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Grade 9-12
,
Activity

Intro to TurboTax

Time: 45 mins,
Updated: February 18 2021,
Author: Jared Davidove
Teacher Version
Objective Standards Resources Google Docs Procedure Assessment FFFL Connection
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Objective

Students will be able to:

  • Use a w2 and other tax documents to learn and practice filing taxes using the IRS Free File Program.
  • List the factors that impact the amount a person receives or pays from filing taxes.
  • Describe information contained in a W2 and other important tax forms.

Standards

National Standards in Financial Literacy

State Standards

Concepts

Income, Taxes

Resources

Google Docs

Procedure

Have your students use TurboTax Curriculum Orientation and follow the checklist and step by step directions to login and create their fictional account. This Orientation is a step by step guide to help assist you through the whole activity.

Have your students or pre-select a W2 from TurboTax Student W2s to complete and practice filing taxes.

Disclaimer

The Council for Economic Education does not endorse or evaluate the advertised product, service, or company, nor any of the claims made by the advertisement.

Assessment

Filing taxes is a complex process. TurboTax is a tool that helps manage that process. Users input both personal and financial information. TurboTax uses the data to fill out the tax forms.

  • List 3-4 pieces of information directly from your W2 that you have to input into TurboTax.
  • Of the many personal questions prompted by TurboTax while filing taxes, list two that stuck out to you as memorable or significant.
  • Describe the process of filing taxes. Was it easy or difficult? If you were doing this for your own personal taxes instead of for a simulated scenario, would it be simpler or just as complicated?

FFFL Connection

Budgeting for Income and Expenses Simulation has been created as a real-world technology simulation to accompany FFFL 9-12, 3rd Edition lesson 7 titled Uncle Sam Takes a Bite. If you have not taught this lesson plan, we recommend students are proficient in the net worth concepts.

“In this personal finance activity, students will use the IRS Free File program provided by Intuit’s TurboTax to learn and practice filing taxes”.

Subjects:
Personal Finance

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