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Right well today is income tax day April 15.
Day of the calendar year and Bob -- joins -- he's from Turbotax.
And Maria Molina is here Maria have you done your to.
Yes I am -- on do my taxes early there and you -- was delayed.
Specifically at trying to get in there at the end of January and I know that there was a -- January 30 some places right.
That's correct but let's clarify that was the -- reprogramming their systems to accommodate the tax -- changes from January.
OK so -- that -- didn't delay the deadline and did not -- so that just meant more people filing in a shorter period of time this year and people very anxious for the tax refunds.
Thanks a lot -- wholesale.
-- -- -- at the big change if you are you know one of those one for senators is in the new year you gotta pay 39 point 6% as opposed to 35% last year.
That's correct lets you have a new Medicare tax and attacks on your investments.
So the 1% -- -- face significantly higher taxes this year and in Medicare tax is that the is that the Affordable Care Act tax to help.
Paid for part of the Affordable Care Act yes see everybody thought OK the president wants affordable care.
That's going to be great but now we're getting stuck back.
And there are some changes in the education refund that slot right in the -- and there's another one as well Gerri -- there's been change.
They're -- they are to education credits and one deduction.
And -- -- up for renewal this year we'll see in congress extends settlers some of them are available this year.
When I think his -- being phased out and there's.
Some analysts -- that right there's an income limited and is -- graduate students can apply for that as well.
The other income limits for most of these credits come as well as the number of their ears available to you summer available to graduate students summer available just to hear undergraduates.
-- -- You're wondering why I'm going to graduate school site that graduation.
Save your money what are you studying.
-- -- I've heard about that in the books.
Let me ask you this Bob.
Like -- The taxes are so complicated I I take this stuff to a guy and he figures it out.
But it for instance -- Turbotax software is essentially the same software what's the difference between taking your taxes to a guy or gal to do -- We're doing them yourself online.
Tax software like Turbotax actually walk -- through the process asking you plain English questions about -- Personal situation and will put all the numbers on the right forms to all the math for you.
So it's really like going to a CPA or an accountant and night.
-- the -- gonna ask you these questions we're gonna ask you the same questions to.
And Steve the thing to remember is that the vast majority of Americans have relatively simple returns which they could do -- using software going online.
For -- since these days it seems like the only deductions are if you have home mortgage or you got some charities but otherwise what's left.
There's not much left what if you make a mistake bill.
And one of those online applications is there.
-- and you mention that you have five basic fix it.
But what it beyond that you just don't know what do you make a mistake and you need to file an amended return you can always go back online and file an amended return and you know I think you're asking -- what do you have questions we have literally thousands.
Of experts ready to answer your call in fact we have CPAs enrolled agents and attorneys.
Ready to help you with -- you know specific tax questions you -- -- so it's better to ask -- -- make sure absolutely.
But during during our live show you answered a question for somebody who.
Lost his wife.
And then was raising.
I want to say grandson and didn't click off the right thing.
The -- should have been -- dependent but he he clicked no Sawyer is asking if you if you could go back and file an amended and amended return you -- cut.
Yes and what that points out this beauty of software you know.
I can't answer all these questions but I know like the dependency thing is a five.
-- part test because of tax awful lack she ask you each of the test to see -- qualifying based on your responses the software will tell you whether or not.
That person qualifies as a defendant.
-- -- and that is the beauty of tax software you don't have to know all the rules for instance how old is the person do they live at your house are there.
Now let me ask you this if if I have but to college age kids at my house.
Only three months a year but they're still depend on me because somebody's gonna pay the tuition I would imagine they're my dependence I think they are eerie dependents and -- -- special rules when their students.
Well one of the tests -- you have to live in the household.
With the pairing claim you as defendants for at least six months of the year.
The exception is if your student your time away from school your time at school qualifies as that time in the home who -- well I guess they qualify you're just looking for a way.
To get them out of the house it sounds like I'm more money I'm looking for a way to get them jobs quickly as soon as they graduate.
We'll put this is interesting -- if if he had done it yet and your interest to go to Turbotax dot com if you have a simple.
Federal income tax form the -- wanna file its free.
But you're gonna have to file your state return and there's nominal charge that most states or for ill also.
His parents that's correct -- to save this money -- it's good.
Bob me and Turbotax vice president thank you very much thank you thinking sunny thank you nice to me to.
And we'll see you back here tomorrow having.
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