Having two TurboTax accounts can create some confusion and make it more difficult to manage your tax returns effectively. It’s generally recommended to stick with one account to ensure a seamless experience and access to your prior-year returns. Here’s a detailed explanation of what can happen if you have multiple TurboTax accounts:
1. Difficulty accessing prior-year returns: One of the main advantages of using TurboTax is the ability to easily access and refer to your prior-year tax returns. If you have multiple accounts, you may have to remember different login credentials or search through multiple accounts to find the specific return you’re looking for. This can be time-consuming and frustrating.
2. Incomplete transfer of information: TurboTax offers a feature called “Transfer Your Info” that allows you to automatically transfer certain information from your prior-year return to your current return. However, if you have multiple accounts, this transfer may not happen seamlessly. You may have to manually enter the information or risk missing out on potential deductions or credits.
3. Difficulty managing account settings: With multiple accounts, it can be challenging to keep track of important account settings and preferences. For example, you may have different email addresses associated with each account, making it harder to receive important notifications or updates from TurboTax.
4. Increased risk of errors: When you have multiple TurboTax accounts, there is an increased risk of making errors or inconsistencies in your tax returns. For instance, you may inadvertently enter different information in each account, leading to conflicting or inaccurate data. This can potentially trigger an IRS audit or delay your tax refund.
To avoid these complications, it’s best to consolidate your TurboTax accounts and stick with one account for all your tax filing needs. If you have multiple accounts, you can consider merging them into a single account by transferring the information and closing the redundant accounts. TurboTax customer support can assist you in this process.
Having multiple TurboTax accounts can create confusion, make it harder to access prior-year returns, increase the risk of errors, and complicate account management. It is advisable to use a single account to ensure a smoother tax filing experience and maximize the benefits of TurboTax’s features.