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If you're expecting a tax refund, TurboTax will ask if you want to use part of it to pay for its tax prep services. The all-in cost is between $0 and $389 for a federal return.
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This includes a free subscription to QuickBooks for expense tracking, or easy integration if you already have an account. It covers credits and deductions related to businesses including rideshare drivers, freelancers, and other small businesses. If you own a business, including a side hustle, you'll want TurboTax Self-Employed. This version even allows you to auto-import your investment data directly from many popular banks and brokerages. Investors, including rental property owners, will want TurboTax Premier. You can also claim student deductions and credits with this package.
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It includes everything in the free edition plus the option to itemize your taxes and enter mortgage interest. Intuit advertises this as the most popular version of its software. If you want to claim student deductions or credits, this package isn't for you. The Free Edition covers W-2 income, unemployment income, retirement distributions, limited 1099 interest and dividends, the earned income tax credit (EITC), and the child tax credit (CTC), but doesn't allow itemizing your deductions. You only pay at the end when filing your federal and state tax returns. With all versions exceptĭesktop computer software, you can start and enter your information for free. TurboTax online offers four different ways to file your taxes, depending on your unique tax needs. Packages beyond the free version can run at least $100 total for a federal and state return. TurboTax costs more than other tax-preparation services. You can check the company's website to see current offers. The prices listed in this article do not include any discounts. Tax prep companies frequently offer discounts on products early in the season. 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. 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. TurboTax isn't the cheapest, but you get what you pay for.
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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. Here's a look at how TurboTax works, how much it costs, and who it's best for.įor most tax situations, TurboTax does a great job of covering your needs. Are a college student or student-loan borrower looking for a free option.You might not like filing with TurboTax if you: Use QuickBooks to keep track of business expenses.
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