TurboTax is 2022’s top tax software application and our top pick for the Best Tax Software. TurboTax was founded in the mid-1980s and evolved to become the industry’s market leader. It’s owned by Inuit, the parent company for a suite of financial services, including the financial tracking app, the small-business accounting software QuickBooks, and, most recently, the credit-monitoring app Credit Karma. TurboTax is known for its easy-to-use interface. The program functions similarly to an interview. The software might question your life and income to assist you in making the best selections possible while also looking for tax deductions. It has numerous versions and products to fulfil different customers’ needs, and while there is a free version, it has limitations. Most users choose TurboTax Deluxe, which is the most expensive choice compared to identical products from the other providers we evaluated, costing around $60. Learn more about TurboTax, its products, pros and cons, and most importantly, the frequently asked questions.
| Best for: | Not Recommended for: |
| Taxpayers with very simple tax situations who are eligible for the free edition | Those on a budget |
| Those with complex returns who want accessible live help | |
| Freelancers and self-employed individuals |
Products Offered By TurboTax
The products offered under the TurboTax software suite. Check all the versions below and select the best suited one:
Free Edition: Free For Federal And State Returns
You can file your federal and state taxes for free using the TurboTax Free Edition. If you have a basic tax return, this may be a possibility. Reporting only W-2 income and limited interest or dividend income on a 1099-INT or 1099-DIV, and claiming the standard deduction, Earned Income Tax Credit, and/or Child Tax Credit would be a simple return for this purpose.
Deluxe: $60 For Federal Return And $50 For Each State Return
TurboTax Deluxe will look up over 350 tax deductions and credits to see whether you qualify for any. Deluxe is designed to help you get the most out of your tax refund by giving you one-on-one assistance from customer care professionals. It also gives you access to Turbo, an online tool that can help you better comprehend your financial status.
Premier: $90 For Federal Return And $50 For Each State Return
TurboTax Premier has been entirely overhauled to provide investors with the best possible experience. Stocks, bonds, ESPPs, cryptocurrency, Robo-investing, rental property income, and more can all be factored into your return. The program will assist you in reporting all your investment transactions quickly and accurately.
TurboTax Premier is the only major online tax software that can import over 1,500 transactions from over 300 financial institutions simultaneously and 2,000 crypto transactions directly from crypto platforms.
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Self-Employed: $120 For Federal And $50 For Each State Return
Whether you’ve been a freelancer for years or just started making money on the side, TurboTax Self-Employed reveals industry-specific deductions you may not have been aware of. It can help you save money by lowering your taxes and putting more money in your pocket.
Ride-sharing, online sales, personal and professional services, and other industries with a large number of self-employed persons emphasize the product. It also includes information on submitting expenses like transportation, home office equipment, and cell phone usage. You can also use your smartphone to take a snapshot of your 1099 form and upload it.
FAQs
We all have questions that arise in our mind especially when we are using something for the first time. Check these FAQs to ensure all your questions are cleared off.
How to buy TurboTax?
Follow these steps to purchase TurboTax.
- Go to the TurboTax homepage and select “Get Started” from the drop-down menu. You’ll be taken to an interactive guide that will suggest the best product for your specific tax situation.
- Choose whether you want to use the online or desktop version. The online version can be accessed through a web browser, while the desktop version can be downloaded and saved to your computer.
- Purchase your merchandise through the internet or on your computer. If you prefer to use the online version, you can click “File for $0” or “Start for Free” on the website. If you prefer the desktop version, you can get it through an authorized store, such as Amazon.
What is the TurboTax Warranty?
The following guarantees are included with every TurboTax return:
- Guaranteed Accurate Calculations: If a TurboTax calculator error results in you paying an IRS or state penalty, the business will reimburse you.
- Guaranteed Maximum Refund or Your Money Back: If another tax preparation method allows you to receive a higher tax refund or owe less in taxes, TurboTax will refund the TurboTax federal and/or state fees you paid. You can get a $30 payment if you use the TurboTax Online Free Edition.
- 100% Accuracy Guaranteed: If a TurboTax expert makes an error while providing you with particular tax advice, the business will cover the IRS or state penalty and revise your return for free.
- Assurance of Audit Support: Free audit support is available year-round through TurboTax’s Audit Support Centre as part of the Audit Support Guarantee. You can learn why the IRS contacted you and what steps you need to take.
How do I contact TurboTax’s Customer Service?
You may consult TurboTax experts and other contributors 24 hours a day, seven days a week in the TurboTax AnswerXchange online community. It’s a terrific site to get answers to any tax-related issues you might have.
TurboTax Live will link you to a tax expert from the comfort of your own home if you require specialized, one-on-one assistance. TurboTax Live comes in two languages: English and Spanish. You can have TurboTax experts examine, sign, and file your return if you choose. During regular business hours, they are also available for consultation.
What’s New In TurboTax 2022?
TurboTax focused on the changes that taxpayers will experience as a result of the American Rescue Plan in 2022. The software walks customers through a simple interview and explains where they’ll be asked questions about stimulus money and the Advanced Child Tax Credit payments. TurboTax ensures that consumers collect any unpaid funds through the Rebate Recovery Act by helping them through these areas.
This year, TurboTax is focusing on service-level options in addition to technological upgrades. Filers will receive audit support (for simple tax returns only). Plus, users can upgrade to Plus (for free filers who want tax guidance), MAX (for audit support and identity theft monitoring), and TurboTax Live (for audit support and identity theft monitoring) (support from enrolled agents or CPAs).
TurboTax is pushing the boundaries between digital and human service solutions in addition to tax software. TurboTax will offer “TurboTax Full Service” in 2022. This option permits filers to send over a shoebox full of tax forms to a tax-filing expert who will create the return for you. When compared to other tax filing services, this alternative is relatively affordable.
Finally, TurboTax was selected Best Overall Tax Software, Best For Student Loan Borrowers, Best For Cryptocurrency Traders, and Best Virtual Tax Preparation in 2022. In general, TurboTax is doing a lot of things correctly when it comes to assisting customers with their tax preparation.
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