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Free TurboTax – Free Returns, Free eFile, and Free Tax Help

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TurboTax – limited free offers

As I mentioned the other day, I have been using TurboTax Online to file my taxes for years and have always been very happy with it.  I gave you my opinion of the software so you could use the info to move forward with your own taxes… I hope it helps out.

Today I wanted to offer DFA readers more tax help by addressing three specific areas of interest:

  1. TurboTax – Free returns

  2. TurboTax – Free efile

  3. TurboTax – Free tax help

Regardless of your situation you will be able to take advantage of some of the free offers from TurboTax this year so make sure you know what you can get and what you cannot.

Does TurboTax offer free returns?

Yes – as long as you use TurboTax Online and only require a 1040EZ form then you can file your federal return for free.  The state is not free.  If your return is too complex for the 1040EZ then you will have to pay according to the following levels (filing a state return is always optional):

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Does TurboTax offer free efile?

Yes – as long as you use TurboTax Online you can file both your state and federal returns free of charge.

Here are the details of what you can efile for free and what you have to pay for when using TurboTax:

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Does TurboTax offer free tax help?

Yes. Actually they offer quite a well of free tax knowledge… a lot of which I refer to quite often to answer questions of my own.  🙂

Here are a few great topics I have found helpful in the past that I’m sure many others will be able to use:

  • Tax Preparation Checklist – Before you prepare your 2009 income tax return, go through the following checklist. Not every category will apply to you, so just pick those that do, and make sure you have that information available. When you’re ready to prepare your tax return using TurboTax software, you’ll be surprised at how much time you’ll save by organizing your information beforehand.
  • 2009 Stimulus Package: What’s In It For You — and When – There’s good news ahead for most taxpayers. On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act into law — an economic stimulus bill that gives tax breaks to a large portion of Americans of all ages and income levels, as well as to businesses.
  • A Stimulus Boost for Some Earned Income Tax Filers – Two recent changes to the Earned Income Tax Credit (EITC) may put more money in your pocket in 2009 and in 2010 if you are married, or if you have three or more qualifying children.
  • The 11 Most Overlooked Tax Deductions – Don’t overpay taxes by overlooking tax deductions. See the most common errors taxpayers make on their tax returns, so you don’t make the same mistakes.
  • Top 10 Oddball Tax Deductions – TurboTax helps you find every deduction and credit you deserve to help you get your maximum tax refund. But just for fun, we’ve uncovered what we think are the weirdest deductions allowed, from pet food to free beer to (we’re not kidding) a girlfriend.

Quick returns quick refunds

If you have an income tax refund due you this year be sure to get your return filed as soon as possible.  The sooner you get your return filed the sooner you will get your refund.

Make sure you use the refund wisely.  Here are a few ideas:  debt reduction, emergency fund savings, other liquid savings, retirement savings, or if you have already funded each of those… go on vacation with your return.  Whatever you do, just make sure you are responsible so you can continue to set yourself up to win financially!

Your Free Credit Score Without a Credit Card

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It doesn’t matter if we like credit scores.  It doesn’t matter if we agree with credit scores.  They’re here to stay so we might as well know our score – and we shouldn’t have to pay for it.

This article will show you how to get and monitor your credit score – for free – without a credit card.

Who to trust

I work to find the best “free credit report” services so you don’t have to.  I research them, try them, and compare the offers to see who has something worth using.  Who do I trust?  Mmm, several – but I like Credit Sesame the best.

Free credit score and more

Credit Sesame offers a 100% free personal finance credit and debt management tool with no credit card required or trial period. Their mission is to make managing credit, owing less in interest, and saving money on mortgages and other loans easy through their online interface.

Here’s how Credit Sesame’s tools help you, for free:

  • Free Credit score and profile alerts – They provide your score and alert you of any changes to your score and credit profile, for free, for life, without taking your credit card to do it.
  • Manage your credit and debts – Automatically track and monitor your loan and debt information and tell you how you’re doing by showing your loans, debt and credit all in one place. You’ll know where your credit score stands every month, and understand how to improve your debt situation.
  • Showing you more ways to save – They monitor the lending markets and track data from major banks so you can check back daily to find out if they’ve found ways for you to save by consolidating debt.
  • Goal planning for the future – Wondering how much you can save if you had a better credit score or a higher income? They have a “What If” section that lets you see how much you’ll save and what you’ll be prequalified for as your financial situation changes.
  • Personalized mortgage refinancing options – Refinancing saved us more than $40,000 over the lifetime of our mortgage.  Credit Sesame applies bank analytics to your credit profile showing you the best home refinancing options available to help you save on your home loan.

