Just What Is TurboTax Automated Tax Return?
Basically, Automated Tax Return is a feature in TurboTax that lets you look up your electronic T-slips from participating payroll, investment and/or donation service providers, and then download the information directly into your tax return.
On top of that, TurboTax does the hard work for you and automatically enters your tax slip data on the right tax forms, nearly eliminating manual data entry.
The result? You save time & reduce data entry errors.
So, what tax slips can you import?
You can import the following slips into your copy of TurboTax with the Automated Tax Return feature:
- T3 (for mutual funds)
- T4 (for employment income)
- T4RSP (for amounts withdrawn from your RRSPs)
- T4RIF (for amounts withdrawn from your RRIF)
- T5 (for GICs)
- Donation slips
- RRSP contributions
Need to see the complete list of slips? Just check inside your TurboTax CD.
How Does TurboTax Automated Tax Return Work?
TurboTax helps you identify whether you have slip information available, and then obtains a secure connection to that provider's remote site.
Once you have provided proof of your identity, you can request a slip from that site. TurboTax retrieves the slip data from the site and imports it into your tax return.
You review the information and check for duplicate slips... and you're done.
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What's Required for Automated Tax Return?
We don't ask for much, but here's what you'll need to use this great automatic tax feature:
- A TurboTax product*
- An Internet connection
- To be registered with a participating employer and bank/financial institution
- Your tax slips to be available electronically from a participating partner
Our participating partners include:
*The Automated Tax Return feature is not available in TurboTax Basic or TurboTax Business Incorporated.