Turbotax: Update Turbotax

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Q: How does one update Turbotax

A: As shown in the video....... ***
Relevant Material: "Updating TurboTax is significant because it ensures you have the latest tax laws, security patches, and access to the correct forms for accurate filing and to maximize your potential refund or savings. 
Key Reasons for Updating TurboTax
  • Compliance with Tax Law Changes: Tax codes are updated every year by government agencies like the IRS and the CRA. Updates to TurboTax incorporate these changes (e.g., new tax brackets, altered contribution limits, or new tax credits), ensuring your return is compliant with current regulations.
  • Accuracy Guarantee: TurboTax guarantees 100% accurate calculations. These guarantees rely on you using the fully updated software, which includes real-time error checks and the most current calculation logic.
  • Access to Correct Forms and Schedules: New tax situations or changes in law may require different or updated forms. Updating the software ensures you have access to the necessary forms to report all income and claim eligible deductions and credits correctly.
  • Security Updates: Online versions of TurboTax receive instant security updates automatically. For desktop versions, checking for and applying updates helps protect your sensitive financial data from potential threats.
  • Enhanced Features and User Experience: Newer versions often include improved interfaces, better navigation, easier data import from financial institutions, and enhanced support options.
  • Avoiding Penalties: Failing to use current information can lead to errors, which may result in penalties and interest from the tax authority.
  • Product Upgrades: Sometimes, your specific tax situation (e.g., self-employment income, investment sales, or rental property income) requires an upgrade to a higher-tier version of the software, which is part of the "updating" process in a broader sense. 
For the online version, updates roll out automatically, ensuring you are always on the latest version. For the desktop software, you can manually check for updates via the "Online" menu on a PC or by quitting and reopening the application on a Mac..." (Google) 
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