Understanding the Turbotax File Extension 2016: What You Need to Know

When preparing your taxes using TurboTax, it is essential to understand the various file extensions and their purposes. In this article, we will delve into the details of the Turbotax file extension 2016, providing valuable insights for those who are new to tax preparation.

To successfully navigate the Turbotax file extension 2016, you will need a few essential documents at hand. These include:

• Form 1099-G, showing any refund, credit or offset of state and local taxes

• Form 1099-INT, showing interest paid to you throughout the year

• W-2s, showing your annual wages from all of your employers

• Income receipts from rental, real estate, royalties, partnerships, S corporation, trusts

• All receipts pertaining to your small business, if applicable

• Valid Social Security numbers for yourself, your spouse, and any dependent, if applicable

IRS Free File Program

If you are eligible, the IRS offers a free electronic federal tax preparation and filing program called the IRS Free File. This program is a Public-Private Partnership (PPP) between the IRS and the Free File Alliance, a coalition of leading tax preparation software companies.

The online tax preparation software partners under this program offer free electronic tax preparation and filing of federal tax returns at no cost to qualifying taxpayers. Some may also provide free state returns.

In conclusion, understanding the Turbotax file extension 2016 requires knowing what documents you need to prepare your taxes accurately. Remember to gather all essential documents, including Form 1099-G, Form 1099-INT, W-2s, income receipts, and valid Social Security numbers.

Additionally, take advantage of the IRS Free File program if you are eligible. This program provides free electronic federal tax preparation and filing of your taxes, making it easier to stay compliant with tax laws while saving time and money.