K-12 teachers: Get free professional development wherever you are! EconEdLink members can register for webinars with one click and will receive certificates of completion within 24 hours of viewing. CHECK IT OUT

Content Partner

Grade 9-12
,
Activity

Intro to TurboTax

Time: 45 mins,
Updated: September 23 2020,
Author: Intuit Education

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.

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

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.

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.

Procedure

This simulation is a hands-on activity that lets students file taxes. Before starting the TurboTax activity, students should know the following:

  1. The difference between gross income and net income.
  2. That the federal income tax is a progressive tax.
  3. The difference between itemized deductions vs. the standard deduction.

In order to complete the following activity and upon logging into the simulation:

  1. 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.
  2. Have your students or pre-select a W2 from TurboTax Student W2s to complete and practice filing taxes.

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?
Subjects:
Personal Finance