How Credit Sesame makes money

Credit Sesame makes money when you save money.  If they find you a higher interest paying bank account and you sign up, they earn a commission.  If they find you a better home refinancing option and you take their advice, they earn money.  If you never take their advice it doesn’t matter, you still have access to your free credit score and all the tools for life.  That’s why I’m telling you about it as the best option out there to get your free credit score without having to give your credit card number.

What is my credit score?

I used Credit Sesame to get my free score.  793 baby! After you visit Credit Sesame and find your free credit score, share your score in the comments… see if you can beat my score of 793!

Enjoy this quick video showing my score along with a brief overview of the Credit Sesame interface.

(if you don’t see the video in your email click here to watch.)

What is your score?

After you visit Credit Sesame and find your free credit score, share your score in the comments… see if you can beat my score of 793!

My friend Neal over at WealthPilgrim.com, a Certified Financial Planner, also highly suggests using Credit Sesame to get your free credit score with no credit card, but he didn’t share his score… is he afraid my 793 will beat him?  Mwhahahah!

Online Retirement Planning [Top 5 Tools]

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Planning for retirement is an often confusing and overwhelming task. With all the various numbers and information that has to be figured, it is easy to see why anyone would get confused. However, if you want to have a comfortable retirement, you need to begin saving and planning for retirement as soon as possible, and the sooner you begin saving, the better.

Hiring a financial planner is a solid option for those wanting to plan for the most secure retirement possible; however, affording a planner isn’t a viable option for many folks. If you don’t want to or can’t afford to hire a financial planner you’ll benefit greatly from using the many online retirement planning tools available to help you plan things yourself.

A few of the best online tools available now include:

Quicken’s Retirement Planner

Costing users only $59, Quicken’s Retirement Planner is a great resource for any retirement planner on a strict budget. Although the program doesn’t produce reports as detailed as some of the more expensive programs, it does provide users with a rough number of how much will need to be saved. The program also allows users to roughly track monthly payments into their retirement accounts so that they can make sure they are keeping on track.

RetirementCalculator.com

For those planning their retirement who simply need to plug in some numbers, retirementcalculator.com is a free and easy resource to use. Simply by typing in a few figures, users are able to figure out how much they need to be saving each and every month to meet their goals. The only downside to this tool is that it only gives you a basic figure and doesn’t factor in medical costs or any future unforeseen expenses that may happen along the way. It truly is the most basic of all online retirement planning tools.

ESPlannerPlus

The ESPlannerPlus provides users with highly detailed projections of all their future investments returns. Users are also able to calculate accurate projections of their retirement spending and future insurance needs. Although it can be mildly complicated to use, it is still a great planning service as it gives such highly detailed reports, was created by 2 leading economists, and comes at an affordable price of only $199.

The Vanguard Retirement Center

The Vanguard Retirement Center is a free online resource that allows you to create an online portfolio to better manage your retirement. The online site offers plenty of free tips, reviews of stocks, and even help with taxes. This resource is great for anyone unable to afford a financial planner or not wishing to purchase a expensive online service. However, the Vanguard Retirement Center isn’t as thorough as other programs and won’t provide specific reports like other retirement services will.

WealthRuler

WealthRuler is TD AmeriTrade’s free online resource which allows users to calculate how much they need to start saving each month in order to reach their goals. For a free online resource, WealthRuler is actually quite detailed, and can provide users with a fairly accurate estimate of their monthly savings needs.

Adequately planning for retirement is important for anyone wishing to have the type of retirement they have always longed for. Extravagant trips and comfortable living don’t happen in your Golden years without proper planning. Even with the above tools it is still wise to have a financial adviser review your information just to make sure that you didn’t miss any important equations. The last thing you want to do at 65 is find out that you were improperly saving and now must put off retirement for an additional 5 years.