308,00.asp. Retrieved 2007-06-13.
- ^ Why has the price of TurboTax increased by $15 this year?
- ^ Elmblad, Shelly (2008-11-25). "TurboTax Removes E-file Fees". About.com. http://financialsoft.about.com/b/2008/11/25/e-file-fee-gone-from-turbotax.htm. Retrieved 2008-12-03.
- ^ 2008 TurboTax Pay Per Return
- ^ Ahrens, Frank (2009-01-22). "Treasury Pick Misfiled Using Off-the-Shelf Tax Software". Washington Post: p. D1.
- ^ Becker, David (2003-02-27). "Intuit sued in TurboTax flap". CNet News. http://news.com.com/2100-1046-986354.html. Retrieved 2007-06-13.
