Turbotax: Accessing Last year's return

 



***

Relevant Material: "Accessing last year's tax return in TurboTax is straightforward, but the method and availability depend significantly on whether you used the online or desktop version. 

Accessing Last Year's Tax Return
TurboTax Online
Your returns are stored securely in the cloud by TurboTax for up to seven years. 
  • Sign in to your TurboTax account using the same User ID you used for the previous year's filing on the TurboTax website.
  • Navigate to "Your tax returns & documents" or the "Documents" section.
  • Select the relevant tax year from the dropdown menu.
  • You can then view, download, or print a PDF copy of your return. 
TurboTax Desktop (CD/Download)
With the desktop software, your tax file is stored locally on your computer, not online. 
  • The only copy of your tax data file (.taxYYYY file) and PDFs are on the hard drive of the computer where you prepared the return.
  • TurboTax does not have a copy stored online, so you are responsible for secure backup and storage.
  • To access or print, you must use the original computer and ideally have the software installed (or at least the data file saved). 
Significance of Online vs. Desktop
The key difference between the online and desktop versions lies in data storage and accessibility. 
Feature TurboTax OnlineTurboTax Desktop
Data StorageStored in the cloud/on TurboTax servers.Stored locally on your computer.
AccessibilityAccess from any web-connected device (phone, different computer).Access only from the specific computer where the file is saved.
BackupsTurboTax handles backups and security.User is responsible for backup and security.
Transferring DataAutomatic transfer to the current year's online return if using the same account.Requires manually locating the previous year's .taxYYYY file to import into the new software.
Understanding these differences is crucial for ensuring you can retrieve necessary documentation for future reference, loan applications, or transferring information to the current year's taxes. If you cannot access your returns through TurboTax, you can request tax return transcripts from the IRS website (for US users) or through CRA My Account (for Canadian users). ..Accessing a previous year's tax return is essential for filing current taxes, tracking carry-forward amounts, verifying identity with the government, and serving as a crucial personal financial record. 
How to Access Your Last Year's Tax Return (Canada)
The method for accessing your prior year's return depends on how it was originally filed:
  • Canada Revenue Agency (CRA) My Account: This is the primary online portal for individuals. You can sign in to your CRA My Account to view or download electronic copies of your personal income tax returns, notices of assessment, and information slips (T4s, T5s, etc.) from the last several years. You can receive these documents in five days or less.
  • Tax Preparation Software: If you used tax software (like TurboTax or Wealthsimple Tax), you can likely access PDF copies of your past returns by logging into that service's portal.
  • Tax Preparer/Accountant: If you used a professional service or accountant, you should contact them directly to obtain copies of your records.
  • Paper Records: If you filed a paper return and kept copies, you can access your own physical files. The CRA recommends keeping all supporting documents for at least six years. 
Significance of Accessing Last Year's Return
Having your previous year's return and Notice of Assessment (NOA) is important for several reasons:
  • Filing the Current Year's Return: Key information from the prior year's return is often required to file for the current year. This includes your RRSP deduction limit, tuition carry-forward amounts, and other credit information.
  • Identity Verification: The CRA uses information from your previous return (such as specific line amounts or your NETFILE Access Code found on your NOA) to confirm your identity when you call them or sign up for online services.
  • Tracking Credits and Benefits: It helps you ensure you are receiving all eligible benefit and credit payments (like the GST/HST credit or Canada Child Benefit) which are calculated based on your tax information.
  • Audit Preparedness: The CRA may request documents from the last six years during a review or audit, so having these records organized ensures you can support your claims if asked.
  • Avoiding Missed Claims: By reviewing past returns, you can identify unclaimed credits or benefits from previous years. The CRA allows adjustments to returns within a normal three-year limitation period, and sometimes longer in specific circumstances. 
" (Google) 
*** 
  • App Support Site: https://tekk-savvy.com

    Book: https://www.amazon.com/dp/B08835PX1P 3D Print Shop: https://www.shapeways.com/shops/tekksavvy Blog: https://jotformk.wixsite.com/ncyclopedia Hand Made Products Shop: https://www.etsy.com/ca/shop/Tekksavvy Blogger: https://www.blogger.com/profile/07524401563605547321 Shopify shop: https://tekks-shop.myshopify.com Ringtones: https://www.zedge.net/profiles/357e11a5-25fb-4415-9a6a-7da2239c2aba/ringtones Beats: https://airbit.com/share/Tekksavvy/bull-market-mp3 Excel Templates & Calculators: https://youtu.be/-8XdrnnlNuE
    Tax Calculators: https://youtu.be/bzq9D0fccqE

