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Tax Filing and Submitting Returns with Turbo Tax

April 12, 2012  by: rekhas  Points: 12   Category: Others  Earning $0.30   Views: 997

Are you in US and in pressure to e file your tax returns? Is it your first time and are you totally lost? Do not worry, here is some help. Turbo Tax can be a good option for tax filing online and offline. You can start free and pay only when you submit your taxes. Use the easy guide in Turbo Tax for your stock options and ESPP.


It is the tax season in US and most of us are already under a lot of pressure. If you have not yet filed your income tax returns, it is high time you do it. The last date to e-file or submit taxes in person, is 15th or 17th of April 2012. If you recently married and spouse does not have a tax number, you need to still file the tax returns jointly and apply for an ITIN or tax identification number for your spouse if he or she does not qualify for a social security number (SSN).

In addition, when you apply for an ITIN, you can ask for a late filing of State taxes. You can then file the State taxes by or before October 2012. The federal returns do not need an ITIN. You can simply mention ‘applied for ITIN’ wherever the form asks. Moreover, you cannot e-file state taxes without an ITIN. Hence, you need to take the prints and physically go to the local IRS office to submit them. There, you can mention that you already applied for ITIN for your spouse.

Can I Use TurboTax for Taxes without ITIN?

If your spouse does not have a taxpayer number, you can still use the Turbo Tax software or any other similar programs like H&R block etc. and file your taxes. You can use the Turbo Tax software CD or the online version. Once you file all the tax returns online or using the CD, take print outs instead of e filing your tax returns online. Of course, once you have the SSN and ITIN numbers, you can easily e-file online. It saves much time and energy.

Stock Options in Turbo Tax

Here is the toughest part of your tax returns- the stock options, ESPP and RSUs. Anyway, do not worry and there is absolutely no need to sweat. Here is a simple strategy that will help you e file your tax returns without a drop of sweat.

If your company gives you stock options, ESPPs and RSUs, you need to mention the transactions in your tax returns. You need to mention what you sold, when you sold and how much you paid. The best way to do it is by using Turbo Tax. Here, select the ‘easy guide’ under the wages and income tab. The spreadsheets and exploring on your own will be confusing and it will show you bigger amounts (which is wrong).

Apparently, you will not be paying a lot more than the amount already in your W2. You may need to pay a little more, but definitely not a huge amount! If there is a difference of three to four thousand dollars, you should recheck your amounts in the stock options.

Easy Guide for Stock Options in Turbo Tax

Opt for the easy guide in Turbo Tax to list out your stock options. If your company gives you stock options, you will be using websites like UBS, E Trade or similar sites for transactions. All these websites will give you access to 1099B and 3922 forms. Even if you cannot find the 3922 online or if you misplaced the postal envelope, do not worry.

Go to your office email and check for the ESPP, stock options and RSU emails. You can find the grant date, vested date and all other details. These will be enough to fill in the details for tax returns. Use the 1099B form to fill in the box 1a, for the purchase date. Then enter the cost basis and other details as mentioned in Turbo Tax. The 1099B will have all information. It will also show if box 6 is covered or non-covered security.

For RSUs, it may be ‘two different’ lots and not one lot. This is because you get a fixed amount of RSUs and you can only trade a part of it at a time. Also, every time you enter the stock options details, the tax price (that you need to pay) goes higher, but by the time you finish each stock option, the amount reduces.

Hope these tips help you to wade through the tax filing process with less stress and pressure. You can also check free tax help at H&R block, Walmart and other places. These places help you with basic filing for less or no fee.


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