TurboTax review: Not the cheapest online tax software, but good for complex situationsUpdated Show
2022-03-24T19:23:57Z Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
While many people dread tax season, I find it to be an exciting time of year. I get a flurry of forms and documents telling me how much money I made over the course of a year, and I fill in the pieces of the puzzle that summarize an entire year's finances in one place. Insider's Featured Tax Software
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. Editor's Rating 4.6/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 3.7/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star But unlike my favorite 1,000-piece puzzle, the puzzle of my taxes comes together on my computer. And I don't do it alone. I have used TurboTax for my own taxes several times, and suggest the same to many others. TurboTax is the biggest and most popular tax-preparation software, handling a solid 30% of electronic filings, according to a report from Moody's. Here's a look at how TurboTax works, how much it costs, and who it's best for. 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 isn't the cheapest, 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. How much does TurboTax cost?TurboTax costs more than other tax-preparation services. Packages beyond the free version can run at least $100 total for a federal and state return. TurboTax online offers four different ways to file your taxes, depending on your unique tax needs. With all versions except desktop computer software, you can start and enter your information for free. You only pay at the end when filing your federal and state tax returns. Prices do not include any discounts. Cost of DIY options and what they cover ...
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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 TurboTax recognizes that you'll need additional forms, it will prompt you to upgrade. Fees aren't due until you file your return, regardless of which package you choose. All enlisted active duty military and reservists can file for free using any of TurboTax's DIY online packages. When it comes to cost, TurboTax is slightly more expensive than H&R Block, but its product is about the same. Both offer solid customer service, an easy-to-use interface, and clear instructions and guidance, though there are some variations between packages. Beyond the free versions, here's how they stack up on cost for the DIY online filing options (not considering any discount offers): TurboTax packages up the things most people need to file their taxes. While some people with very complex or unique situations may feel more comfortable with the direct assistance of a tax professional, the majority of tax situations are easily covered by TurboTax. 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. Like other tax programs, TurboTax is driven by a series of questions and answers about your household, income, and opportunities for deductions and credits. In addition to answering these questions, you'll need to add information from your employer, other income sources, and 1099, 1098, W-2, and other tax forms that may show up in your mailbox or inbox. TurboTax keeps your information secure with data encryption. It also requires multi-factor authentication every time you log in to verify your identity. One of the biggest complaints about TurboTax is the ease with which it attempts to upgrade users to the next-tier product. A 2019 investigation by ProPublica found that Intuit, TurboTax's parent company, was deliberately hiding its free filing services from Google and other search engines. As of this writing, TurboTax's free file options are clearly advertised. TurboTax is a leader in tax preparation services for a reason. Millions of people come back to TurboTax year after year because they can easily and successfully file their tax return. If you follow the directions provided and enter the numbers on your income forms correctly, you should end up with accurate taxes just as if you went to a more expensive professional tax preparer. Some of TurboTax's product support and customer service lines that are included in the cost of prep for the lower-tier products are not as helpful as they could be. The best way to get specialized help is usually to upgrade to a more expensive TurboTax Live package. Overall, TurboTax is the most expensive way to prepare your tax return online, unless you qualify for the free option. While the platform's features justify the cost for some people, it's not the best choice if saving money on tax prep is your priority.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards. Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available. **Enrollment required. LoadingSomething is loading. More... Does TurboTax Premier include live?TurboTax Help and Support: Access to a TurboTax product specialist is included with TurboTax Deluxe, Premier, Self-Employed, TurboTax Live and TurboTax Live Full Service; not included with Free Edition (but is available as an upgrade).
Can you upgrade TurboTax Premier to live?Upgrade to TurboTax Live if you started with a different TurboTax product. If you originally selected TurboTax Free Edition, Deluxe, Premier, or Self-Employed, you can add TurboTax Live.
What is included with TurboTax live?In TurboTax Live with Full Service, you have a dedicated tax expert or CPA to prepare, sign, and file your return for you. You can review everything with your expert before they file knowing that your taxes are done right, backed by our Expert Approved Guarantee.
What are the benefits of TurboTax Premier?Why use TurboTax Premier?. Great for stocks, bonds, ESPPs, cryptocurrency, and more.. Covers rental property income and tax deductions.. Easily import your investment income.. Guidance on setting up rental property, depreciation, and more.. One-on-one help, on demand.. Get your maximum tax refund, guaranteed.. |