TurboTax 2020 Online Tax Preparation Software
Turbo Tax 2020 Tax Software Review
Everything you need to make tax preparation easy and quick. The TurboTax 2020 product line offers the best solutions to keep you up-to-date with the latest tax law changes, Including.
- Social Security and Medicare
- Standard deductions
- Mileage rate deductions
- Earned income credits
- Hope and Lifetime Learning tax credits
- Retirement 401k, IRA and Roth Savings Plans.
TurboTax can help you stay in charge of changes that became effective in the tax year 2020,
which become part of your income tax filing in 2020.
The 2020 Social Security tax remains at 6.2% and Medicare remains at 1.45%. The maximum wage limit for Social Security has been raised to $106,800 - an increase of $4,800 over 2008's maximum. The maximum Social Security benefit was increased to $2,399 per month in 2020, and the Cost of Living Adjustment was 5.8%.
This budget is designed to limit the value of itemized deductions for high-income taxpayers, raising approximately $600 billion in new revenue.
Taxpayers will only be allowed to take itemized deductions against a 28 percent income tax rate, rather than in the tax bracket they actually fall. In turn this reduces the value of itemized deductions and boosts the amount of taxes that are paid by higher income taxpayers.
The Fair Share Tax also known as "the Buffet Rule" is a 30 percent minimum tax on high-income earners. It would raise only about $53.02 billion over ten years.
The new years TurboTax 2020 product line will help keep you on top of Tax Law Changes and Exemption Values
For the tax filer, Intuit TurboTax 2020 is one of the best ways to ensure your getting all the credits and deductions you can qualify for, along with, keeping up with tax law changes at the same time.