It’s that time of the year again – tax time! There is no denying that feeling when you see the size of your tax refund (which was over $3,000 on average last year).
To help you get ready for the tax season, we have some good news — TurboTax is officially open and accepting e-filed returns. That means that you can file now and be first in line for your tax refund. Although the IRS has not yet begun accepting e-filed tax returns, TurboTax will securely hold your completed taxes, transmit them to the IRS, and state when they open for e-file.
If you need some extra motivation, here are 5 quick tips to help you get a jump-start on your tax refund:
Table of Contents
1. Gather Your Documents in One Place2. Remember What You Did Last Year3. Get Your Taxes Done4. Check Out Your Free Filing Options5. Don't Wait to File6. Take Advantage of TurboTax Faster Refund Solutions1. Gather Your Documents in One Place
Gather your documents, forms, and receipts reporting income and tax-deductible expenses in one place so you don’t forget anything come filing time. If you are self-employed, be on the lookout for Form 1099-NEC and other forms that report income. You will need to have your forms and receipts for deductible expenses in front of you when you file as well.
Pro tip: Keep a folder next to where your mail comes in so that when W-2s, 1099s, and other relevant forms start to roll in, you can keep them together in an easily accessible spot. Also, always have a copy of your prior year’s tax return in case you need to access your prior year’s adjusted gross income when you file. If you are a returning TurboTax customer your adjusted gross income will automatically transfer to current taxes you are filing. Try our free Tax Document Checklist, which will help you understand what you need to gather and easily organize your documents based on your personal situation.
2. Remember What You Did Last Year
It’s not hard to remember big things like getting married or having a baby, but our lives are busy and some little expenses can add up to big tax deductions! Don’t forget to have receipts in hand for expenses like charitable donations and medical expenses when you sit down to file your taxes — these additional expenses may help you get a bigger tax refund.
3. Get Your Taxes Done
With TurboTax, it’s easy to get your taxes done. No matter what your situation or how you want to file, TurboTax has you covered and provides a done-for-you tax experience. With TurboTax you can do your taxes yourself, get help from an expert along the way or hand them off to a dedicated tax expert who can prepare your taxes in as little as two hours. Intuit is redefining tax prep with an extraordinary, AI-powered expert experience for you that makes everything – from connecting with a qualified expert to getting your taxes done in as little as two hours – stress-free, affordable and easy for you to go about your day as a tax expert does your taxes.
4. Check Out Your Free Filing Options
New for tax year 2024, everyone new to TurboTax or that did not file with TurboTax last year can file their taxes completely free in the mobile app regardless of their tax complexity before Feb 18.
If you have a simple 1040 only (no schedules except for Earned Income Tax Credit, Child Tax Credit and student loan interest), you may also be able to file your federal and state taxes for free with TurboTax Free Edition. Roughly 37% of tax filers are eligible.
Yep, you read that right! If you have a Form 1040 only (no schedules except for Earned Income Tax Credit, Child Tax Credit, student loan interest, and taxable qualified retirement plan distributions), you may be able to file your federal and state taxes for free. You can see if you qualify here.
Examples of situations covered in a simple 1040 include W-2 income, limited interest, dividend income, and original issue discounts that don’t require filing a schedule B, IRS standard deduction, Earned Income Tax Credit, and Child Tax Credit, Student Loan interest and taxable qualified retirement plan distributions.
5. Don’t Wait to File
Last year, the average direct deposit tax refund was more than $3,000, so there is no reason to wait to file your taxes. Additionally, it’s worth noting that e-file with direct deposit is the fastest way to get your federal tax refund — the IRS states that nine out of 10 taxpayers who e-file with direct deposit will receive their federal tax refund within 21 days or less.
No matter your tax situation or how you want to get your taxes done, TurboTax provides a done-for-you tax experience, unparalleled ease, and fast access to money, all at an unbeatable price. Whether you want to do your taxes yourself or have a TurboTax expert file for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed.
6. Take Advantage of TurboTax Faster Refund Solutions
TurboTax continues to offer its faster refund solutions. Customers can get their refund with speed through Intuit’s Up To 5 Days Early2 with Credit Karma Money3. And with its online Refund Advance loan,4 approved customers can get up to $4,000 into a Credit Karma Money account in as little as 60 seconds after IRS acceptance of their tax filing,5 with $0 loan fees, 0% APR, and no credit score impact.6
Disclaimer Details:
2Up To 5 Days Early with Credit Karma Money: To be eligible, you don’t need to file your taxes with a particular tax prep service. However, you will not be eligible if you choose to pay your tax preparation fee using your federal tax refund or choose to take a Refund Advance loan. 5-day early program may change or discontinue at any time. Up to 5 days early access to your federal tax refund is compared to standard tax refund electronic deposit and is dependent on and subject to IRS submitting refund information to the bank before release date. IRS may not submit refund information early.
3 Banking services provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply. A maximum of 6 withdrawals per monthly savings statement cycle may apply.
4 Refund Advance is a loan issued by First Century Bank, N.A. or WebBank, neither of which are affiliated with MVB Bank, Inc., Member FDIC. Refund Advance loans issued by First Century Bank, N.A., are facilitated by Intuit TT Offerings Inc. (NMLS # 1889291), a subsidiary of Intuit Inc. Refund Advance loans issued by WebBank are facilitated by Intuit Financing Inc. (NMLS#1136148), a subsidiary of Intuit Inc. Terms apply. Learn more here: https://turbotax.intuit.com/refund-advance.
5 IRS accepts returns starting late-Jan. Acceptance times vary. Most customers receive funds within 15 minutes of acceptance.
6 Refund Advance and 5 Day Early Program not to be combined.
See guarantee details at turbotax.intuit.com/guarantees/