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TurboTax 2015 Online Tax Preparation

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With TurboTax 2015 you'll be ready for the Changes to come in 2015 and beyond. Each edition is designed for specific need to ensure the maximum ease of use and largest refund.

Turbo Tax 2015 and Tax Changes

Insurance Law Changes

Penalties assessed under new laws for families that don't buy insurance will not be assessed the fines to be collected until April 2015. But lets face it, this won't be a advantage to return filing for those falling into this catagory.

Proposed Changes: Federal Estate Laws

The Obama administration and members of Congress have expressed their desire to avoid the expiration of the federal estate taxes, to avert the imposition of a lower estate exemption, and to vary the maximum estate rate. Some of the proposed legislation and budget resolutions and proposals also contain modifications to current gift taxation law.

TurboTax 2015 Editions:

Free Edition, Basic, Deluxe, Premier and Home + Business

Turbo Tax 2015 will need to consider proposed modifications to federal estate (and gift) law that Congress is currently considering:

  • Proposed changes increase the federal estate exemption to $3.75 million and increase the exemption incrementally each year thereafter, culminating with an exemption of $5 million each year 2015, and index the exemption for inflation beyond 2015.
  • Vary the maximum federal estate rate from as low as 35 percent to as high as 55 percent
  • Permit a surviving spouse to utilize the unused federal estate exemption of a predeceased spouse
  • Unify the federal estate and federal gift exemptions
  • Impose stricter rules for valuing interests in family-controlled entities
  • Impose a surcharge on estates whose values falls between certain thresholds
  • Increase the minimum term imposed on grantor retained annuity trusts (GRATs) to 10 years.

Turbo Tax 2015 features will no doubt be geared to maximizing the benefits under current year laws to ensure maximum refunds, but estate law changes are an area where big dollars could be at stake.

Every year is a new trial that challenges the software manufacturers to rise to a new heights in order to ensure the best income support possible, and year after year TurboTax rises to that challenge. 2015 will no doubt be one of these years again, and as always, we expect good results...

Options here include

Increasing the federal estate exemption to $3.75 million for this year and increase the exemption incrementally each year thereafter, culminating with an exemption of $5 million for 2015, and index the exemption for inflation beyond 2015

Vary the maximum federal estate rate from as low as 35 percent to as high as 55 percent;

Permit a surviving spouse to utilize the unused federal estate exemption of a predeceased spouse;

Unify the federal estate and federal gift exemptions;
Impose stricter rules for valuing interests in family-controlled entities;

Impose a surcharge on estates whose values falls between certain thresholds; and Increase the minimum term imposed on grantor retained annuity trusts (GRATs) to 10 years.

Projections for total electronic returns continue to show a steady increase over the forecast. This growth of electronic filing furthers IRS's strategic goal to improve taxpayer service. For example, according to the most recent forecast, total individual electronic returns are projected to be 58 percent of all individual income returns filed in 08 and to constitute 78 percent of all returns in 2015.

Trend in Grand Total Returns

The most current forecasts for major form types for Calendar Years 2008 to 2015. Various elements that may affect the IRS workload are carefully considered during estimation. These include economic and demographic trends, recent filing patterns, legislation, and administrative changes. The total number of returns consists of two filing mediums--paper and electronic. The "grand total" category includes individual, fiduciary, corporation, employment, partnership, exempt organization, government entity, political organization, estate, gift, excise, estimated vouchers, and other forms as described.


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