Fwd: TurboTax Newsletter

Date: Thu, 17 Jan 2002 12:19:07 -0700
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My TurboTax Advisor
January 2002

"Now, where did I put those 1099 Forms?"

Happy New Year! While we hope you took advantage of all the great
tips you received last year from us, we're ready now to help you
prepare and file your 2001 return. How? By giving you some timely
advice on organizing all the paperwork that's heading your way.
Follow the tips listed below and make sure preparing your 2001
return is a snap. Plus, we're pleased to announce that TurboTax(R)
for the Web SM, the #1 online tax preparation service, is now
available! Also, because it's never too early to start planning your
2002 tax strategy, this issue of My TurboTax Advisor also includes 10
smart tax-saving tips you can start using this month. And if you've
changed jobs recently, you'll want to check out our special article
on the ins and outs of rolling over 401Ks and IRAs.

IN THIS ISSUE:

* TurboTax for the Web is now available
* The Latest from Washington on Tax Law Changes
* Get Organized! The right way to "shuffle" tax papers
* How Rollovers to IRAs Work
* 10 Tax-Savvy Steps to Take Right After the New Year
* Ask the Expert
* Tax Tips
* Make Sure You Have the Latest TurboTax Product Updates
* TurboTax Tax Tools
* Common TurboTax Questions
* How to Access TurboTax Technical Support, 24 hours a day, 7 days
a week

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Tax Services:

Live Tax Advice
<a href="http://turbotax.0mm.com/tax027003"<http://www.turbotax.com/taxadvice17<;/a<

Tax Audit Defense
<a href="http://turbotax.0mm.com/tax027004"<http://www.turbotax.com/auditdefense11<;/a<

Customer Service & Technical Support
<a href="http://www.turbotaxsupport.com"<http://www.turbotaxsupport.com<;/a<

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TurboTax for the Web - NOW AVAILABLE!

Are you ready to do your taxes? Then prepare them online with
TurboTax for the Web and file electronically for the fastest way to
get your refund. This year, we have introduced a new online tax
preparation service - TurboTax Premium for the Web. TurboTax Premium
includes everything in TurboTax for the Web plus tax saving tools to
help you maximize your 401(k) and select the right IRA. It also has
additional guidance for sole proprietors and rental property owners.
Click on the link below to learn more about the TurboTax for the Web
services now available and choose the one that's right for you!
<a href="http://turbotax.0mm.com/tax027001"<http://www.turbotax.intuit.com/welcome/perm/ttnewsletter/welcome.htm<;/a<

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Tax Software

Buy TurboTax Software
<a href="http://turbotax.0mm.com/tax027007"<http://www.shopturbotax.com/ttnl<;/a<

Use TurboTax for the Web
<a href="http://turbotax.0mm.com/tax027001"<http://www.turbotax.intuit.com/welcome/perm/ttnewsletter/welcome.htm<;/a<

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Tax Law Changes Update

Well, it's off - at least for now. Congressional leaders weren't
able to agree on the contents of an economic stimulus package by
the end of 2001. Renewed efforts toward a recovery plan have been
introduced by both parties this month -- Senate Majority Leader
Daschle proposes a plan in which businesses would receive a tax
credit for creating new jobs or raising workers' salaries, and
provide a depreciation bonus for equipment investments. President
Bush continues to support a plan that would accelerate marginal tax
rate cuts enacted last June, provide favorable tax treatment for
businesses investing in new equipment, and provide additional
unemployment benefits.

One important bill did make it through, however: the Victims of
Terrorism Tax Relief Act of 2001 was passed by Congress on December
21, 2001. This bill extends relief to the survivors of victims of
the September 11 attacks as well as to victims of anthrax attacks
and the Oklahoma City attack. Among other provisions, the bill
waives income tax liability for all victims of these attacks for
the year of death. Click here to read more about this important
bill: <a href="http://turbotax.0mm.com/tax027002"<http://www.quicken.com/cms/viewers/article/taxes/55881<;/a<

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Get Organized!

It's never too early to start gathering your paperwork together for
doing your taxes. Your tax documents start arriving this month, and
as you probably know, paperwork can pile up really quickly. We'll
help you make the organization process easier than ever with our ...

* Paperwork organization suggestions,
* List of what forms to expect and what you should do with them,
* List of the records you need to keep, and
* List of the things you don't need to keep.

