RBC Turbotax is among the highly demanded software to file your taxes within Canada. Though other softwares are giving tuff competition to TurboTax including: Jackson Hewitt, H&R Block at Home, TaxSlayer, and TaxAct, but still due its user friendly interface TurboTax wins the race. The software is introduced in different versions comprising:
- TurboTax basic,
- TurboTax Deluxe,
- TurboTax Premier and
- Turbo Tax Home & Business.
The program is available for both federal and state income tax returns and thus this is a great time saver.
- 1 Main Features of TurboTax Software
- 2 RBC Turbotax: What it really is…?
- 3 How do Turbotax Clients Benefit?
- 4 How to Download Your Financials from RBC to Turbotax?
Main Features of TurboTax Software
With the development of TurboTax versions, the features were enhanced compared to the previous program. Each version was integrated with advanced new features depending upon the tax preparation needs. The employment of the software helps to import your data from the previous year TurboTax, Quicken, QuickBooks, or other tax preparation software. This single feature exempts the need of tons of data input. Thus helping you save time. The software allows you to import your W-2 and 1099 data from over 100,000 companies.
The software offers simple usability features and in case you need support then the same becomes available with our professional support. The program allows you to e-file up to five tax returns all for free.
RBC Turbotax: What it really is…?
So are you ready to save time and money this tax season? Royal Bank of Canada has collaborated with TurboTax to help you during the tax filing season. Prior making the final purchase you can attempt the trail version.
RBC (Royal Bank Canada) can help you get quick access to your:
- Tax information,
- Configure government direct deposit,
- Pay your taxes at your own comfort.
If you have been associated with RBC and are a valued RBC customer, personal or business, you can get 20% off on TurboTax products.
How do Turbotax Clients Benefit?
If you are a customer of RBC then you certainly have a win-win situation. Here is how you stand to benefit:
Approach your CRA Account Online Anywhere
Deductions under registered retirement savings plan and contribution under TFSA can be viewed via MyCRA app. But manually entering all these figures at the time of filing taxes can be a bit tedious. With turbotax the same can be synced with CRA with ease.
What is MyCRA App?
If you don’t already know about the MyCRA app, then it’s an app by Canada Revenue Agency. It’s a convenient, easy, secure mobile application that can be accessed with your RBC Online Banking credentials.
Grab Discounts on TurboTax
RBC has hooked up with with TurboTax, the best selling tax software of Canada that unveils special tax filing offers during the tax season.
If you are a New parent? First-time investor? Small business owner? TurboTax is one stop solution for all your tax needs. With savings on RBC TurboTax online products along with the advanced tips and tools, you can be all set for the tax season. If you are wondering for filing basic returns, TurboTax offers free filing for the first time. This software is considered perfect for the students.
Quick & Easy Government Payments
You can directly approach your money right away without wasting time driving to the branch. The federal Government compels you to replace all payments by cheque comprising Canadian Pension Plan, Old Age Security, Child Tax Benefit, and Income Tax by direct deposit. Now there is an easier way to receive your money in case you receive Government payments by cheque.
Convenient Online Tax Payments
No matter it is your annual income tax return or recurring payroll source deductions for your domestic helper, caregiver, paying the Canada Revenue Agency (CRA) has been a tough process. If you are an RBC Royal Bank client, you can easily pay the CRA through RBC Online or Mobile Banking or by using your debit card or Virtual Visa Debit card online through the CRA My Payment site totally free of charge. It is a quick and secure way of making the payments.
How to Download Your Financials from RBC to Turbotax?
How do I Add or Edit a 1099-B?
The process to download your data within your RBC Turbotax starts with filling or editing 1099 B form. Handling the form manually will take you hours but if you are using TurboTax then the same can be done with ease. Follow the steps to edit 1099 within the software itself:
- Sign in to your TurboTax software.
- Click the “Take me to my return” button.
- Open and view your return.
- Try to locate 1099-B. Click the “Jump to” link in the search results.
- When prompted “Did you sell any investments in 2016?” on the screen -> Click Yes.
- You will be redirected to “Here is the investment sales information” page.
- Click on the edit button.
- Here you can add, change or review your earlier entered brokerages.
- You can even supplement sales by adding or importing info from new brokerages.
Pursue With the Onscreen Instructions
On the display of the boxes (Box A, B, D, etc.) on the TurboTax screen, do not get confused with the (Box 1a, 1b, 1c etc.) on your 1099-B form. These boxes are entirely different. The Boxes with capital alphabets A, B, D, E & X appears as headers or section titles on your 1099-B form instead of literal boxes. There is a variation in the wordings between the brokerages. For instance: the Box A from 3 different brokerage statements indicates:
- Short-term transactions for which basis is reported to the IRS—report on Form 8949 with Box A checked.
- Short-term transactions for which basis is reported to the IRS–report on Form 8949, Part I, with Box A checked.
- Short-term transactions for which basis is reported to the IRS—report on Form 8949 with Box A checked and/or Schedule D, Part I.
However, all the three statements mention Box A, so you have to choose Box A in TurboTax at the bottom of the screen, and going to the top of the screen mention all the details for boxes 1a–1e which correspond to your 1099-B form. The other boxes B, D, E, and X will function in the same way.
Though at first this all may seem confusing you will be all sorted once you go through it. It’s just a matter of understanding the program.
For further queries and assistance on RBC Turbotax, you can contact TurboTax customer support phone number. The professional expert on TurboTax will resolve your queries and accord you support instantly.
To contact support, give us a call at Askforaccounting.com and talk to our Turbotax specialist. It hires experienced TurboTax experts who are capable to answer all your queries and assist you in the shortest wait time.
You can Contact TurboTax by Phone in Canada talk to our Proadvisor now.