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Topic: How do I backup my tax files in TurboTax?
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AuthorTopic:   How do I backup my tax files in TurboTax?
Registered User

posted: 3/8/2019 at 5:11:58 AM ET
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In order to create the backup of tax file in TurboTax users need to do the following steps in the sequence they are given:
• Open the TurboTax software
• Go to File Menu situated on a top left corner
• Now save the file by keeping operating system in mind (i.e. is Windows and Mac)
• Now go to that location where you wish to save the backup
• You need to give a different name to this file so that you can differentiate between the original file and backup file
• Now click on the save button and close the software
If you are facing any issue with the backup file then you are free to reach out to TurboTax Technical Support Number where professionals are available round the clock to fix the issue faced by their clients.

Read More:- https://www.payrollwebs.com/turbotax/

Registered User

posted: 3/9/2019 at 3:30:56 PM ET
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posted: 4/9/2021 at 8:08:05 AM ET
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posted: 4/12/2021 at 7:01:16 AM ET
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Step 1: Collect income information
Gather as much information as you can about your income for the years you need to file. You'll need your prior W-2s and 1099s for those years. If you are missing a W-2 and cannot obtain a copy from your employer, you can request a substitute from the IRS by filing an IRS Form 4852, which you can find on the TurboTax website.

If you sold any capital assets in those years, such as stocks, you need to report this income as well. However, if your goal is to stop penalties and interest from accruing, you can always estimate your income and make a tax payment before receiving a copy of your 1099 or W-2.

Step 2: Determine deductions to reduce taxable income
Reduce your tax bill with deductions. Just because you are filing your return late doesn't mean you forfeit the deductions you could have taken. If you plan on itemizing deductions, you need to obtain whatever documentation you have that supports each deduction.

If you don't have this, you can always claim the standard deduction for each of those years. You can also reduce your tax by claiming deductions and credits for any dependents you were eligible to claim in the prior years. You need the names and Social Security numbers for each dependent you claim.

Step 3: Obtain proper tax forms
Obtain the correct forms and instructions for the specific tax year. Your past-due returns must be filed on the original tax forms. You can easily access prior year tax forms on the TurboTax website or by contacting the IRS. Don't make the mistake of using current year tax forms or you may end up preparing the return again.

Step 4: Complete tax forms
Fill out the forms you need according to the instructions for those forms. Since the tax law changes from year to year, it's important that you use the instructions applicable for the tax year you are filing a return for. Aside from the confusion it will cause, using the wrong instructions may cause you to underpay or overpay the amount of tax you actually owe.

Step 5 : Electronically file or mail your tax return
Send in your tax return and all supporting documents to the address listed in the instructions. Mailing your return to the wrong address may delay the time it takes the IRS to process it.

I hope these steps will be helpful!
Mark Wilson

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