How to Choose the Right TurboTax Product for Your Filing Needs

Your Guide to buying the best TurboTax

Overview

This buying guide is tailored to help you make the best decision when purchasing TurboTax software. We'll cover the different features and products available to you, outline the pricing, and help you understand the differences between different versions of the software. We'll also provide helpful tips and advice to make sure you get the most out of your investment.

Key features

  1. Tax Situation: It is important to consider what type of tax situation you have before purchasing TurboTax. TurboTax offers different versions for different types of filers, such as basic, deluxe, and self-employment.
  2. Price: Prices can vary from version to version. Additionally, many versions include extra features and services such as audit protection or live support. Consider what type of features and services you need and factor that into your purchase decision.
  3. e-Filing and Refunds: TurboTax supports electronic filing of tax returns, and many versions also include free state filing. Additionally, certain versions offer accelerated refunds and the ability to track refunds.
  4. User Interface: TurboTax offers an easy-to-use interface that allows you to answer simple questions and have your taxes completed in minutes. It also offers an optional guided audit review that can help make sure you get the maximum refund.
  5. Expert Advice: TurboTax offers advice from certified tax professionals that can help answer any questions you have along the way.
  6. Secure Storage: TurboTax offers secure storage of all your tax information so you can access it anytime you need it.

See the most popular TurboTax on Amazon

Important considerations

Pros

  • Easy to Use - TurboTax provides a step-by-step process to help users guide themselves through the tax filing process.
  • Accurate Calculations - TurboTax double checks your return to make sure the numbers are accurate and help you get the biggest refund possible.
  • Secure - TurboTax is compliant with the IRS’s security and privacy standards, and your personal information is encrypted to protect your identity.
  • Maximum Refund Guarantee - TurboTax guarantees the maximum refund with their audit defense service.
  • Help and Support - TurboTax offers expert help and support for all of their products.
  • Software Updates - TurboTax automatically updates their software with the latest IRS tax laws.

Cons

  • Cost: TurboTax can be expensive, especially when filing for multiple states.
  • Difficulty: While TurboTax is user friendly, taxpayers with more complex filing situations may find the software difficult to use.
  • Limitations: It does not support all tax forms and schedules.
  • Errors: Depending on the version, TurboTax can miss deductions and credits, resulting in a larger tax bill.
  • Audit Risk: Filing with TurboTax may increase the chance of an audit, as it is difficult to double-check the accuracy of the software.

Best alternatives

  1. H&R Block - A comprehensive online tax preparation and filing service tailored to meet the needs of individuals, self-employed, and business owners.
  2. TaxAct - An online tax filing and preparation service that allows users to quickly and accurately file their taxes online.
  3. TaxSlayer - A web-based platform designed to help users easily prepare, file, and manage their taxes.
  4. FreeTaxUSA - An online tax filing service that offers users a range of features to help them prepare their taxes and file them online.
  5. eSmartTax - An online tax filing solution that offers users a comprehensive set of features to help them file their taxes with ease.

Related tools, supplies, and accessories

  • TurboTax Software - Tax preparation software from Intuit that allows individuals to prepare and file federal and state income taxes.
  • Tax Forms - Paper forms used to file federal and state income taxes.
  • TurboTax Live - Optional paid service that provides expert help and advice from a CPA or EA.
  • Tax Calculators - Online calculators that help individuals estimate the amount of taxes they owe.
  • TurboTax Support - Online help and support for TurboTax users.
  • TurboTax Refunds - Services and assistance for obtaining refunds from the IRS and state tax agencies.
  • Tax Deductions and Credits - Lists of deductions and credits available to TurboTax users.

Common questions

  1. What is the difference between the different versions of TurboTax?
    The different versions of TurboTax vary in scope, complexity, and cost. The Deluxe version is the most popular and offers more features than the basic version, including additional support for investments and rental property. The Self-Employed version offers a complete set of tools to help you maximize deductions and credits while filing income taxes for businesses and self-employment income. The Premier version is great for those with investments or rental property, as it includes extra support for investments and rental property. Lastly, the Home & Business version is designed for small business owners and others with complex returns.
  2. How much does TurboTax cost?
    The cost of TurboTax will vary depending on which version you purchase. The Deluxe version typically costs around $60, while the Self-Employed version costs around $90. The Premier version usually costs around $100 and the Home & Business version costs around $140.
  3. What operating systems does TurboTax support?
    TurboTax supports both Windows and Mac operating systems.
  4. Are there any discounts available for TurboTax?
    Yes, there are often discounts available for TurboTax. These discounts can be found online or in stores.
  5. Does TurboTax offer support?
    Yes, TurboTax offers support through phone, chat, and email.
  6. Does TurboTax offer free filing?
    Yes, TurboTax offers free filing for federal taxes and state taxes if you qualify.

Trivia

TurboTax created a special tax calculator for cats and dogs in 2015. The calculator takes into account deductions for pet-related expenses such as vet bills in order to determine a pet’s refund amount. In addition to being a humorous tool, the pet calculator gave people a chance to think about the tax implications of their own pet ownership. The pet calculator was created in partnership with Petco and the Human Animal Bond Research Institute. Source

Disclaimer: This buying guide was not created by humans, and it is possible that some of it's content is inaccurate or incomplete. We do not guarantee or take any liability for the accuracy of this buying guide. Additionally, the images on this page were generated by AI and may not accurately represent the product that is being discussed. We have tried to convey useful information, but it is our subjective opinion and should not be taken as complete or factual.