How to Consent to Disclosure of Your Tax Return Information in TurboTax
Are you preparing your tax returns using TurboTax software? Do you have questions about how you can consent to disclosing your tax return information to third parties, such as mortgage lenders, financial institutions, or government agencies? In this article, we’ll explain everything you need to know about consent to disclosure in TurboTax.
What is Consent to Disclosure?
Consent to disclosure is a legal agreement that grants permission to TurboTax to share your tax return information with third parties, as authorized by law. The Internal Revenue Service (IRS) allows tax preparers to disclose certain information to others if the taxpayer consents to it.
By consenting to disclosure, you’ll be able to share your tax return information with a mortgage lender, financial institution, or government agency that needs it to process your application. This can speed up the application process and help you get approved faster.
How to Give Consent to Disclosure in TurboTax?
Giving consent to disclosure in TurboTax is easy. Here’s how you can do it:
1. Open your TurboTax account and go to your return.
2. Click on the “Review” tab to review your tax return.
3. Scroll down to the “Privacy & Consent” section and click on “Edit”.
4. Read the consent to disclosure statement carefully and click on “Agree” if you agree to the terms and conditions.
5. Enter your Social Security number to confirm your identity.
6. Click on “Continue” to save your consent to disclosure.
What Information Can be Disclosed?
The information that can be disclosed depends on the type of third party to whom disclosure is made. For example, mortgage lenders may need to see your income, deductions, and credits, while government agencies may need your tax liability and refund status.
TurboTax will only disclose the information that is necessary for the third party to process your application. It will not disclose any information that is not required by law or authorized by your consent.
How to Revoke Consent to Disclosure in TurboTax?
If you change your mind and no longer wish to disclose your tax return information to third parties, you can revoke your consent in TurboTax. Here’s how you can do it:
1. Open your TurboTax account and go to your return.
2. Click on the “Review” tab to review your tax return.
3. Scroll down to the “Privacy & Consent” section and click on “Edit”.
4. Read the consent to disclosure statement carefully and click on “Disagree” if you don’t agree to the terms and conditions anymore.
5. Enter your Social Security number to confirm your identity.
6. Click on “Continue” to revoke your consent to disclosure.
The Bottom Line
Consent to disclosure is a legal agreement that allows tax preparers to share your tax return information with third parties. By consenting to disclosure, you can speed up the application process and get approved faster. If you change your mind, you can easily revoke your consent in TurboTax.
Make sure to review the consent to disclosure statement carefully before giving your consent. If you have any doubts or questions, consult a tax professional or legal advisor. By taking the necessary precautions, you can protect your privacy and ensure your tax return information is shared only with authorized parties.
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