how much does turbotax cost

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TurboTax is the #1-rated, best-selling tax software. Free Edition includes free IRS efile. Easily prepare your tax return and file income taxes online. Choose Easy.

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Five TurboTax Versions: How to Choose for Tax Year 2016 and Avoid Errors

How much does turbotax cost

Glenn Stok has managed his own business over 35 years and has expertise with filing his corporate and personal taxes using TurboTax.

How much does turbotax cost

Are you comfortable doing your own taxes that will be due in April 2017? I've used TurboTax for over 15 years, both for my business and my personal taxes. I've come to know all their products, so I can guide you with what you need. I discuss detailed comparisons below.

I found that TurboTax guides me, asking for the required information so that I end up filing my taxes with the correct information. And it’s done in a way that is legally most beneficial to me.

Health Care Compliance: Ever since the 2014 tax year, all the forms for the Affordable Care Act have been included to help you properly file your Obamacare entitlements.

All versions include free eFile so you get your refund faster. And no worry about getting lost in the mail.

Up to five returns can be eFiled for the cost of your TurboTax. That's another reason to buy the software version and not use the online version. You may end up doing the taxes for your other family member too.

Besides just properly filling out your tax forms, TurboTax provides many additional benefits, such as these:

  • TurboTax is an accounting software package that keeps track of all your finances from one year to the next.
  • The Premier (and higher) TurboTax version includes a free "Ask the Tax Expert" service.
  • You can increase your refund by taking all or part of it on an gift card (up to $1,000) and TurboTax will add 5% to 10% to the total.
  • All your information is carried forward year to year. This improves the accuracy of each year's filing. It even reminds you about things that occurred in prior years that you might have forgotten to include. My accountant never reminded me when I left something out.
  • TurboTax properly handles the filing of data for the Affordable Care Act.

There are several different versions, each for a specific situation. Each version is available online as well as software that you install on your own computer.

Below is a complete review of the various versions to help you choose the right one. You can also download right now and start doing your own taxes when you buy from Amazon.

How much does turbotax cost

The Basic version is for individuals who just have a salary and interest income from savings. If you have any investments, then you need one of the others that I discuss below.

TurboTax Basic does not include State preparation, so if you live in a State that has income tax you need to buy the State addition. Another option is to use TurboTax Deluxe instead.

TurboTax Basic can be downloaded or purchased on a CD for both PC and Mac computers.

When you go to Amazon, you'll see the option to select Turbotax for immediate download for either a PC or a Mac. If you prefer getting it on a CD, you can select the option to have that mailed to you. I personally prefer to download it, no need to wait for delivery.

How much does turbotax cost

The Deluxe version does both Federal and State. It helps find deductions for you so you can legally reduce your taxes.

This is all you need if you don't have investments such as stocks or bonds. If you do have investments then you need the Premier version that I discuss below.

TurboTax Deluxe can be downloaded or purchased on a CD for both PC and Mac computers.

How much does turbotax cost

The Premier is the same as the Deluxe, but in addition it handles investments and rental property. This is the one I use every year since I trade stocks.

I also take advantage of TurboTax Premier's feature to let it log into my broker account and capture all the Form 1099 data, including stock purchases and sales. This saves me all the time I would otherwise spend typing in all may trades.

TurboTax Premier can be downloaded or purchased on a CD for both PC and Mac computers.

Turbotax will help you discover all the things you can claim as deductions on your taxes.

  • Personal Exemptions
  • Real estate property taxes
  • Alimony (some cases)
  • Student Loan Interest
  • Education-Related Expenses
  • Self-Employment Expenses
  • Social Security (FICA) Taxes
  • Medical claims
  • Medicare Premiums
  • Health Insurance
  • Charitable Deductions
  • Energy Efficiency Purchases
  • Renewable Energy Credits
  • Automobile Tax Credits (some cases)
  • Child Care

If you have your own business and are self-employed as a sole proprietor, or you are incorporated, then you need one of these business versions.

How much does turbotax cost

The Home & Business version is what you need if you are self-employed. This version also does taxes for single-owner LLC’s and it includes State Tax preparation.

However, if you have an LLC with more than one person, or if you have a Corporation, then you need TurboTax Business Federal shown below.

