Message-ID: <33542152.1075840759614.JavaMail.evans@thyme> Date: Thu, 17 Jan 2002 20:18:27 -0800 (PST) From: vkaminski@aol.com To: j.kaminski@enron.com Subject: Fwd: TurboTax Newsletter Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: VKaminski@aol.com@ENRON X-To: Kaminski, Vince J X-cc: X-bcc: X-Folder: \vkamins\Deleted Items X-Origin: KAMINSKI-V X-FileName: vincent kaminski 1-30-02.pst Return-Path: Received: from rly-xd01.mx.aol.com (rly-xd01.mail.aol.com [172.20.105.166]) by air-xd01.mail.aol.com (v82.22) with ESMTP id MAILINXD18-0117142042; Thu, 17 Jan 2002 14:20:34 -0500 Received: from ms8out1.messagemedia.com (ms8out1.messagemedia.com [208.169.22.8]) by rly-xd01.mx.aol.com (v82.22) with ESMTP id MAILRELAYINXD14-0117141935; Thu, 17 Jan 2002 14:19:35 -0500 X-EntryID: 650060 X-MsgID: 639879 X-SubID: 94570339 X-ListID: 3123 Date: Thu, 17 Jan 2002 12:19:07 -0700 Message-Id: <20020117121907.000061@ms8out1.messagemedia.com> X-Sender: freenewsletter@news.turbotax.com Errors-To: freenewsletter@news.turbotax.com To: WINCENTY KAMINSKI From: Quicken TurboTax Subject: TurboTax Newsletter Content-Type: text/plain; charset="us-ascii" Mime-Version: 1.0 X-Mailer: Unknown (No Version) 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 ********************************************************************** Tax Services: Live Tax Advice http://www.turbotax.com/taxadvice17 Tax Audit Defense http://www.turbotax.com/auditdefense11 Customer Service & Technical Support http://www.turbotaxsupport.com ********************************************************************** Visit Our Sponsors: Compaq Presario - Power and Flexibility http://compaq.com/athome Get $50 from NetBank when you open a high-interest checking account. Plus FREE online bill pay and easy downloading of your account information into Quicken(R) software. Get $50 now! http://ad.doubleclick.net/clk;3705922;6725810;i?https://secure.netbank.com/cgi-bin/fulfill?p=pro037 ********************************************************************** 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! http://www.turbotax.intuit.com/welcome/perm/ttnewsletter/welcome.htm ********************************************************************** Tax Software Buy TurboTax Software http://www.shopturbotax.com/ttnl Use TurboTax for the Web http://www.turbotax.intuit.com/welcome/perm/ttnewsletter/welcome.htm ********************************************************************** 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: http://www.quicken.com/cms/viewers/article/taxes/55881 ********************************************************************** 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: http://www.quicken.com/cms/viewers/article/taxes/53310 ********************************************************************** Tax Quote of the month "Taxes are paid in the sweat of every man who labors." - President Franklin D. Roosevelt ********************************************************************** Prepare your taxes online with TurboTax for the Web Click here: http://www.turbotax.intuit.com/welcome/perm/ttnewsletter/welcome.htm Live Tax Advice Click here: http://www.turbotax.com/taxadvice17 ********************************************************************** 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: http://www.quicken.com/cms/viewers/article/taxes/34071 ********************************************************************** Questions about Roth IRAs? Read "Roth IRAs Dissected" http://www.quicken.com/cms/viewers/article/taxes/33372. ********************************************************************** 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: http://www.quicken.com/cms/viewers/article/taxes/53958 ********************************************************************** 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 http://www.turbotax.com 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 http://compaq.com/athome to learn about the award-winning iPAQ and Presario products offered by Compaq. **Subject to change. ********************************************************************** 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 http://www.quicken.com/cms/viewers/article/taxes/54158 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: http://www.quicken.com/cms/viewers/article/taxes/52202 ********************************************************************** 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: http://www.quicken2002.com/online ********************************************************************** 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: http://www.quicken.com/cms/viewers/article/taxes/36657 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. ********************************************************************** 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: http://www.turbotax.com/taxadvice17 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. ********************************************************************** 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. http://www.quicken.com/taxes/taxslashing/estimator * 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. http://www.quicken.com/taxes/w4 ********************************************************************** 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: http://www.quickenloans.com/dc_calc.asp?Source=QMMxttaxjan2_ttaxnljan2 ********************************************************************** 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. http://www.intuit.com/shipdates/taxavail.cgi?product=turbotax * 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 http://www.turbotaxsupport.com ********************************************************************** 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. ********************************************************************** I hope you enjoyed this issue of My TurboTax Advisor. Best Regards, Anne Schetter-Clark Managing Editor ********************************************************************** Subscriptions: *To change your email address reply back to freenewsletter@news.turbotax.com (mailto:freenewsletter@news.turbotax.com) with your new and old e-mail addresses. *Unsubscribe your email address. We respect the personal nature of e-mail communication. Every effort is made to offer only information that will be of value to you. You may unsubscribe at any time. (http://eprefs.net/cg/msc.plex?cn=qdcunsub&o=lookup&lid=141&lid=2352&lid=2230&lid=3123&lid=3032&e=vkaminski@aol.com) *Subscribe to other Quicken e-mail newsletters. (http://eprefs.net/cg/msc.plex?cn=qdcwm&o=lookup&lid=141&lid=2352&lid=2230&lid=3123&lid=3032&e=vkaminski@aol.com) ********************************************************************** TurboTax Support Options: * Customer Service and Technical Support http://www.turbotaxsupport.com Find quick answers to your questions 24 hours a day, seven days a week. Includes free Live Chat Technical Support. * Live Tax Advice. http://www.turbotax.com/taxadvice17 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 asktheexpert@intuit.com 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. ********************************************************************** Click here to forward this newsletter to a friend! ********************************************************************** (c) 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. You are subscribed as: vkaminski@aol.com