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.
Turbo Tax ?
Discussion in 'Trucker Taxes and Truck Financing' started by xlsdraw, Mar 4, 2014.
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
You put the full amount in. Then check the DOT box. It does the rest.
paul_4lp Thanks this. -
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. -
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. -
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.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.