TurboTax Home & Business can be downloaded or purchased on a CD for both PC and Mac computers.

How much does turbotax cost

This is different than the Home & Business. The Business Turbotax is for Corporations and LLC's with more than one person.

State Tax preparation is not included, but can be added for an additional fee. You will be given the option to download your state software when you run TurboTax Business Federal.

I was incorporated until I retired, so I had used this one for my corporate taxes.

TurboTax Business can be downloaded or purchased on a CD for both PC and Mac computers.

You may even save on the purchase of Business TurboTax.

This section only applies to you if you have a corporation and you file for a Fiscal Year that is not January thru December.

Common Questions About Tax Preparation with TurboTax

  • Can I do eFiles for other family members? How many eFiles can I do?

You can do up to five eFiles when you buy the CD software version or download it from Amazon. However, the online version only lets you do one return.

  • Can I share TurboTax with a friend or family members? How many tax returns can I file with one TurboTax purchase?

The software version on CD and the download version is unlimited as long as you do the returns on a single computer where you installed your copy of TurboTax. However, keep in mind that you can only eFile up to five returns. Beyond that you need to print the forms, for your family members or friends, to mail in.

Yes, same as last question. You can eFile, as well, for up to five individual family member’s returns.

  • Can you delete your information from TurboTax when you're done?

Yes, but you really wouldn't want to, because TurboTax makes it easier to do your taxes each of the following years by carrying forward all pertinent information.

I have done this. It works very well. If you are the executor, TurboTax will guide you with properly filing the final return for a deceased parent or other relative.

Yes. I do that. See my complete explanation in the section above: "Filing for a Non-Calendar Fiscal Year"

"TurboTax Business Federal" is for Corporations and not for personal 1040. The State return needs to be added with an additional fee for Corporate businesses. The "Home & Business Federal" can be used for personal 1040 forms, and it even includes your State return as well.

  • Can I download a different TurboTax State for different family members?

You can purchase and download as many States as you need. The first you download is included free. However, TurboTax Basic and TurboTax Business does not include the State return for free and has to be purchased.

No. Tax laws change every year and TurboTax constantly keeps up with the changes. That's why you need to purchase a new one every year. Your personal information and tax data is automatically carried forward, so doing your taxes becomes easier with each additional year.

Main image courtesy Pixabay with TurboTax logo added under "fair use" permission.

How much does turbotax cost

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How much does turbotax cost

Glenn Stok 6 months ago from Long Island, NY

Jackee - Good question. I never ran into that situation before — using up all free eFiles. So unfortunately I don't know what happens if you purchase another license for the same computer. I might guess that it keeps a record in a hidden file and it may not know that a new purchase was made for additional eFiles. Before you purchase another, I suggest you call Intuit and ask them. They may require that you purchase direct from Intuit and download from their site. You actually get a logon acccount where all your downloaded purchases are saved for backup. At least that way you can get a refund if they told you it works, and it fails.

If you do that, or any other method, it would be great if you would come back here and post the results. I would greatly appreciate that, as well as any other readers would, who might have the same question.

How much does turbotax cost

I installed 2016 Turbo Tax Deluxe CD on computer and have used all 5 efiles.

Can I buy a second Turbo Tax Deluxe or Premier CD and install on on same computer?

How much does turbotax cost

Glenn Stok 6 months ago from Long Island, NY

Jose Estrella - Turbotax will automatically decide if the 1040 EZ return is right for you based on your source of income, and it will give you the option. If you are using the Home & Business version then you probably have a business. If you do have business income then the EZ form is not right for you anyway. Either way, no problem since Turbotax will complete all the proper forms for you after your answer the easy-to-follow questions.

How much does turbotax cost

Jose Estrella 6 months ago

Can I use the Home & Business Software to do a 1040 ez return?

How much does turbotax cost

Glenn Stok 9 months ago from Long Island, NY

I updated this Hub to include the 2016 versions of TurboTax.

