Exact Answer: 1 Hour
After the holiday season comes the tax season and this will have many Americans wondering exactly how they should be getting their taxes completed this year. For some people, this will require a visit to an accountant or tax specialist, and for others, they’ll be looking for online tax services such as Turbotax.
Turbotax is a trusted do-it-yourself online tax service that millions of people use every year. However, many people will begin to wonder just how long Turbotax takes, both to file a return and for the return to hit their account. For many, the answer may be simple.
How Long Does Turbotax Take?
|Return||Time to Prepare and Complete|
|Average||About 1 hour|
|Complicated||Around 1-2 hours|
Turbotax is meant to be an easy alternative to visiting a tax specialist or tax service company in person. Because of this, the time it takes one to prepare a tax return is drastically reduced. For instance, depending on the return, Turbotax may take:
-On average: For an average tax return which is done through Turbotax software, one can expect to spend about 1 hour preparing their return, sometimes less time is required.
-Complicated returns: For more complicated returns, such as a return that involves more than one dependent, or returns that involve credits or plenty of deductions, one can expect to spend between 1 to 2 hours while preparing and completing their tax return.
Turbotax makes it relatively easy for anyone to use their service, complete with on-site help if it’s needed. However, sometimes returns are longer and may take longer to complete. All Turbotax tax returns which are filed electronically should be received by the government within the same day. Those expecting a refund can expect a refund within 21 days of filing.
Why Does Turbotax Take That Long?
Turbotax tax software is created with the consumer in mind. Because of this, it makes filing your own taxes relatively easy to do. Every aspect of the process has helpful links and even live customer service should one need it. Because of this, tax returns filed through Turbotax don’t take very long to complete at all.
It should be noted that once your return has been electronically filed, it will still need to be accepted by the IRS before it can begin processing. This usually happens on the same day of filing. Refunds are processed and deposited within 21 days. Do not call the IRS about your refund until your 21 days have been met.
Most refunds are deposited within 2 weeks, however, unless you printed your return to file it. Printed and mailed returns can expect to take at least 1 to 2 weeks longer than returns that were electronically filed.
However, those who choose to use Turbotax as their method of preparing and filing their tax return can expect the process to be generally quick and easy. One is able to work on their return at their own pace, with additional help being available if needed.