How Do You Use the TurboTax ItsDeductible Online Software Package?


Quick Answer

To use the online version of Turbo Tax ItsDeductible, create a free account at ItsDeductibleOnline.Intuit.com. ItsDeductible allows you to enter charitable donations throughout the year to keep track of tax deductions using a patented system that calculates the fair market value of donated items, according to the product website.

Continue Reading
Related Videos

Full Answer

To set up an ItsDeductible account, enter your name, e-mail address, tax-filing status and income bracket. As you donate items, enter the name of the charity, date of donation, and category of donation, then input the individual items donated. ItsDeductible automatically tallies the value of your donations according to its database of average eBay sales prices. You can also log cash contributions and mileage driven for charity purposes. ItsDeductible automatically computes your mileage deduction based on current IRS regulations, according to SoundMindInvesting.com. You can print reports, so you don't need to use TurboTax to prepare your taxes in order to use ItsDeductible.

To import the donation data into TurboTax when completing an income tax return, open your return in TurboTax and go to the donations screen. Select "Yes" in response to, "Did you make any donations to charity?" On the following screen, select "Yes" again, and then follow the instructions to import your donations, says Intuit.

Learn more about Income Tax

Related Questions