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TurboTax 2009 Online Tax Preparation Software

Turbo Tax 2009

Everything you need to make tax preparation easy and quick. It is one of the best solutions to keep up with the tax changes for 2009, Including.

Social Security and Medicare
Standard deductions
Exemptions
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 2009, which become part of your income tax filing in 2010.

The 2009 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 2009, and the Cost of Living Adjustment was 5.8%.

Standard Deductions in 2009

Single - $5,700
Married filing separately - $5,700
Head of household - $8,350
Married taxpayers filing jointly / qualifying widow(er)s - $11,400
Married taxpayers filing separately - $5,700

Turbo Tax 2009 keeps you on top of Tax Changes and Exemption Values

Exemption amounts you can claim on your federal income taxes have increased from 2008 values of $3,500 to $3,650 in 2009.

Mileage Deduction Category Rates for 2009
Business miles 55.0 cents per mile
Charitable Services 14.0 cents per mile
Medical Travel 24.0 cents per mile

Increase to Earned Income Credit 2009
Maximum earned income tax credit for low and middle-income workers and working families with two or more children is up from $4,824 in 2008 to $5,028 in 2009. The qualifying income limit for the credit for joint return filers with two or more children is $43,415 in 2009, up from $41,646.

Lifetime Learning and Hope Credits
Taxpayer's modified adjusted gross income is used to determine the reduction in the amount of the Hope Scholarship and Lifetime Learning Credits. Credit reductions start for taxpayers with an AGI in excess of $50,000, or $100,000 for those filing joint returns. The maximum Hope Credit available for the first two years of post-secondary education, remains at $1,800 for 2009

Contributions to Retirement Accounts
Contribution limits for 401k as well as 403b plans increased in 2009 from $15,500 to $16,500 and, catch up contributions increased by $500 to $5,500. Limits for contributions to simple retirement plans increased by $1,000 to $11,500, while the catch up contributions remained unchanged at $2,500.

Income limits for contributing to traditional IRAs as well as Roth IRA plans increased in 2009. The income phase-out threshold for Roth IRAs now starts at $166,000 for those filing joint returns, and $105,000 for taxpayers with a filing status of single or head of household.

If your in a work retirement plan and contributing to a tax-deductible traditional IRA, the income phase-out limits start at $89,000 for joint filers, and increases to $55,000 for those with a filing status of single or head of household.

For the tax filer, Intuit TurboTax 2009 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.