We’re creating a future where we do the hard work for small businesses and consumers to fuel their financial success, helping them achieve their dreams,” said Sasan Goodarzi, chief executive officer of Intuit. “With the introduction of Intuit Assist, we’re taking a giant step forward in powering prosperity for all. Intuit Assist will intuitively show, guide, help, and do the hard work for users, and connect customers to experts on our Live Platform to provide human assistance when needed. This data, combined with the power of Intuit’s AI-driven expert platform and the accelerated investment the company has made in GenAI, will deliver game-changing new experiences. Intuit Assist uses powerful and relevant contextual data sets spanning small business, consumer finance, and tax to deliver personalized financial insights to our 100 million small business and consumer customers. If you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice.Embedded across Intuit’s platform and products with a common user interface, Intuit Assist will put the power of next-generation AI in the hands of customers. ( Community property states: AZ, CA, ID, LA, NV, NM, TX, WA, WI)
If you live in a community property state, you will be required to provide additional information regarding your spouse’s income.
The amount you can contribute to a retirement account will be affected. In many cases you will not be able to take the child and dependent care credit. Your limit for SALT (state and local taxes and sales tax) will be only $5000 per spouse. A higher percent of your Social Security benefits may be taxable. Some of the special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. Your tax rate will be higher than on a joint return. If you choose to file married filing separately, both spouses have to file the same way-either you both itemize or you both use standard deduction. When you file a joint return, you and your spouse will get the married filing jointly standard deduction of $27,700 (+$1500 for each spouse 65 or older) You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit. Married Filing Jointly is usually better, even if one spouse had little or no income. If you are legally married at the end of 2023 your filing choices are married filing jointly or married filing separately. You can make estimated payments on the IRS site:
#TURBOTAX CANADA ONLINE SOFTWARE#
Your spouse's W-2 can also be entered on that same tax return using the Self-Employed software or the CD/download. If you have self-employment income, then when you prepare your return you will need to use either online Self-Employed or any version of the CD/download so that you can prepare your own Schedule C for your business expenses. If you were married before the end of 2023, then your filing choices for your 2023 tax return will be married filing jointly or married filing separately. If your spouse is having tax withheld from their paychecks too, then they might want to look at their own W-4 withholding amounts and decide if they want to have more withheld. You want to make sure you are paying enough to avoid an underpayment penalty. The quarterly estimates you pay do not dictate how you will be filing your tax return. You do not file "quarterly taxes", but you might be paying estimated tax on a quarterly basis.
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