TurboTax is a popular tax preparation software that offers a range of solutions for individuals and businesses to file their taxes accurately and efficiently. TurboTax costs vary depending on the specific edition and features you choose. In this article, we will explore the different editions of TurboTax and their corresponding prices, providing you with a comprehensive overview of how much TurboTax costs.
TurboTax offers several editions tailored to different tax situations, from simple tax returns to more complex ones involving investments, rental properties, and small businesses. The editions typically include a combination of features and support options to cater to specific user needs. Let’s delve into the various TurboTax editions and their respective costs:
TurboTax Free Edition
The TurboTax Free Edition is designed for individuals with straightforward tax situations. It supports filing simple tax returns, including W-2 income and limited deductions. This free edition makes it an excellent option for individuals with uncomplicated tax situations.
TurboTax Deluxe is a step up from the Free Edition and is suitable for individuals with more complex tax scenarios. It includes additional features such as support for itemized deductions, mortgage interest deductions, and investments. The cost of TurboTax Deluxe typically starts at around $60, but prices may vary depending on promotions and discounts.
TurboTax Premier caters to taxpayers with investment income, rental property, or capital gains. This edition guides stocks, bonds, cryptocurrency, rental property income, and other investment-related topics. TurboTax Premier usually costs around $90, but, as with other editions, prices may differ depending on promotions and discounts.
TurboTax Self-Employed is tailored for freelancers, independent contractors, and small business owners. It offers specialized features for tracking business expenses, maximizing deductions, and calculating business-related taxes. TurboTax Self-Employed costs typically start at around $120, but prices may vary based on promotions and discounts.
TurboTax Live allows users to receive on-demand assistance from certified tax experts. With this edition, users can get unlimited help and advice from tax professionals throughout the tax preparation. TurboTax Live costs around $80 in addition to the price of the chosen TurboTax edition.
It’s important to note that the prices mentioned above are approximate and subject to change. TurboTax often offers promotional discounts and special pricing during tax season, so it’s advisable to check their official website or authorized retailers for the most up-to-date pricing information.
Additionally, TurboTax may offer add-on services at an extra cost, such as audit defense, which provides professional representation in the event of an IRS audit. These add-on services can further enhance the support and protection you receive during tax preparation.
The cost of TurboTax varies depending on the edition and features you choose. The TurboTax Free Edition is complimentary, while other editions like Deluxe, Premier, and Self-Employed start at different price points, typically ranging from $60 to $120. TurboTax Live provides access to live assistance from tax professionals and has an additional cost starting at around $80. Remember to check the TurboTax website or authorized retailers for the most accurate and updated pricing details, as promotions and discounts may apply. With its range of editions and features, TurboTax aims to provide individuals and businesses with flexible and reliable tax preparation solutions.
Are there any additional fees or hidden costs when using TurboTax?
TurboTax does offer additional services and features that may come with extra costs. For example, if you opt for TurboTax Live, which provides access to live assistance from tax professionals, there will be an additional fee starting at around $80. Some add-on services, such as audit defense, may also have associated costs. It’s important to review the TurboTax pricing details and any add-ons you select to ensure you have a clear understanding of the total cost.
Does TurboTax offer any discounts or promotions?
Yes, TurboTax often provides discounts and promotions, especially during the tax season. These discounts can vary in amount and availability, so visiting the official TurboTax website or authorized retailers is recommended to check for any ongoing promotions. Additionally, watch for special deals and discounts offered by retailers or financial institutions that partner with TurboTax.
Can I use TurboTax for multiple tax returns, and is there an additional cost?
TurboTax allows users to prepare and file multiple tax returns using their software. However, each tax return is typically associated with an additional cost. The specific pricing for multiple returns depends on the TurboTax edition you choose and any promotions that may be available. Reviewing the pricing details and licensing terms to understand the cost implications of filing multiple tax returns using TurboTax is important.