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Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. You prefer to work with a tax preparation company you’re familiar with. Intuit TurboTax is chock full of up-to-date features that set the software apart from the competition, no matter what your tax situation is. Payroll Payroll services and support to keep you compliant. Generally a nice review, but not anymore in depth than Intuit’s inadequate description of its products.
Should I use TurboTax?
For most tax situations, TurboTax does a great job of covering your needs. I’m a self-employed freelance writer with a mortgage, bank interest, investment accounts, and other complexities, but I feel confident doing my taxes myself with TurboTax.
TurboTax can be expensive, but you get what you pay for. That’s good customer service, intuitive forms and interfaces, and confidence that you got an accurate tax refund with the maximum cash in your pocket.
However, some people with simple taxes may be satisfied with cheaper options, and some people might just feel more comfortable paying an accountant to do their taxes for them.
Yes, TurboTax really has a free option for both federal and state returns, and you can use it at any income level. The free version supports W-2 income, retirement account distributions, unemployment income, interest and dividend income, the earned income tax credit, and the child tax credit.
You can even start preparing your return using the free version, and if… Ещё
These include TurboTax Federal Free Edition, TurboTax Deluxe Edition, TurboTax Premier Edition and the TurboTax Home and Business Edition. In the next section of our Turbo Tax review is a look at the various editions.
You might not like filing with TurboTax if you:
TurboTax is the first leading tax software to partner with cryptocurrency exchanges and crypto accounting software programs. Coinbase users can directly import transactions from their accounts. People who use hardware wallets, CoinLedger (formerlyCryptoTrader.Tax), CoinToken, and other official partners can also import data easily. It offers hundreds of integrations designed for every kind of filer. In many cases, you can connect directly with your bank, brokerage account, and even some cryptocurrency accounts to automatically download and calculate taxes for those accounts.
You will receive an email receipt from TurboTax confirming your order.This email receipt and confirmation message also contains a link to download TurboTax to your computer. Save the email in case you need to install the app on another computer . Just make sure the option you choose has the right tools for your personal or business needs.
If you’re getting a refund
If you want someone to represent you in front of the IRS, you’ll need TurboTax’s audit defense product, called MAX. It runs an extra $49 and includes features such as identity theft monitoring, loss insurance and restoration help. For simple tax returns only, see if you qualify; it allows you to file a 1040 and a state return for free, but you can’t itemize or file schedules 1, 2 or 3 of the 1040. TurboTax offers online and desktop versions of its software, with different prices depending on your tax filing needs. You can also log in and work on your taxes with the TurboTax mobile app for Android and iOS devices.
If you’re using a computer, you can download an application to your computer or use one of TurboTax’s online filing products. If you’re looking for a cheap option for tax preparation, you’ve probably considered Intuit’s TurboTax software. For years, I used TurboTax when I was working a corporate job at Northrop Grumman. It was easy to use, affordable, fast, and more importantly, accurate.
TurboTax Federal Free Edition
Sign up for Lab Report to get the latest reviews and top product advice delivered right to your inbox. Some information and final forms for the 2022 tax year had not yet been released by the IRS when this was written. Be sure to check back later in January to see our final review of TurboTax with its rating. Like the rest of TurboTax, the self-employed section employs lengthy wizards to get the information it needs to report on your small business. It starts by asking what your profession is and whether it’s your main source of income, a side job, a business, or something else. Much of the content comes from TurboTax itself in both English and Spanish, but some responses come from TurboTax’s online community.
- Free download of one state return , but e-filing state returns is an extra fee.
- TurboTax now allows taxpayers to complete and file their federal and state tax returns with their mobile phone or another mobile device.
- While I’m not a fan of handling financial matters on my phone — for both personal and practical reasons — TurboTax makes it easy.
- One of TurboTax’s most outstanding support options is TurboTax Live.
- Importing this data saves you from having to input it and avoids errors.
TurboTax now allows taxpayers to complete and file their federal and state tax returns with their mobile phone or another mobile device. One of the most convenient how much is turbotax advantage features offered by the TurboTax app is the W-2 capture. The feature lets you take a picture of your W-2 to automatically enter the data into your tax return.
This edition comes with everything that is included in the free version, plus live online professional support. It even includes a complete search for more than 350 different tax credits to help you maximize your refund. You’ll also receive personalized analysis reports, the prior year’s stored tax data and automated transfers of the prior year’s data.
TurboTax encourages you to provide more thorough documentation along the way than some competing sites, such as Cash App Taxes. That documentation could make a huge difference if you’re ever audited. When you enter charitable https://turbo-tax.org/ donations, for example, it asks you to select the type, recipient, amount, and frequency. In the Desktop program you get 5 Federal Efiles for free. The state is 19.99 to efile which goes up to 24.99 in March.