TurboTax Review: Get a 100% Accuracy Guarantee

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TurboTax

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TurboTax shines when it comes to customers who have more complex tax returns. The Deluxe Edition helps maximize tax deductions and credits, while the Premier Edition covers investments – including cryptocurrency and and stock activity – and rental properties. Plus, you can easily import your investment income automatically with TurboTax.

Tax Filing Solutions for All Situations

Finding the right tax preparation service can be difficult. As you consider your options, TurboTax® may be at or close to the top of your list to research. The service, owned by Intuit®, is arguably the most popular tax preparation software available, taking 73% market share in 2021, according to Bloomberg Second Measure.

But the biggest isn’t always the best, so it’s still important that you take your time to examine your options to determine the right fit for you. As you compare, here’s what you need to know about TurboTax.

Types of Returns and Pricing

TurboTax offers five different pricing tiers, each one offering a different set of services, forms, and features that can help you file your tax return with complete accuracy. Pricing varies for each tier and is subject to change.

Free Edition: $0 Federal, $0 State

TurboTax's Free Edition (disclaimer: for simple tax returns only, not all taxpayers qualify) is available to taxpayers who only need to file Form 1040 with no additional forms or schedules. It includes the following, assuming there's no added complexity:

• W-2 income
• Limited interest and dividend income reported on a 1099-INT or 1099-DIV
• Hobby, personal property rental, or personal item sales income reported on Form 1099-K
• IRS standard deduction
• Earned Income Tax Credit (EIC)
• Child tax credits
• Student loan interest deduction

If you want to itemize your deductions, own a business, have a rental property, sold investments, or have any other more complex tax issues, this option is not available to you.

If you qualify for the Free Edition, you can import your W-2 and answer a few questions about your situation to complete the process. If your employer is a TurboTax Import Partner, importing is as simple as entering their EIN. If not, you. can still import easily by taking photos of your documents in the TurboTax mobile app.

Anyone who used the service last year can get a jumpstart with pre-populated information. If you used another service, you may be able to upload a PDF of your return to get a similar effect, depending on which service you used.

Deluxe Edition: $69 Federal, $59 State

The deluxe tier is designed for people who have more complex tax situations that aren't covered under TurboTax's free tier.

In addition to all of the features provided by the free tier, TurboTax Deluxe will search and maximize more than 350 tax deductions and credits for you, specifically related to:

• Mortgage and property taxes
• Charitable donations
• Educational expenses
• Dependent tax credits

You'll also get access to one-on-one help over the phone or online.

Premier Edition: $99 Federal, $59 State

If you have investments or own a rental property, the premier tier will be your best bet. You get all of the benefits of the Deluxe edition, plus:

• Stocks, bonds, employee stock purchase plans, cryptocurrency, and other investments
• Rental property income and tax deductions

You'll be able to auto-import your cryptocurrency and stock activity to ensure you don't miss any information, and the service will make sure to accurately account for gains and losses with your cryptocurrency transactions, which can be challenging with crypto exchanges.

Self-Employed Edition: $129 Federal, $59 State

If you're a freelancer, contractor, or small business owner, the self-employed tier can offer you the features you need. This edition includes:

• A search of 500 tax deductions and credits
• Importing from Quickbooks® Self-Employed
• Importing from Uber, Lyft, and Uber Eats
• Uploading and auto-filling of 1099-K and 1099-NEC forms
• Calculations for asset depreciation
• Guidance on industry-specific deductions
• Home office expenses help
• Unlimited W-2 and 1099 forms for employees and contractors
• A personalized audit risk assessment

You can also get a year-over-year picture of your self-employed income and expenses, so you can compare past years with the current one and make better business decisions.

Full Service Edition: Varies

TurboTax

TurboTax provides a simple approach to filling out your tax return, but if you're concerned about making a mistake, you can opt for the company's full-service program. Available in both English and Spanish, this option connects you with a dedicated tax expert who will do your taxes for you, start to finish. You can review everything with your expert before they sign and file your return on your behalf.

This program is available for all tiers, with the following pricing:

New for 2023, TurboTax is now offering it's full-service program for businesses. With TurboTax Live Full Service Business Tax, incorporated business owners with multi-member LLCs, S-corps and partnerships can enlist a specialized tax expert to handle their business taxes.

These offerings can be pricey, so compare them to other tax preparation services and professionals to determine whether it's a good fit for you.

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Features

TurboTax offers a variety of features that can make the preparation and filing process go more smoothly and give you some peace of mind. Some of the standard features available with most tiers include:

• Access to an online community of specialists and customers
• Import of last year's return, including from other tax preparation services
• Tax calculators
• The latest updates on tax law

Additionally, you'll get the following features, though the exact benefits can vary based on the tier you choose.

• Maximum refund guarantee: TurboTax commits to searching for every tax deduction and credit that you qualify for based on the tier you choose.
  
• 100% accurate calculations guarantee: The company will pay your IRS penalties if the federal agency finds an error that can be attributed to TurboTax's calculations.
  
• Audit support: If the IRS sends you an audit letter based on your TurboTax individual, TurboTax Live Assisted Business, or TurboTax Full Service Business return, the company will offer one-on-one question-and-answer support with one of its professionals. Note, however, that this does not include representation or legal advice.

Refund Options

If you qualify for a tax refund, you can receive the money in the form of a check or direct deposit. Let TurboTax know which one you prefer and provide your bank account information, if necessary.

TurboTax is willing to advance up to 50% of qualifying users' refunds, with a maximum of $4,000. The advance comes with no fees, interest or impact on your credit score. To take advantage of this feature, however, you'll need to open a Credit Karma Money™ Spend checking account, where TurboTax will deposit the funds in as little as one minute after the IRS accepts your return. It's also worth noting that your Federal refund must be at least $500 to qualify for this feature.

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Mobile App

Intuit

You can fill out your tax information and file your return online, or you can download TurboTax's mobile app to get the job done. The app is available for iOS and Android and allows you to complete the entire process by importing information or taking pictures and uploading them to your return. 

You can also use the app's live chat function or even talk live with one of the company's tax professionals if you have any questions.

TurboTax Support

TurboTax offers a wealth of knowledge and resources via its support page. You can also join the TurboTax community and discuss taxes or get answers from experts and peers alike.

If you need assistance with TurboTax, you can call 1-800-446-8848 to leave a message for the TurboTax support team.

Is TurboTax Secure?

TurboTax employs two-factor authentication and Touch ID® to ensure that only you can access your tax information. 

The company also uses SSL data encryption practices that exceed the minimum requirements set by the IRS when storing your information and transmitting it to the IRS and state agencies. Finally, you can view a history of logins and get notifications when changes are made to your account.

TurboTax and Audits

If your tax return gets audited, TurboTax can provide some basic support to answer your questions, but that doesn't include representation or legal advice.

However, you can sign up for a premium service called TurboTax Audit Defense through the company's partner, TaxAudit®. Membership costs $39.99 per year and includes representation in front of the IRS and state authorities, handling of communications, attending your audit appointments on your behalf, and more.

Note, however, that this is a preventative service, so this pricing isn't available if you've already received an audit notice. If that happens, though, you can still request representation and will receive a flat-fee quote based on your situation.

The Bottom Line

TurboTax offers services and features for most taxpayers, and compared to other online tax preparation services,its benefits are competitive. If you've used TurboTax in the past, it might be easy to stick with the service again.

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At the same time, some TurboTax tiers are notably more expensive than several of its top competitors' services. Don't be afraid to shop around and compare options, including online tax preparation services and tax professionals, to determine the best fit for you.