If you later file an amended return with identical information with another tax service and end up with a lower tax bill or higher refund, you can file a claim with TurboTax to have your preparation fees refunded. As you prepare your return online, TurboTax’s new AI-powered Intuit Assist can answer your questions to help you understand how tax rules apply to your situation. You can also find support from other TurboTax users and experts in the online forum. TurboTax has a high-quality user interface with three online plans for DIY filers, all of which can be upgraded to include one-on-one guidance from a tax pro.
- They also all have a maximum refund guarantee to ensure that you get the most out of tax season.
- Working with the same expert year-round is dependent on the expert’s availability.
- Taxes can be scary but it’s nothing compared to how much it can cost to have an accountant prepare your taxes!
- There are extensive features included with each plan to maximize efficiency and transparency.
- This tax planner helps you know what docs you’ll need so you can gather them and start securely uploading them to your TurboTax account.
Filing taxes will depend on your income, tax filing status, age, and other factors. Generally, you don’t need to file a tax return each year unless your total income exceeds certain thresholds, or you meet specific filing requirements. When submitting a joint return, both spouses must sign and date the return. If taxpayers are preparing their taxes independently and filing electronically, they need to sign and authenticate their electronic tax return by inputting their adjusted gross income from the prior year. For more guidance, visit Validating your electronically filed tax return.
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To gain access to TurboTax Live Assisted, you’ll pay anywhere from $59 to $169 for a federal return and $39 to $49 for each state return. Again, if you turbotax filing options qualify for a free return, you won’t pay anything for your first state return. “With a simple return prepared by a professional averaging $200 to $300, many Americans are choosing to do it themselves at far less cost simply to save money,” Jassen Bowman, an IRS enrolled agent, said in an email.
- If you don’t have your forms on hand, you can auto-import your info from your W–2s or 1099s directly from more than a million participating employers and financial institutions.
- They have their own business and may also offer different or additional services from those offered in TurboTax Full Service.
- One standout feature I really like is the ability to import W-2s, 1099s and investment income reports directly from financial institutions.
TurboTax’s features
As an example, the service does not allow you to upload any tax documents, such as a W-2 form, and is in need of more robust customer help and support tools. Because of this, we recommend Cash App Taxes to filers with a few forms and relatively simple tax situations. If you get stuck along the way, you have the option of paying an additional fee and upgrading to TurboTax Live to get on-demand help from a TurboTax expert or CPA. When you choose this option, the tax pro will do a final review of your return before you file it. Do you want to DIY your tax filing but need some help figuring out which forms you can file and which deductions you can claim?
TurboTax says about 37% of taxpayers qualify for its Free Edition. TurboTax’s Live Assisted option gives you on-demand access to a tax pro to answer your questions while you prep your return yourself. The plans offered are the same as the DIY plans above, but you can consult an expert when needed (they’re even available nights and weekends during tax season). Once complete, an expert can review your return for accuracy at no added cost.
This site and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone and have not been reviewed, endorsed or approved by any of these entities. Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy. You can jumpstart work on your TurboTax return by importing information from either your last year’s TurboTax return or a PDF of last year’s return you completed using other tax software.
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Taxpayers must report all income related to digital asset transactions. Visit the Digital assets page on IRS.gov for details on when to check “yes” and how to report digital asset transactions. TurboTax’s biggest downer remains its higher price tag compared to competitors. But for most filers — perhaps with the exception of freelancers and some investors — the price is digestible. Get quick answers from our live human specialists, online FAQs, or customer forums. You’ll also find tax-saving credits like the Earned Income Tax Credit (EITC), and Child Tax Credit.
What happens if the IRS audits my return?
That means that if you find a bigger refund or smaller overall tax payment from another method, it will refund you the federal or state purchase price you paid for access to its programs. (Free users can get up to $30.) This is true for the lifetime of the tax return, defined as seven years from the date in which it was filed through TurboTax. The desktop version is installed on your computer, allowing for offline access and local data storage. Both versions support state tax returns, though additional fees may apply. You can receive your refund by check, whether you’re printing or e-filing. Filing your taxes starts with gathering all the documents you need to prepare your return, such as the forms covered above.
You can file simple returns for free but will need to upgrade to a paid version if you want to itemize or claim deductions beyond the earned income tax credit. With numerous online tax planning options, compatibility with different devices and the ability to save your filing process at any time, TurboTax is convenient. In fact, millions of taxpayers file on mobile devices through TurboTax. Plus, with extensive support options to help you understand the complete process of , TurboTax is fit for both first-time and veteran filers. There are online tools, like a document checklist and tax refund estimate calculator, to help you navigate through the process. 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.
This means, in part, that the information you share when preparing your tax return cannot be used to generate product recommendations for you. You can verify the latest price by clicking through to each provider’s site. If you accidentally start working with a higher-tiered package, say the Premium version, and then realize the lower-tiered Deluxe might suit your needs, you’ll have to downgrade products. Thanks to an FTC ruling, this process is becoming much less cumbersome. Access to tax pro support requires upgrading to TurboTax’s Live Assisted packages, which range from $79 to $209, plus state fees of $59 to $69.
During the Clinton administration, Congress passed a law ordering the IRS to roll out a “return free” offering for people with simple returns by 2008. And if you want more one-on-one attention, you can file at a participating Walmart location or visit one of its 5,200 offices to file with a Tax Pro (prices vary depending on your filing situation and state of residence). Simply Free has many restrictions, including a $100,000 cap on taxable income and the inability to claim dependents. It does include a free state return, however, which is notable since its paid tiers charge $48 per state return. We also offer full audit representation for an additional fee with TurboTax Audit Defense. You’ll only need your email address and a phone number to get started.
In cases where a dependent or spouse lacks an SSN and is ineligible to obtain one, an assigned individual tax identification number (ITIN) should be listed instead of an SSN. For most of us, prepping our own tax returns amounts to so much make-work, even if we don’t know it. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships.
If you have federal taxes withheld from your income, you can only receive a tax refund when too much is withheld. This status quo effectively means that for most of us, prepping our own tax returns — even via a now defunct free service such as Direct File — amounts to so much make-work, even if we don’t know it. But now taxpayers won’t even have that option — and the tax prep monopoly can make a few more bucks at our expense. The industry says Direct File is unnecessary because they already offer consumers a free online option, but this is a disingenuous claim. CNET editors independently choose every product and service we cover.
Like all financial products and services, there are both pros and cons to using TurboTax. If you owe taxes after you file, you can pay with credit card or debit card through payment processors recommended by TurboTax. This generally comes with a fee between $2 and $4 per transaction for a debit card and a percentage-based fee for a credit card. But if you can apply, you could get the funds in as fast as a minute after the IRS accepts your tax return. It’s important to note you won’t get your full refund — TurboTax refunds in amounts starting at $250 in increments of $250 and then eventually by $500 from $1,000 onward.