TurboTax Review
Category: Other
Intuit TurboTax is a best selling piece of tax preparation software for state and federal tax returns. TurboTax is a very versatile application with five different options for filing your tax return online.
The free edition, unsurprisingly, is the most popular. It’s perfectly adequate for those who don’t do any complicated stock transactions and don’t need to itemize their deductions. Be warned, the “free” version isn’t always completely free. Filing a federal tax return is free, but state filing will cost you $27.95. Despite this, it’s still one of the cheapest ways to do your taxes.
The Deluxe version of TurboTax is still very good value, costing $29.95 to file your federal tax return and $36.95 for state filing. If you need to itemize your deductions then this is the option for you.
The Premier option is the next tier up, and will cost you $49.95 to file your federal income taxes. State filing is also $36.95. If you need to make a slightly more complicated tax return then the Premier option is best for you. If you make a large amount of capital gains every year you’ll need the Premier tier. You’ll also need it if you make an income from a rental property.
There are also slightly more expensive options for people who run small businesses or conduct even more complicated business transactions, but they are still very affordable. The software will always ensure that you are using the correct version, so if you are not sure which one to go for then you should start with the cheapest.
Filing your tax return using TurboTax is a very simple and straightforward operation. The software will make sure you take advantage of every possible tax deduction, and calculate how much tax you need to pay as you go. Even if you are incredibly financially naïve, TurboTax will guide you easily through the tax filing process. If you have any questions you can consult the comprehensive and easy to navigate help feature. Just click on the “more info” button at any stage you are stuck with.
TurboTax has a huge amount of other useful features to make tax preparation even easier. If you are a disorganized person, or you are bad with math, you’ll be able to keep your taxes straight no matter how complicated they are.
TurboTax can even assist you if you run into trouble with the IRS. It comes with downloadable information to help you decipher complicated letters from the taxman. For an extra $39.95, an “Audit Defense” service is also available. In return for your fee, Tax Resources, Inc. will provide representation in communications to the IRS for you. During tax season this can be a big weight off your mind!
When it comes to something as important as your tax returns, it’s wise to be very cautious about the software you use. There are lots of unscrupulous people out there who might take advantage of you. However, you can be sure that TurboTax is not a scam. It’s a reputable piece of software, and a reliable tax product to easily prepare your state or federal income tax.
6 Responses
Consumer
February 6 2012
You need to read the advertisement very carefully. Says it will do federal for free but that is just to fill out the forms. If you want to actually file your taxes there will be a charge. My daughter and I have used Turbo Tax for years doing federal for free and state for 29.95. Imagine her surprise this year using the same forms as last year to find out she owed $66.90. When asked for payment information, the form stated that she would be charged 29.95 but when credit card information was entered the amount went to $66.90 and when the charge was made to the back account it was $70.92 ! Maybe be a great bargain??? but they are not honest about what they are charging and still don't know why the charge was $4 more. Not a lot of money but if you do it to every customer it adds up I'd guess. Home page should not say free file because it is not free. Won't be using them again
Consumer
February 7 2012
Was it possible that the extra $4 were taxes, or something like that? I'd be very interested in knowing.
Consumer
February 9 2012
I used TurboTax this year and last year and there are a few sketchy details you should know. Most people getting a decent refund would logically choose to have the fees for their Federal and State taken out of their refund. This is what I did last year. But they charge you an extra 30$ to do this if you don't pay with a debit or credit card. There's no reason it should cost 30$. They're just trying to rip you off and milk you for more money. Also, they say it will usually take 24-48 hours for both tax refunds to get accepted. It took 6 days for me. Then they say it will take 7 days to deposit the money in your account. Now they're telling me it will be there between the 13th and 22nd. Even when you consider the 6 days it took from the 2nd when I filed, they flat out lied about this. So the price may be good but they're shady. And don't try and give them a call because you'll only talk to a computer that will try and direct you to their site or offer to send you an email. NO option to talk to a human being.
Consumer
February 15 2012
If you have moved from one state to another during the same tax year beware of of turbo tax program for state returns. You are not informed that efilings are not accepted and hard copy must be mailed until all information has been entered into the turbo tax system. And the cost is $39.90. Did tax return for my daughter, standard deduction, and purpose was to efile and get her a quick rerfund by direct deposit. What a shock to find out I paid $39.90 just to complete a return with standard deduction, and had to mail myself.
Consumer
February 19 2012
Re my comment Feb 15th and Turbo Tax State return program. Turbo Tax did recredit my credit card account. However, I am not sure if Turbo Tax decided to do the right thing, or if it was result of my contacting credit card issuer and disputing the charge.
Consumer
April 28 2012
I am 24 years old, had not filed last year, and am completely financially lazy. I went on turbotax and decided to use it rather than go to H&R block. It literally took 20 minutes and I ended up getting back almost $1,200. This was WAY more than I've ever gotten having my significant other (very financially savvy) and a tax guy do it. It was simple, they guide you through the process with easy-to-follow descriptions as to what the deductions mean and what you qualify for, and they pull ALL of your tax info from the internet, so you basically only need to know your SSN. They also offer protection services for people that think they might be in trouble with the IRS (after all, Al Capone never spent a day in jail for murder). It's free to use the program, and before you file online you can PRINT it out and send it via mail. People are too quick to click the next button. I paid for their deluxe service (cost me about $70 total for everything) because I was afraid of my filing status from last year. They even had a rep contact me and explain that I most likely would not be in any legal trouble with the IRS because my income was below their certain criteria for serious offense, and they said I would NOT need to pay for the additional services they provide to deal with the IRS. When I filed online for both Fed and State I got a text notification the NEXT day for both that my returns had been accepted and two weeks later I got my checks via mail. People shouldn't be doing their taxes for their adult children. After all, what if you suffer a heart attack when you get your statement about your $40.00 filing fee and die, leaving them to file their own taxes next year? Nothing is free in this country, and since when has the government ever given people money in a timely manner? TurboTax is a legit service and people that complain should read EVERYTHING when doing their taxes. Also, you don't even enter your debit/credit card info until the END. How did you not notice yourself putting your billing info into the site? Some people should just not use the internet.