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TurboTax Review 2024

TurboTax has received a number of complaints regarding its advertising of the free version. For filers who use this basic version of the software, federal filing is free. However, state tax filing is not free, and the cost of using TurboTax to file state returns is not presented to the user until they’ve already completed entering their information for federal returns. In 2020, more than 195 million tax returns and other tax forms were filed electronically; 14 million of those tax returns were filed with a version of TurboTax. The tax software aims to simplify the tax filing process and find customers big tax breaks they otherwise would’t find on their own.

  1. We’ll let you know what to expect and how to prepare in the unlikely event you receive an audit letter from the IRS.
  2. Here is a list of nine states that don’t charge income tax.
  3. If you are confident in your ability to do your own taxes, you may not need all the support that TurboTax offers.
  4. However, if you file before March 31, 2024, you can add on Live Assisted for free.
  5. So, if you are doing taxes for several people, this could save some money.

You can receive your refund by check, whether you’re printing or e-filing. “Free File can provide a multitude of services,” Hugo said. Free File providers offer the same customer service for their free customers and their paying customers, Hugo said. If the IRS audits a return prepared in TurboTax, you can get free audit support, meaning a TurboTax expert will review correspondence from the IRS and let you know what to expect and how to prepare. However, you’ll need to upgrade to TurboTax MAX to have a TurboTax pro represent you while dealing with the audit. Whereas TaxSlayer Premium or Self Employed version, offer tax assistance, but it’s limited to guidance only.

Who should use TurboTax

We use industry accepted encryption standards for data at rest and in-transit to help ensure your information is protected. Our software will allow you https://turbo-tax.org/ to securely upload your tax documents to our system. You can give permission through the software to share your tax documents with your tax expert.

We can handle your unique tax situation, even if you’ve had major life changes this year

You can also pay an additional fee to move to Full Service and have your tax return prepared for you. Before filing your return, a tax pro will turbotax editions schedule a time to review your return with you. Preparing your tax return with TurboTax is a lot like sitting down with a tax preparer.

If you are using the TurboTax Online version of the software, you are not able to view forms mode to view each form in your return to make edits. The only form you can view in the online version is your 1040. See below for how to view forms in your return using desktop version.

The process is similar for states that collect income taxes. Similar to TurboTax, other programs offer tax expert assistance. TaxAct provides professional tax expert assistance, which includes help from CPAs, Enrolled Agents (EAs) and tax attorneys to help with filing but at no additional cost.

For example, the basic version is $40, but you can e-file five federal returns and state returns are $20 each. So, if you are doing taxes for several people, this could save some money. Most tax software will allow you to add on the ability to speak to a tax expert and ask questions, but few have the option to just hand them over completely and have the expert file on your behalf. The Do It Yourself plan does not come with any live tax assistance. There is tech support if you have questions about the software, but you will not have access to a tax pro. Your tax expert will be able to see a read-only version of your tax return to assist them in addressing your questions.

This free version of TurboTax is a great option for taxpayers whose income is largely from W-2s and savings in the bank. The tax software includes a free filing of your simple federal and state tax returns. TurboTax Live Assisted Basic is $0 through March 31, 2024 for simple tax returns only. In 2003, Intuit faced vocal criticism for its TurboTax activation scheme.[18] The company responded by removing the product activation scheme from its product. In 2005 TurboTax extended its offering by allowing any taxpayer to use a basic version of its federal product for free as part of the Free File Alliance. By 2006 that offer has been limited to free federal online tax preparation and e-file for taxpayers whose adjusted gross income is $28,500 or less (or $52,000 for those in the military) and those 50 or under.

They also have a full suite of guarantees, such as an accuracy guarantee and a maximum refund guarantee. TurboTax Premier has all the features of TurboTax Deluxe, but is also great for taxpayers with investment incomes, such as stock, cryptocurrency, bonds, ESPPs, robo-investing and income from rental properties. If you’ve been buying and selling on Robinhood or Coinbase — especially selling, which is a taxable event — TurboTax Premier is likely the version for you.

You’ll only need your email address and a phone number to get started. If you don’t have your forms on hand, you can auto-import your info from your W–2s or 1099s directly from more than a million participating employers and financial institutions. Eventually, for more complex tax situations, you may need additional documents like mortgage statements or other detailed financial information. But since we save your return as you go, you can finish anytime.

Online Software Products

TurboTax is primarily an interview-driven tax-preparation application that asks a series of questions, then enters resulting figures into your corresponding tax-forms. It also relies on data that you import or transcribe directly from other sources, such as accounting programs, financial institutions, previous-year tax returns and documents like W-2s and 1099s. Although it is relatively easy to edit data on any screen in TurboTax, you should be careful about making changes or overriding figures that TurboTax calculates. Therefore, it’s recommended to correct the error at its source to save time and limit confusion later.

Compare TurboTax Online Products

It applies the child tax credit, the earned income tax credit and deductions for student-loan interest and $300 out-of-pocket expenses for teachers. It handles the child tax credit and the earned income tax credit. It also applies the standard deduction, student-loan interest deduction and education credits.

In the event you are audited, they will handle every aspect of your audit for you – including representing you with the IRS – at no additional cost. The audit support that is included allows you to call TurboTax and speak to a tax professional who will answer questions about any letters you received or the audit process. They will not write letters or speak to the IRS on your behalf.

It’s very easy to navigate around to different sections and add in forms and documents as they come in. If you are charged a penalty or interest due to a calculation error (ie, you put in the right information but the software made a mistake) TurboTax will pay the penalties and interest. It’s important to note that the free plan includes your federal return and one free state. TurboTax Deluxe includes one-on-one support from live TurboTax product specialists.

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