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TurboTax Basic even accepts form 1099-K, so you may be able to report income you made from a simple hobby or side hustle (though you won’t be able to itemize any business deductions). Note, you can only file for free if you have a simple return, and not all taxpayers may qualify to file for free. It starts https://turbo-tax.org/what-is-turbotax-live/ with a welcome call with a tax prep assistant to gather and upload your documents, and then you’ll be connected to your Live Full Service tax expert. You can speak to your tax expert on the phone or through a live one-way video call on your screen (you can see your tax expert, but they can’t see you).
- 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.
- Again, if you qualify for a free return, you won’t pay anything for your first state return.
- Getting audited is scary, so it’s important to know what kind of support you’re getting from your tax software.
- I checked the applicable ones, and TurboTax walked me through the process of reporting those expenses.
- The amount of the credit is 20 percent of the first $10,000 of qualified education expenses or a maximum of $2,000 per return.
Some of TurboTax’s product support and customer service lines that are included in the cost of prep for the lower-tier products are not as helpful as they could be. The best way to get specialized help is usually to upgrade to a more expensive TurboTax Live package. If your employer, payroll provider, or financial institution is a TurboTax Import Partner, you can import your W-2s and 1099s. Otherwise, you can snap a picture and upload it to have the information automatically entered on your return. You may be able to automatically import sales from a brokerage account into TurboTax rather than entering transactions manually. First, through a series of lifestyle questions, it intuited I’d need help filing multiple state returns.
What is TurboTax Live?
TurboTax charges up to $129 for federal tax filing ($59 per state) for its highest “do-it-yourself tax” package. Other programs, such as TaxSlayer, charge up to $59.95 for federal tax filing ($39.95 per state) for a similar package. Deciding whether TurboTax Live is worth it comes down to your specific tax situation. If you have a straightforward return that only requires using IRS Form 1040, chances are you won’t need the extra benefits of the Live version. Although TurboTax Live costs more than other TurboTax products, you have the peace of mind that your taxes are getting handled correctly. With the tax deadline around the corner, many of us feel overwhelmed by the thought of filing our taxes.
If you’d like to connect with a tax expert in TurboTax Live, select the floating “Live Help” button on your screen, then select “Connect with live help” at the top of the chat window. After entering your question, you can choose your preferred method of connecting with the expert — chat or one-way video call. Plus, these experts will conduct a final review of your taxes to ensure you get the maximum tax refund and the biggest tax savings. For those who want to get their taxes done quickly and with as little headache as possible, TurboTax is the leading contender. While it’s not the cheapest option available, the breadth of product options and smooth process make it worth the cost. While I’m not a fan of handling financial matters on my phone — for both personal and practical reasons — TurboTax makes it easy.
TurboTax’s Filing Options
TurboTax stacks up well against its competition but is also a bit more expensive. Here’s what you need to know about how Turbotax compares to other tax software products on the market. One of TurboTax’s most notable features is its contextual help in the form of videos, expandable sidebar information, and embedded links throughout that offer tips, explainers, videos and other resources. Help buttons can also connect you to the searchable knowledge base, on-screen help and more.
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When are taxes due?
When you’re done preparing your taxes, you can get a tax expert to review your return to make sure it’s correct.When you’re satisfied and ready to file, simply pay and e-file or print your tax return. Broken down into three excellent options, you can choose what works best for you and your family. First, you can do your taxes yourself using TurboTax Free Edition. Second, you can get help from an expert, anytime, while you’re doing the work with TurboTax Live.
PCMag.com is a leading authority on technology, delivering lab-based, independent reviews of the latest products and services. Our expert industry analysis and practical solutions help you make better buying decisions https://turbo-tax.org/ and get more from technology. According to Intuit, 40% of self-employed individuals don’t track their business expenses year-round. So the company will be introducing the Deduction Finder later in the tax season.
Decoding TurboTax: Which TurboTax version is right for you? Plus TurboTax deals
Boasting America’s #1 tax prep provider, they guarantee accurate and expert-approved results – every time! Plus, if an error on their part leads to a penalty from the IRS, they’ll cover it, plus any interest accrued. The mobile app home page shows a navigation pane just like the one in the browser-based version. Internal informational and data-entry pages are easy to understand and use, and an icon at the bottom takes you to a storage area where you can upload your tax documents for safekeeping. Next, I was asked a few questions about my business and its structure that hadn’t been addressed earlier. TurboTax then summarized all my basic business information, answering some questions it hadn’t even asked me with the most common response, which I was asked to confirm.
The mission of Part-Time Money is to help you improve your life by discovering and scaling a part-time hustle or small business idea. Our mission is to help you improve your life by discovering and scaling a part-time hustle or small business idea. Once you are matched with a dedicated expert, they will share their available hours. Those wishing to file as a sole proprietor must use the TurboTax Self-Employed option.
Intuit’s online tax software still tops the competition — but it’s costly if you have a complicated tax situation.
If you are one of the many Americans considering TurboTax as a tool to help file taxes correctly and on time, there are a few things you need to know about filing your taxes via the software. TurboTax’s DIY tier is traditionally the most popular option the company offers. Federal prices for it can range from $0 to $119, depending on the complexity of your tax situation. For instance, if you have many different types of income, claim a number of different credits, have multiple tax forms to enter, are self-employed or own a business, you’ll pay more. But if you simply file a W-2, you’ll likely qualify for a free service. In addition, if you qualify for a free federal simple return, your state return will also be free, unless you file with multiple states.
- For most plans, the price you see listed for federal returns doesn’t include the state tax return you may need to file.
- Yes, if you choose a one-way video with your tax expert, you’ll be able to see them on your screen.
- Both sites offer exceptional tax topic coverage, great taxpayer guidance, top-notch user interfaces, and easy-to-understand navigation.
- In some cases, we receive a commission from our partners; however, our opinions are our own.
- If you have a more complicated return or if you just want the advice of a tax professional, TurboTax Live also allows you to chat with an expert.
- And TurboTax has hired self-employment tax experts both to develop the site’s content and to be available for support.
For struggling taxpayers unable to pay their tax bill, the IRS has several options available to help. “Many taxpayers dread doing their taxes, which is exactly what TurboTax is pushing against with their intuitive products — removing the pain points that can create that fear, uncertainty, and doubt. With that in mind, we felt we had permission to take a more lighthearted approach to these two tax-season campaigns,” said Wieden+Kennedy creative directors Jason Campbell and Kevin Jones in a release.