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TurboTax shines when it comes to customers who have more complex tax returns. The Deluxe Edition helps maximize tax deductions and credits, while the Premier Edition covers investments – including cryptocurrency and and stock activity – and rental properties. Plus, you can easily import your investment income automatically with TurboTax.
Tax Filing Solutions for All Situations
Finding the right tax preparation service can be difficult. As you consider your options, TurboTax® may be at or close to the top of your list to research. The service, owned by Intuit®, is arguably the most popular tax preparation software available, taking 73% market share in 2021, according to Bloomberg Second Measure.
But the biggest isn’t always the best, so it’s still important that you take your time to examine your options to determine the right fit for you. As you compare, here’s what you need to know about TurboTax.
- A product for every tax situation, both simple and more complex
- The Premier Edition includes investments and rental properties
- A comprehensive review of your return, ensuring nothing gets missed
- Some products are more expensive than industry average
Types of Returns and Pricing
Free Edition: $0 Federal, $0 State
TurboTax's Free Edition (disclaimer: for simple tax returns only, not all taxpayers qualify) is available to taxpayers who only need to file Form 1040 with no additional forms or schedules. It includes the following, assuming there's no added complexity:
- W-2 income
- Limited interest and dividend income reported on a 1099-INT or 1099-DIV
- Hobby, personal property rental, or personal item sales income reported on Form 1099-K
- IRS standard deduction
- Earned Income Tax Credit (EIC)
- Child tax credits
- Student loan interest deduction
If you want to itemize your
If you qualify for the Free Edition, you can import your W-2 and answer a few questions about your situation to complete the process. If your employer is a TurboTax Import Partner, importing is as simple as entering their EIN. If not, you. can still import easily by taking photos of your documents in the TurboTax mobile app.
Anyone who used the service last year can get a jumpstart with pre-populated information. If you used another service, you may be able to upload a PDF of your return to get a similar effect, depending on which service you used.
Deluxe Edition: $69 Federal, $59 State
The deluxe tier is designed for people who have more complex tax situations that aren't covered under TurboTax's free tier.
In addition to all of the features provided by the free tier, TurboTax Deluxe will search and maximize more than
Mortgageand property taxes
- Charitable donations
- Educational expenses
- Dependent tax credits
You'll also get access to one-on-one
Premier Edition: $99 Federal, $59 State
If you have investments or own a rental property, the
Stocks, bonds, employee stock purchase plans, cryptocurrency, and other investments
- Rental property income and tax deductions
You'll be able to
Self-Employed Edition: $129 Federal, $59 State
If you're a freelancer, contractor, or small business owner, the self-employed tier can offer you the features you need. This edition includes:
- A search of 500 tax deductions and credits
Importingfrom Quickbooks® Self-Employed Importing fromUber, Lyft, and Uber Eats Uploadingand auto-filling of 1099-K and 1099-NEC forms Calculationsfor asset depreciation Guidanceon industry-specific deductions Homeoffice expenses help UnlimitedW-2 and 1099 forms for employees and contractors A personalizedaudit risk assessment
You can also get a year-over-year
Full Service Edition: Varies
TurboTax provides a simple approach to filling out your tax return, but if you're concerned about making a mistake, you can opt for the company's full-service program. Available in both English and Spanish, this option connects you with a
This program is available for all tiers, with the following pricing:
|Tier||Federal Return (Full Price)||State Return (Full Price)|
$1,499 (Or $999 with current discount)
New for 2023, TurboTax is now offering it's full-service program for businesses. With TurboTax Live Full Service Business Tax, incorporated business owners with multi-member LLCs, S-corps and partnerships can enlist a specialized tax expert to handle their business taxes.
These offerings can be pricey, so compare them to other tax preparation services and professionals to determine whether it's a good fit for you.
3 Things to Know Before Paying for a Tax Preparation Service
TurboTax offers a variety of features that can make the preparation and filing process go more smoothly and give you some peace of mind. Some of the standard features available with most tiers include:
Accessto an online community of specialists and customers
- Import of last year's return, including from other tax preparation services
- Tax calculators
- The latest updates on tax law
Additionally, you'll get the following features, though the exact benefits can vary based on the tier you choose.
- Maximum refund
guarantee: TurboTax commits to searching for every tax deduction and credit that you qualify for based on the tier you choose.
accuratecalculations guarantee: The company will pay your IRS penalties if the federal agency finds an error that can be attributed to TurboTax's calculations.
support: If the IRS sends you an audit letter based on your TurboTax individual, TurboTax Live Assisted Business, or TurboTax Full Service Business return, the company will offer one-on-one question-and-answer support with one of its professionals. Note, however, that this does not include representation or legal advice.
If you qualify for a tax refund, you can receive the money in the form of a
TurboTax is willing to advance up to 50% of qualifying users' refunds,
Tax Hack: How to Get a Cash Bonus With Your Tax Refund
You can fill out your tax information and file your return online, or you can download TurboTax's mobile app to get the job done. The app is available for i
You can also use the app's
TurboTax offers a wealth of knowledge an
If you need assistance with TurboTax, you can call 1-800-446-8848 to leave a message for the TurboTax support team.
Is TurboTax Secure?
TurboTax employs two-factor authentication and Touch ID® to ensure that only you can access your tax information.
The company also uses
TurboTax and Audits
If your tax return gets audited, TurboTax can provide some basic support to answer your questions, but that
However, you can sign up for a premium service called TurboTax Audit Defense through the company's partner,
Note, however, that this is a preventative service, so this pricing isn't available if you've already received an audit notice. If that happens, though, you can still r
The Bottom Line
TurboTax offers services and features for most taxpayers, and compared to other online tax preparation services,
Ready to file with TurboTax? Start here.
At the same time, some TurboTax tiers are notably more expensive than several of its top competitors' services. Don't be afraid to shop around and compare options, including online tax preparation services and tax professionals, to determine the best fit for you.