Get a head start on your taxes now - organize your files!
Click here: <a href="http://turbotax.0mm.com/tax027008"<http://www.quicken.com/cms/viewers/article/taxes/53310<;/a<

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Tax Quote of the month

"Taxes are paid in the sweat of every man who labors."
- President Franklin D. Roosevelt

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Prepare your taxes online with TurboTax for the Web
Click here: <a href="http://turbotax.0mm.com/tax027001"<http://www.turbotax.intuit.com/welcome/perm/ttnewsletter/welcome.htm<;/a<

Live Tax Advice
Click here: <a href="http://turbotax.0mm.com/tax027003"<http://www.turbotax.com/taxadvice17<;/a<

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How Rollovers to IRAs Work

We've received several questions this past month about rollovers to
and from IRA accounts. The rules covering rollovers can be confusing
- certain rules must be followed to ensure that you're not taxed when
you take money out of a retirement plan and put it into an IRA.
Here's the general rule: you're not taxed when you move the money you
have in a retirement account over to an IRA account or even from one
IRA to another IRA - but as with nearly everything involving taxes,
there are exceptions. Learn more about the IRA rollover rules - and
how they changed for 2002.
Click here: <a href="http://turbotax.0mm.com/tax027009"<http://www.quicken.com/cms/viewers/article/taxes/34071<;/a<

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Questions about Roth IRAs? Read "Roth IRAs Dissected"
<a href="http://turbotax.0mm.com/tax027012"<http://www.quicken.com/cms/viewers/article/taxes/33372<;/a<.

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Ten Tax-Savvy Steps Right After the New Year

So it's already 2002, and you didn't take advantage of many year-end
tax planning moves because you ran out of time. Are you out of luck?
Not necessarily ... start planning smart for this year with our list of
ten tax-savvy tips for right after the new year!
Click here: <a href="http://turbotax.0mm.com/tax027010"<http://www.quicken.com/cms/viewers/article/taxes/53958<;/a<

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Compaq and Intuit are excited to bring Compaq customers a great tax
time offer! With any purchase of a new Compaq Presario(TM) Desktop
PC, between 1/6/02 and 4/14/02, Compaq customers can prepare and file
their federal taxes online for free with TurboTax for the Web.
What's more, customers can enter to win the TurboTax "Pay My Taxes"
Sweepstakes sponsored by Compaq! Just go to <a href="http://www.turbotax.com"<http://www.turbotax.com<;/a<
and enter for your chance to win!

In the "Pay My Taxes" Sweepstakes, one Grand Prize winner will receive
a check equal to either triple their federal personal income tax
refund or triple their federal personal income tax owed as shown on
their filed 2001 tax return (up to $5,000). Fifty Second-place winners
will receive a 3700 Series Compaq iPAQ Pocket PC valued at $499!**

Visit <a href="http://turbotax.0mm.com/tax027005"<http://compaq.com/athome<;/a< to learn about the
award-winning iPAQ and Presario products offered by Compaq.

**Subject to change.

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Ask the Expert

Q: If you have a loss in an IRA account, can you sell out of that
stock and report that loss on your tax return?
A: No, you can't. Your IRA is a "tax-deferred" account, meaning
that all transactions, whether resulting in income or losses, aren't
subject to taxes until you actually withdraw the money, presumably
when you retire. This is a very common question in times of economic
downturn - the obvious upside of IRA accounts is that in an economic
boom, your gains in your IRA aren't taxable either until withdrawal.

Q: We have recently refinanced our home. What are the tax
implications and can we deduct the points associated with the
refinancing?
A: With most refinancings, you can deduct the points you pay for
your new loan, but there's a twist: you'll have to deduct them
proportionately over the length (number of years) of your new loan.
So, if your new loan has a 30-year term, you'll deduct 1/30th of your
points each year.

A couple of things to consider: if this isn't the first time you've
refinanced your home mortgage, and you have points from the earlier
loan that you hadn't finished deducting, you may write off the rest
of those points in the year you refinance. Also, if you refinance,
and you used some of the money from the refinance for home
improvements, you can deduct a portion of those points this year.
For more information on the rules for deducting points, see Points
Deduction Rules at <a href="http://www.quicken.com/cms/viewers/article/taxes/54158"<http://www.quicken.com/cms/viewers/article/taxes/54158<;/a<

Q: We realized a large capital gain from the sale of real estate in
the year 2000 and had to pay the alternative minimum tax (AMT).
Our income for the year 2001 is much less than the prior year. Is
there any credit that carries over from the AMT?
A: Yes, there is - it's called the "Credit for Prior Year Minimum
Tax" and it's calculated on Form 8801. If you prepared your return
using TurboTax for 2000 and you transfer your data into TurboTax for
2001, Form 8801 will be filled out for you automatically. The credit
applies only if your AMT was caused by something called "timing
differences", which may or may not be the case in your situation. For
a complete explanation of how the AMT works and how this credit is
determined, see the Alternative Minimum Tax article online.
Click here: <a href="http://www.quicken.com/cms/viewers/article/taxes/52202"<http://www.quicken.com/cms/viewers/article/taxes/52202<;/a<

