This summary of the video was created by an AI. It might contain some inaccuracies.
00:00:00 – 00:25:38
The video provides a comprehensive tutorial on using H&R Block's online platform for filing taxes, focusing on simple tax filings and various scenarios, including dependents and different financial situations. The presenter shares their experiences with account creation issues, compares H&R Block's fees and transparency with TurboTax, and highlights features like AI Tax Assist. Throughout the walkthrough, the presenter demonstrates how to input personal and tax information, including W-2 details, deductions, adjustments, and tax credits. They emphasize accuracy in data entry and explore claiming standard deductions and credits such as the child tax credit. The video also covers handling incomplete forms, saving progress, and finalizing the tax return, while noting differences in state tax requirements. The presenter concludes by reflecting on the user experience with H&R Block's newer interface, which they find less engaging but still functional, and invites viewer feedback.
00:00:00
In this part of the video, the presenter introduces a tutorial on using H&R Block to file taxes online, particularly for simple filings. They discuss their personal experience with H&R Block, highlighting issues with creating an account, including a delay in receiving a confirmation code, and suggest using a different email if encountering similar problems. Once logged in, the video provides a guided walkthrough starting from the main page, opting for doing taxes independently with minimal help to avoid additional fees. Additionally, the presenter mentions adjusting the tutorial based on viewer requests to include scenarios with dependents and various financial situations such as having a savings account and making charitable donations.
00:03:00
In this segment of the video, the presenter compares H&R Block’s tax preparation services to those of TurboTax, highlighting the costs and benefits. Key points include the deluxe fee of $35 and the state return fee of $37, with options to upgrade services for additional costs. The presenter appreciates H&R Block’s upfront disclosure of fees, unlike TurboTax which reveals costs at the end. They discuss the ease of importing last year’s tax information and the new AI Tax Assist feature from H&R Block. The presenter walks through entering personal information, simulating a married filing jointly scenario for the demonstration.
00:06:00
In this part of the video, the speaker is entering various personal and tax-related details into a tax preparation software. They are creating a dependent with the same birthday as themselves as a placeholder and entering made-up data for a social security number and phone number. The speaker explains that if mailing to multiple people, one can use the ‘in care of’ option to direct the mail to a specific person. They confirm both spouses lived in Minnesota all year and are citizens. They answer questions about student status and dependents, adding a child born in 2020 as a dependent. They elaborate on the filing status of ‘married filing jointly’ and proceed to share details about their tax information with H&R Block while declining promotional offers. The segment concludes with the speaker preparing to enter W2 information, a common document needed for tax filings.
00:09:00
In this segment, the presenter explains how to input W-2 information for tax purposes if the form hasn’t been received yet. It begins with the option to directly import the W-2 information from the employer, which is the quickest method, using mechanisms like entering the employer’s EIN, uploading a PDF, or snapping a picture of the W-2 form. The presenter chooses to manually input the data for demonstration purposes.
The key steps include:
1. Entering wages and tips from Box 1 of the W-2.
2. Ensuring other relevant boxes (1, 2, 12, 13, 14, state, and local information) are filled out if applicable.
3. For Box 12, entering specific amounts like employee-sponsored health coverage.
4. Addressing any necessary boxes for state and local tax information.
The presenter emphasizes the importance of using accurate information and provides filler data as an example. They also briefly mention validating the employer identification number (EIN) and ensuring it matches the actual W-2 details. The segment concludes with a reminder to review all entered information for accuracy.
00:12:00
In this segment of the video, the speaker is inputting tax information into a system. They start by adding their own W2 information and then proceed to add a fabricated W2 for their spouse to illustrate the process. The speaker emphasizes the importance of ensuring that the information entered matches the actual tax documents. They choose job roles, manage entries related to health coverage, 401k, and uncommon tax situations, before moving on to summarizing the joint income. The video then covers deductions and adjustments, mentioning specific examples like property tax, real estate tax, charitable contributions, and student loan interest, guiding the viewer through the list of possible deductions to ensure all applicable ones are included.
00:15:00
In this part of the video, the speaker discusses the process of reporting various types of donations and contributions for tax purposes using H&R Block’s platform. They explain how to report IRA contributions, cash donations, and non-cash donations to organizations like Goodwill. Notably, H&R Block does not yet have the forms for itemizing non-cash donations over $500, unlike another platform, TrotTax. The speaker also clarifies how to report traditional contributions made outside of one’s paycheck, emphasizing that 401k contributions through an employer are not to be entered here. They suggest that the standard deduction appears to be the best option for them to get the maximum tax benefit. Lastly, they mention moving on to areas where they can claim credits, such as the child tax credit.
00:18:00
In this part of the video, the speaker is guiding through the process of handling tax credits and completing a tax return. They discuss the question about whether any claims for credits were denied in the past ten years, advising to answer ‘no’ if not applicable. They mention successfully claiming a $2,000 credit for a child and report a total refund amount. The conversation shifts to confirming health insurance coverage, specifying that it was through an employer, and advising to refer to forms if unsure. The speaker wraps up the tax section, indicating it’s based on W-2 forms, and addresses additional questions on estimated tax payments, discussing the return with the IRS, and miscellaneous items, choosing to say ‘no’ to each. They encounter a pending Federal accuracy report and note that any necessary forms not currently available would need to be readdressed later.
00:21:00
In this part of the video, the speaker discusses the process of saving and exiting their tax return on H&R Block due to missing forms, suggesting to return later when the forms are available. They explain that once the forms are available, the user can enter the necessary information. They describe being confused by the refund indicators but eventually understanding their federal refund status. As they proceed to preparing the Minnesota state tax return, the speaker decides to skip that part in the video since state requirements vary. They explain that at the end of the process, users will have a final review to ensure correctness, and can then choose whether to upgrade for additional H&R Block services. Users will see the amount owed or the refund amount, set their payment method for fees or taxes, and download their returns in PDF format.
00:24:00
In this part of the video, the speaker summarizes their experience with the latest version of H&R Block’s tax platform. They note that the platform has changed since they last used it and find it less user-friendly and engaging, mentioning that some features, like the visual interface, feel more subdued and less positive. Despite these changes, the platform still effectively manages tax filings and offers the same benefits. They encourage viewers to leave comments and questions and invite them to subscribe for future updates.