Turbo Tax ?

Discussion in 'Trucker Taxes and Truck Financing' started by xlsdraw, Mar 4, 2014.

  1. xlsdraw

    xlsdraw Road Train Member

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    When entering the standard OTR deduction. Do you enter the days eligible X $59 or do you enter the days eligible X 80% of $59? I'm not sure if Turbo tax automatically does the 80%. Don't want 2 80% reductions. $500.00 return difference based on which I enter.
     
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  3. Roadmedic

    Roadmedic Road Train Member

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    You put the full amount in. Then check the DOT box. It does the rest.
     
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  4. EverywhereMan

    EverywhereMan Medium Load Member

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    Roadmedic, you seem like the person to speak to regarding taxes so I have a couple of questions for you. Admittedly I am not very intelligent when it comes to filing my taxes and 2013 was my first complete year of OTR. As a Canadian planning to use Turbo Tax (and only claiming the deductible amount of $59/day:

    - Is the standard edition sufficient for my needs?
    - How is this amount entered? Is it the days away from home multiplied by $59?

    I apologize if my terminology is incorrect but I am literally clueless when it comes to taxes. Thank you in advance for your contributions, especially to the tax subsection of the forums. You've been a great help to many and I for one appreciate the kind effort on your behalf. If I haven't been clear about something I'll be able to answer any questions if need be.

    OP, sorry to slightly derail the thread but I felt as if a new topic wasn't necessary.
     
  5. Roadmedic

    Roadmedic Road Train Member

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    Not sure about Canada.

    Is there a canada version of turbo tax?

    My guess after looking at some of the forms, is that if they ask for figures in the standard edition it would be okay.
     
  6. chicknwing

    chicknwing Medium Load Member

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    I started with the standard version and ended up paying for the deluxe version, a difference of over 1k on my return this year just by using the paid version. $59 well spent. Turbo Tax showed me the difference before I finished my taxes and gave me the option to pay for the upgrade.
     
    91B20H8 Thanks this.
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