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Get Financially Organized

Many folks have set a New Year's resolution to save more money, a
habit that can allow us to build a nest egg, regardless of whether
the economy is up or down. Astute savers we know have one trait in
common - they're financially organized and proactive. They know
where their money goes, they stick to a budget, and they pay bills
promptly to avoid wasting money on penalties and interest. If you'd
like to get organized, but worry that the effort to do so won't fit
into your busy schedule, here's a tip. The number #1 tool for
getting financially organized is Quicken(R) 2002 Deluxe, personal
financial software that helps you easily track and categorize
expenses, set up a budget step-by-step, and get alerts when you are
close to overspending or when bills are due. Both Windows(R) and
Macintosh(R) versions are available. Order now and get the year off
to a good start.
Click here: <a href="http://turbotax.0mm.com/tax027011"<http://www.quicken2002.com/online<;/a<

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Tax Tips

Tip 1:
Not sure what the due dates are for your returns or your estimated
tax payments? Check out our Tax Calendar! You'll quickly find all of
the important tax dates coming up this year.
Click here: <a href="http://www.quicken.com/cms/viewers/article/taxes/36657"<http://www.quicken.com/cms/viewers/article/taxes/36657<;/a<

Tip 2:

Do you have a part-time business or are you fully self-employed?
Take full advantage of section 179 that allows you to expense
equipment you buy for your business! The general rule is that a
business can't write-off the whole cost of certain assets in one year.
For example, if your business buys a new computer for $4,000, the
law says that you must spread the tax deduction over five years. With
section 179, you can immediately write-off up to $24,000 of qualifying
property in 2001 instead of taking the depreciation deduction over a
longer period of time. What is qualifying property? For most people,
qualifying property is tangible personal property, such as equipment,
office machinery, and furniture.

Tip 3:
Do you find yourself spending your refund check before it arrives
(even if you're spending it in your mind) and wondering when it is
going to finally arrive? According to the Internal Revenue Service,
the fastest way to get your refund is to file your return electronically.
When you file electronically, you can receive your refund in as little as
10 days, compared to 6 to 8 weeks with a paper return. TurboTax
enables you to electronically file one federal tax return at no cost,
after mail-in rebate. The IRS also recommends that you file your return
early in February or March rather then waiting until mid April.

To avoid delays when filing a paper return, remember to:

1. Sign your return.
2. Make sure that any supporting documents are securely stapled to the
front of the return.
3. Make sure your mailing address is correct.
4. Have your refund deposited directly into your bank account.

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Product Features

Get answers to your tax questions - live - from a professional Tax
Advisor.
Introducing TurboTax(R) Live Tax Advice - the service that puts tax
and accounting professionals at the ready to answer your specific
tax questions! Wondering if a particular deduction applies to you?
Confused about the new tax laws? Facing a more complicated return
this season? Get the answers you need - by phone or email - from a
tax professional you choose yourself. You can even send your return
to one of these advisors to review before you file.

It's easy. Just click on the "Live Tax Advice" link on any TurboTax
page within the product or click on the link below and bookmark this
site so you're ready whenever you have a question. Try it now and get
your first $5 of phone advice absolutely FREE! TurboTax Live Tax
Advice is a service provided to TurboTax customers by Keen(R).
Fees Apply.
Click here: <a href="http://turbotax.0mm.com/tax027003"<http://www.turbotax.com/taxadvice17<;/a<

Want to get your expected federal refund amount in as little as
2-3 days?
Now you don't have to wait several weeks for your federal refund
to arrive in the mail. Get a TurboTax(R) Quick Cash loan against
your anticipated federal refund amount in your hands within 2-3
days of the IRS' acceptance of your electronically filed return (up
to $5,000).* What's more, you don't have to pay any up front fees -
loan fees are automatically deducted from your refund amount.

You can apply for your Quick Cash loan directly from your TurboTax
program. Just choose Quick Cash when you e-file your TurboTax federal
return and follow the simple instructions. It's the easiest way to
put your refund money to work for you without waiting.

* Quick Cash is a loan from Santa Barbara Bank & Trust(R), and a fee
will be charged for this service. The use of this service is governed
by the Application Agreement of Santa Barbara Bank & Trust. This
service is not available in all states.

