6/23/2023 0 Comments Turbotax federal free edition![]() ![]() As you fill out your return, TurboTax asks targeted questions that determine whether you qualify for particular tax credits and deductions. This edition also lets you file any forms related to the Affordable Care Act and can help you determine whether you qualify for subsidies to purchase health insurance under the act. If you’re eligible for the earned income tax credit, the Federal Free edition lets you file Schedule EIC. That’s particularly useful if you have more than one job. The Free plan allows you to import as many W-2s as you need and record all W-2 income. Just convert to PDF if your return was in another format previously. You can import last year’s tax return in PDF form from TurboTax or any other tax prep provider. A special deal that extends free TurboTax Live support to Free Edition filers may be available early in tax season. The Basic plan, a TurboTax Live-only option, is very similar to the free plan. Since it doesn’t support most schedules, it’s only appropriate for very simple tax situations* - no itemized deductions, rental property income, or stock sales, for instance. This plan offers free federal and state tax returns. ![]() You can always start with the Free Edition and wait for TurboTax to prompt you to upgrade if your situation requires it. TurboTax’s four DIY plans each apply to specific tax situations, with pricing that reflects their capabilities. TurboTax Live Full Service plans start around $200 and range up to about $400. If it’s all good, you sign, file, and pay. Otherwise, they’ll reach out when they’re done to go over your return and ensure it’s accurate. If any questions arise, they’ll reach out to you, and you can check their progress through your TurboTax account. ![]() The system takes it from there, assigning your file to an expert tax preparer who prepares your return. With TurboTax Live Full Service, your only obligation is to gather all relevant tax documents and upload them securely to TurboTax. If you prefer a truly hands-off tax prep experience and are willing to pay for it, choose TurboTax Live Full Service. ![]() The highest-priced plan costs about $220. The lowest-priced standard TurboTax Live package costs about $80. When you complete your return with TurboTax Live, your tax expert signs your return before sending it off to the IRS.Īll paid DIY TurboTax packages are available as a Live package at a higher price point. The tax expert appears by video on a split screen next to your tax prep interface so you can follow along with them and take suggested actions in real time.Īll TurboTax Live packages include thorough line-by-line reviews prior to e-filing. Standard TurboTax Live is a hybrid product that pairs you with credentialed tax experts for on-demand assistance during the prep and filing process. If you need more prep assistance than TurboTax’s DIY resources can provide, TurboTax Live is right for you. If you opt for a paid plan, you don’t have to pay until you file. If TurboTax recognizes that you require a form or function that your current plan doesn’t support (such as itemized deductions or self-employment income), it automatically prompts you to upgrade without losing the information you already entered. Based on your answers, TurboTax determines which forms and schedules you need to successfully complete your return. The DIY platform uses an interview-style process in which your answers to a series of simple questions help it evaluate your tax situation. Many TurboTax filers begin by choosing from one of four DIY plans. TurboTax Live is further divided into standard TurboTax Live and an even more robust option called TurboTax Live Full Service, which is totally hands-off for filers. TurboTax has two primary services: do-it-yourself and TurboTax Live. Is TurboTax right for you? Learn more about the platform’s features, capabilities, and overall suitability for your tax preparation needs to find TurboTax Services: DIY and TurboTax Live It also isn’t the fastest service I’ve ever used. But it’s pricier than most competitors and requires people with even modest tax situations to upgrade to more expensive plans. Its interview-based filing process is highly intuitive, and the mobile-friendly platform is a snap to use. That’s not to say that TurboTax is perfect. That was my go-to before freelancing rendered my tax situation too complex, and it’s only growing more robust. Its free filing package has long been one of the best free tax filing options around. I’ve personally used TurboTax to file my taxes in the past. Major TurboTax competitors include popular online tax filing software like H&R Block, TaxAct, eSmart Tax, and TaxSlayer. TurboTax is one of the most popular online tax preparation and filing software programs in the United States. ![]()
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