Turbotax Deluxe 2022
Turbotax Deluxe 2022 as a CPA I've use countless types of tax preparation software over the years so I love digging into the details whenever a, new addition is released in this episode I'm reviewing the TurboTax software for use in preparing 2019 tax returns due in 2020 this episode is knotted me a walk through, it is a true review where I go through turbo taxes features it's free plan is paid plans the user experience pros and cons and more, so many of you know that turbo tax is generally viewed as the cream of the crop of do-it-yourself tax. Software with the price point to prove it and in my opinion turbo tax truly.
Does offer a bit more streamlined tax return preparation process then it's, less expensive competitors but of course it's not without its drawbacks I like to start my tax software reviews by. Discussing the free version of the software since I know that this piece of information is all some of. You want to know about so let's start with talking about the turbo tax free edition now the good. Thing about the turbo tax free Edition is that it's truly free unlike some tax software that gives you a free federal return but then makes you pay to file your state. Return the Turbo Tax Free Edition is free for both your federal and, state returns the only problem is that your tax return has to be extremely simple for you, to qualify to use the Free Edition and by extremely simple I mean someone whose only income, is reported on a w-2 maybe they have a small amount of interest in dividends and they take the standard deduction if your tax situation is more complicated than that you'll need to use one of. The paid editions that I'll talk about later in the episode.
Now just comparing the turbo tax free addition to the H&R block free online. Edition you'll see that the turbo tax free Edition is quite limited compared to H&R block's free product for example if you take the student loan interest deduction you'll have to, use a paid TurboTax product but you still qualify for. The free agent our blog product the same is true for teachers who take the educator expenses deduction for those who, want to take a tax credit for education those who wish to take a tax credit for childcare expenses and a few other situations as well so, to be frank TurboTax is free addition is kind of a letdown if you have any semblance of complexity in your tax return, whatsoever you'll likely need to pony up for one of turbo tax is paid, editions be the deluxe premier or self-employed I'll get into the details of each of these, plans later but for now let's touch on pricing now turbo tax is many things but sheep isn't one, of them as you can see in the table the least expensive paid Edition will set you. Back $80 and the most expensive will set you back one hundred and thirty dollars compared to H&R block's range of about sixty dollars for the lowest price point and $97 for the highest price. Point TurboTax definitely comes at a premium next I'll give an overview of each of the turbo tax plans the first paid. Edition is a TurboTax deluxe edition the deluxe edition is, the most popular paid turbo tax plan since it accommodates tax payers with a typical middle-class tax situation but doesn't necessarily have all, the bells and whistles associated with the more expensive plans among. Other things this edition allows you to take the following deductions and credits you can see them on the screen, itemized deductions on schedule a such as the mortgage interest deduction property tax deduction state income tax deduction and charitable. Contribution deduction adjustments to income such as the student loan interest deduction educator expenses credits such as the child. And dependent Care Credit and the retirement savings credits adjustments to income such as the student loan interest deduction and educator expenses credits such as the child and dependent Care Credit and, the retirement savings credit you can also report self-employment income on Schedule C using the TurboTax deluxe edition but there's, a catch you can't report expenses this is true for the premier edition as well maybe this is okay if you just picked up one or. Two freelancing assignments during the year but if you're truly running a, small business with many expenses I would recommend that you pony up and go for the self-employed, edition since your tax deductions will likely put far more cash back into your pocket than, the $50 spread between the deluxe edition and the self-employed edition also if you would like a real CPA or EA to review. Your deluxe edition return to TurboTax live your total cost is $90 for your federal turn and $50 per state return the next pay plan is a turbo tech premier edition, the premier edition opens up.
Scheduled Diaz Schedule II which are used for capital gains and losses such as stock sales and rental income and. Loss and K wond respectively in my opinion the price jump is more than worth it since TurboTax can automatically, import your stock gains and losses for most major online brokerages also if your landlord you'll obviously want to go with this option unless nee the self-employed, Edition as well and again if you would like a real CPA or EA to review your premier edition through TurboTax live your total cost is 140 dollars for, your federal return and $50 per state return the last paid plan is a TurboTax self-employed edition so finally we, have the, self-employed Edition which accommodates even the most complicated self-employment situations report it on Schedule C and yes you now have the ability.