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TurboTax Tools

* Curious to know where you may end up tax-wise for 2001 but not ready
to do your return? Use our Complete Tax Estimator! Not only will
we estimate your 2001 federal taxes, we handle many state tax
calculations too. You can also estimate your 2002 taxes.
<a href="http://www.quicken.com/taxes/taxslashing/estimator"<http://www.quicken.com/taxes/taxslashing/estimator<;/a<

* Make sure you're right on track for 2002 from the outset! Use our
Paycheck Withholding Calculator to figure your withholding
exemptions and status early so that you spread your tax bill over
the entire year.
<a href="http://www.quicken.com/taxes/w4"<http://www.quicken.com/taxes/w4<;/a<

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Debt Consolidation - new calculator helps tell if its right for you

Debt-consolidation is a powerful, proven way to cure debt woes,
especially after the holiday season. Homeowners have the option to
consolidate bills by refinancing or using a home equity loan - both
loans can eliminate high interest rates and roll multiple bills into
one manageable payment all while taking advantage of historically
low mortgage rates. And for most people the interest may be
tax-deductible.

The idea of debt-consolidation refinancing is simple: use your home's
increased equity to get a lump sum of cash to pay off your
high-interest debts. To see for yourself and get the facts, visit
Quicken Loans new Debt Consolidation calculator to compare borrowing
costs, calculate payments and tax savings, graph out payment options
and other benefits of consolidating debt through a refinance or home
equity loan. Be sure to consult your tax advisor for more
information on maximizing your mortgage deductions at tax time.
Click here: <a href="http://turbotax.0mm.com/tax027013"<http://www.quickenloans.com/dc_calc.asp?Source=QMMxttaxjan2_ttaxnljan2</a<

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Common TurboTax Questions

* When will TurboTax State product be available?

TurboTax State products are available in mid January to mid February.
For an estimated release date for your state click here.
<a href="http://www.intuit.com/shipdates/taxavail.cgi?product=turbotax"<http://www.intuit.com/shipdates/taxavail.cgi?product=turbotax<;/a<

* Why is Internet Explorer installing on my desktop along with
TurboTax?

Internet Explorer is installed to allow TurboTax to quickly and
reliably identify your Internet Service Provider(s) and allow you to
connect to the Internet through TurboTax. Access to the Internet is
required to update your product, download your state program, and
file electronically.

* How do I resolve the error message: "Installation not complete /
Installation not successful"?

In most cases, you'll need to perform a hard drive installation by
installing TurboTax from the hard disk drive rather than the CD-ROM.
Follow these steps:

1. Insert the TurboTax CD in your CD-ROM drive. Cancel any messages
that appear and shut down any Terminate and Stay Resident programs
2. Start Windows Explorer. Click Start, select Programs, and click
Windows Explorer.
3. Create a folder to hold the contents of the TurboTax CD. Click
the letter for the hard disk drive you are working on to
highlight it. Go to the File menu and point to New. Click Folder.
A folder called New Folder appears. Type the word TXINSTL to
replace the name New Folder and press ENTER.
4. Find your CD-ROM drive (usually drive letter D) and double-click
it. A list of files and folders appears in the right side of the
Windows Explorer screen

* To see more common questions, just go to <a href="http://www.turbotaxsupport.com"<http://www.turbotaxsupport.com<;/a<

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Access TurboTax Technical Support, 24 hours a day, 7 days a week

Did you know that TurboTax has 24 hour a day, 7 days a week Technical
Support available online? You can view our extensive listing of FAQ's
to find answers to your questions, or communicate with a live agent
in a one-to-one internet chat session. If you prefer Priority
Telephone Support, it is available from 5:00 a.m. to 8:00 p.m. (PST)
Monday through Friday and 5:00 a.m. to 5:00 p.m. (PST) Saturday and
Sunday.

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I hope you enjoyed this issue of My TurboTax Advisor.
Best Regards,

Anne Schetter-Clark
Managing Editor

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**********************************************************************

TurboTax Support Options:

* Customer Service and Technical Support <a href="http://www.turbotaxsupport.com"<http://www.turbotaxsupport.com<;/a<
Find quick answers to your questions 24 hours a day, seven days a
week. Includes free Live Chat Technical Support.

* Live Tax Advice. <a href="http://turbotax.0mm.com/tax027003"<http://www.turbotax.com/taxadvice17<;/a<
Get answers to your tax questions from tax and accounting
professionals via phone or e-mail. Fees apply.

* Ask The Expert! Send an e-mail to <a href="mailto:asktheexpert@intuit.com"<asktheexpert@intuit.com</a< to submit
your general tax questions. We will publish two or three questions
and answers from our readers in each issue. Messages sent to this
address will not receive a personal reply.

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© 2002 Intuit Inc. TurboTax and Quicken are registered trademarks
and Quicken TurboTax for the Web is a service mark of Intuit. All
other trademarks are the sole property of their respective owners.

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