    Skype ID: ptlb0142_1



    Skip The Dishes Courier: Referral Code: 6S69IH
    Uber Eats Driver: Referral: ubaidp147ue
    Instacart Shopper - Referral Code: TSAVVY9010D
    Poparide Referral Link: https://www.poparide.com/r/ubaidp
    Lending Loop Referral Code: 42a

  • Referral Code (Wealth simple): Hey! Join me on Wealth simple and get $25 when you fund any account with my referral link (https://wealthsimple.com/invite/LLV6BG ) or code LLV6BG 
    • Referral Link (Coinbase): Hey! Join me on Coinbase and receive $30 (CAD) in BTC for the first trade over $30 with my referral link  (https://coinbase.com/join/VBS2C2Z?src=ios-link)

    Referral Link (CIBC): 
    Refer and earn cash: Refer a friend and you’ll both earn $50† Refer up to 50 friends each calendar year. Qualifying actions apply†https://www.cibconline.cibc.com/ebm-resources/public/cibc-referral-app/client/index.html#/welcome?locale=en&xref=1111711161520965663




    Comments

    Post a Comment

    Popular posts from this blog

    TurboTax: Social Assistance (T5007) & UCCB

    Image
    TurboTax: Social Assistance & UCCB *** Q: How do one report UCCB and social assistance on their tax return? Who claims these amounts on a joint return? A: As shown in the video... ***  Step 1: Fill in the personal dialog box for both individuals in the relationship... Step 2: Fill in the social Assistance amount in box 11 of T5007. Step 3: Fill in UCCB amounts in box 10 of RC62... Step 4: Declare any employment amount in Box 14 of T4. Step 5: Declare any self-employment amount on T2125 and other income on T4A. Step 6: Check line 145 on T1 General for both individuals to figure out the individual claiming the social assistance amount. Step 7: Check Line 117 on T1 General for the Individual claiming UCCB on RC62. Step 8: Make sure the employment income on Line 101 matches box 14 of T4 for the individual who is employed **  Relevant Material :  " The   T5007 slip (Statement of Benefits)   is a significant Canadian tax document used to report   workers' ...
    Read more

    TurboTax: Foreign Income Verification Statement (Form T1135)

    Image
      Q: How does one access and use Foreign Income Verification Statement? How does one declare foreign Income? How does one switch between detailed and simplified reporting for T1135? A: As shown in the video... *** Relevant Background : " In Canada, the   Foreign Income Verification Statement (Form T1135)   is a mandatory disclosure document for residents who own "specified foreign property" with a total cost exceeding   CAD $100,000   at any time during the tax year. Its significance lies in enhancing tax transparency and ensuring that worldwide income is accurately reported to the Canada Revenue Agency (CRA).   1. Core Objectives The statement serves several regulatory and compliance purposes for the CRA:   Verification of Global Income:  It allows the CRA to cross-reference reported foreign assets with the income (dividends, interest, rental income) declared on an individual's tax return. Combating Tax Evasion:  By tracking offshore wealth,...
    Read more

    TurboTax: Line 303

    Image
      * ** Relevant Material :  On a Canadian tax return,   Line 303   (now officially   Line 30300 )   refers to the  Spouse or Common-Law Partner Amount . This is a non-refundable tax credit used to reduce the federal tax you owe.   Significance of the Line Line 30300 is significant because it allows a taxpayer to claim a credit for supporting a spouse or partner who has little to no income.   Eligibility:  You can claim this amount if you supported a spouse or common-law partner at any time during the year and their net income (from Line 23600) was less than your basic personal amount. Income Thresholds (2024/2025): For the 2024 tax year, the maximum spousal amount is  $15,705 . If your partner has income, the credit is reduced dollar-for-dollar by their net income. Caregiver Addition:  If your spouse or partner has a physical or mental impairment, you may be entitled to an additional  $2,616  through the  Canada ...
    Read more