FAQ about the online services provided by Summit Tax Solutions through 1040.com as a service of Drake Software:
Q? Can I prepare my tax return online if it is complex?
Yes, the 1040.com software can handle many ‘complex’ tax returns, including itemized deductions, sale of stocks, self-employment income, rental income, retirement income, and various sources of K-1 income.
Q? How does the online, tax-preparation, software work?
The 1040.com software is resident on a secure server. There is no software to purchase, download, or install. The user has the option of using the software in an interview or a forms-based mode. Most first-time users will probably want to use the interview mode, which is the default mode.
Q? How long will it take to prepare and file my return?
The time it takes to prepare your return will depend on your return. The average preparation time is 1 to 4 hours.
Q? Do I have to complete my tax return in one session?
No, you do not have to finish your return in one session. Your data will be saved and you may log in with your username and password whenever it is convenient for you to complete your return.
Q? Is my tax return information secure?
Your tax return information is protected using the latest SSL encryption techniques. Furthermore, your information is held in strictest confidence, and none of your information is shared with any third party other than the IRS and state tax agencies.
Q? What state tax returns can be E-Filed on-line?
As of the 2008 tax season, all state returns could be E-Filed except for New Hampshire and Tennessee.
Q? How do I get my refund or pay taxes if I owe them?
If you are receiving a refund, you have the option of having the funds deposited directly into your bank account, or you can choose to have a check in the mail.
If you owe additional taxes, you can arrange for an automatic withdrawal from your bank account. Using this option, one can specify the desired withdrawal date up to April 15 or the current filing deadline. You can also mail a check with your printed return or with an e-file voucher if you e-file your return.
Q? How do I pay for the online services?
You pay for the online services with a credit card within the 1040.com software. For your convenience, payment may be made by VISA, MasterCard, Discover, or American Express.
Q? What do I do if I make a mistake?
If you catch your mistake before you have filed your return with the IRS, just change your answer in the entry box. If you don't discover the mistake until after your return is filed with the IRS, you will have to file an amended return with the IRS and/or your state.
Q? What are the supported browser types and minimum computer requirements?
Web Browser Recommendation:
It is recommended that you use Microsoft's Internet Explorer version 6.0 Service Pack 1 or higher. If you do not have this browser, please visit Microsoft's website, where you can download this software free of charge.
Other web browsers are also supported.
You will also need Adobe Acrobat Reader version 4.0 or higher in order to view and print the PDF file containing your return. If you do not already have this software, you can visit Adobe's web site and download this program free of charge.
You can check the status of your return any time by logging into 1040.com. Your status will be provided as you are logged in. You will also be notified via email when your return is accepted or rejected by the IRS.
Q? Can I transfer my information from last year if I used 1040.com for last year's return?
Yes. You will need last year's username and password to access last year's information.
Q? Can I get into my account to print a copy of my return after filing my taxes using 1040.com software?
If you filed your taxes at 1040.com, simply log into your account to print copies of your return at any time.
Q? Does 1040.com save my information?
Your data is saved automatically should you get disconnected, or log out, so you can log back in and resume work where you left off.