Tax time is about as fun as going to the dentist, right? Fortunately, there are programs available that help you understand your tax liabilities, make the most of your deductions, and take the stress out of filing your taxes.
Turbo Tax helps millions of people successfully file their taxes. With the Turbo Tax Audit guarantee and step-by-step process no matter which program you choose, it’s easy to see why millions of people use Turbo Tax.
If you’re trying to decide which Turbo Tax Program is right for you, check out our guide below.
The name says it all. Turbo Tax-Free Edition costs nothing to file your federal or state taxes. It’s as simple as it gets, but it’s only for taxpayers with simple taxes. You must not itemize your deductions and your pay must be straightforward (W-2).
Even though it’s free, you still get the Audit Support Guarantee (TurboTax has your back if you owe a penalty or interest because of a TurboTax error) and 24/7 support.
The TurboTax Free Edition includes the preparation of your federal and state taxes. You can import your W-2, answer a few questions, and you’re on your way to filing your taxes. Once you input your information and prepare your taxes, you can print and mail or e-file your taxes with Turbo Tax.
The Free Edition includes:
You can only use the Turbo Tax-Free Edition if you meet the following:
The Turbo Tax-Free Edition is completely free.
If your taxes are more complicated than a basic 1040 with no schedules, Turbo Tax Deluxe is the next step up. Whether you’re a homeowner, you make charitable contributions, or you’re paid in ways other than a standard W-2, Turbo Tax Deluxe will help you file your taxes.
Turbo Tax Deluxe includes everything Turbo Tax-Free Edition includes plus it searches over 350 tax deductions and credits. If you want to decrease your tax liability as much as possible, this is the way to do it. Turbo Tax leaves no stone unturned. They even guarantee your maximum refund. Turbo Tax Deluxe’s primary focus is on mortgage and property tax deductions, ensuring homeowners get the most out of their investment.
If you own a home, you’ll need Turbo Tax Deluxe as the moment you have any deductions besides the standard deduction, you’ll outgrow the Turbo Tax-Free Edition. If you meet any of the following, use Turbo Tax Deluxe:
The Turbo Tax Deluxe Edition costs $60, but if you use have enough deductions through your mortgage interest, property taxes, or charitable contributions, you may more than make up for the cost with your deductions.
If you’re an investor, Turbo Tax Premier offers the support needed to file your taxes correctly while maximizing your refund. Whether you’re a day trader trading stocks, bonds, crypto, or ETFs or you invest in real estate, Turbo Tax Premier imports your transactions automatically and helps you sort through your income reporting and allowed deductions.
Turbo Tax Premier includes everything in Turbo Tax Deluxe plus helps investors make the most of their income and write-offs to maximize profits. If you work with one of the thousands of financial institutions and brokers Turbo Tax partners with, you can automatically upload your information to Turbo Tax, no manual input required.
Like with Turbo Tax Deluxe, the Premier edition looks over all aspects of your income and expenses to ensure you get every deduction allowed.
Here’s what you get with Turbo Tax Premier:
If you invest, you need Turbo Tax Premier. Whether you love the stock market or you’re building a real estate investment portfolio, Turbo Tax Premier will help you make the most of every dollar with their largest refund guarantee.
Turbo Tax Premier costs $90 to file your federal taxes. Since you’re dealing with investments, potential losses, and looking over 400+ deductions, you’ll likely make the cost back using Turbo Tax to ensure you get every dollar you’re owed.
If you’re self-employed, Turbo Tax Self-Employed offers the support you need to file your own taxes but still get the support you need for a complicated situation. Turbo Tax considers you self-employed if you’re an independent contractor, freelancer, consultant, entrepreneur, small business owner, or gig worker (i.e. Uber driver).
Turbo Tax Self-Employed works with your situation, asking many detailed questions to get to know your industry and situation to ensure that you report every income dollar correctly, but still, get every deduction you’re entitled to as a self-employed taxpayer.
Turbo Tax Self-Employed includes everything in Turbo Tax Premier but focuses on your line of self-employment ensuring you get every dollar that’s owed to you. Turbo Tax Self-Employed is like another set of eyes looking not only for deductions in your personal life (mortgage interest, charitable deductions, etc.) but also your business life, an area many taxpayers aren’t aware they may be eligible for more deductions.
Here’s what you get with Turbo Tax Self-Employed:
If you’re self-employed and want to file your own taxes, Turbo Tax Self-Employed provides the guidance needed to do it. It walks you through step-by-step so you understand all aspects of your income and deductions, allowing you to maximize your deductions with the Turbo Tax guarantee.
Turbo Tax Self-Employed is the most expensive plan at $120, but it also has your back when filing your own taxes as a business owner. There’s a lot more at stake as a business owner and Turbo Tax has your back.