How much does turbotax cost

Glenn Stok 3 years ago from Long Island, NY

Millionaire Tips - Thanks for stopping by and for your comments, Shasta. I've used TurboTax for well over a decade already and I like how it continues to carry forward all required information to the following year. Back in the days when I used an accountant, I had to remind her of information she missed several times. Of course, some accountants are better at keeping track. TurboTax makes it much easier since I know it will not forget to carry things forward, such as stock losess that can be deducted in future years. I also like how TurboTax suggests things that save me money, such as adding more to my IRA, etc. As you said, all this makes me more aware of what's going on. Thanks again for your comments.

How much does turbotax cost

Shasta Matova 3 years ago from USA

Great idea to use the software! I've been using Tax Act, but have used Turbo Tax in the past. Besides the fact that you may not know the competence of your attorney, using the software has other advantages. You are more aware of deductions, so that helps you in future financial decisions, such as what investments to buy. It also helps you make adjustments, like increase the amount of your IRA , so that you can reduce your taxes.

How much does turbotax cost

Glenn Stok 3 years ago from Long Island, NY

Mimi - You do get five efiles for each TurboTax you buy. Every year I install both the Premier and the Business version myself. They don't interfere with one another. I would think the same is so for the two versions you use. So you can keep them both installed and do what you need to do with each. Just make sure you don't ever open the wrong tax file in the wrong version. That may mess things up.

How much does turbotax cost

I had bougth 2 versions of Turbo Tax, Deluxe and Home and Business, do I have to uninstall one and install the other one to get 10 free federal e-files?

How much does turbotax cost

Valene 4 years ago from Missouri

Thanks, Glenn! I am really trying to save money this year and I might just give TurboTax a try. I am HORRIBLE with numbers and details and as such I feel rather insecure about doing my own taxes, but maybe this TurboTax thing could give me a better insight into my situation in a way I could understand. And be cheaper to boot!

How much does turbotax cost

Glenn Stok 4 years ago from Long Island, NY

Valene - I have two answers to your question.

On one hand, your tax situation is so simple that there is really no need to have a professional do it. When I was young and had a similar situation as yours, I filled out the forms myself. No accountant and no TurboTax (at the time). I am sure you can do this too and save the $60.

On the other hand, if your accountant is only charging you $60 you may as well let him or her do it. You have to consider your time-cost too -- the time it takes you to do it.

Your final decision is based on what you feel is important to you. In my case it is worth it since I get to know more about my own finances and letting someone else do it leaves me in the dark. I learned this when I started my business and used an accountant for the business filings. At one point I started doing my business tax filings myself too (with TurboTax). That helped me discover important things about my money-flow that my accountant never brought to my attention.

How much does turbotax cost

Valene 4 years ago from Missouri

I have used an accountant for the past few years only because I am afraid to mess anything up on my own. I have a simple return I think. standard deduction, single no dependents and I have student loans, a very small 401k and I have to pay this "city tax" for living inside the city limits of Kansas City, MO.

Do you think I would get just as accurate a return with Turbo Tax as with my accountant? Or would it just as easy? I don't want to have to mail a separate thing to the state, a separate thing to the city, etc. My accountant usually charges me $60 and mails it all off and files everything for me.

How much does turbotax cost

Glenn Stok 4 years ago from Long Island, NY

Well, I have to admit that it all depends on which accountant one has. I guess mine wasn't so great. And also it depends on how much work is involved. If I had several businesses I probably wouldn't have the time to do all the accounting as well. But with one business and no extremely complicated tax issues, I have no problem. I'm glad you found my hub informative. Thanks for stopping by.

How much does turbotax cost

stillwaters707 4 years ago from Texas

I have tried by Turbo Tax and Taxact. Taxact is free, but you do have to pay for a printed report. My experience is that Turbo Tax is best. It's worth it knowing what I'm paying for up front, with a printable or downloadable form included. The software is best for anyone, like a caretaker, who has to do their own and their loved one's taxes.

I can't believe TurboTax worked better for you than an accountant. Wow!

How much does turbotax cost

Efficient Admin 5 years ago from Charlotte, NC

I have been using Turbo Tax since 2005. Prior to that I had an accountant who was charging me $125 every year, and an extra $5 for each question I had. I dumped the accountant for TurboTax and never looked back. Very informative article, voted up, useful, awesome.

How much does turbotax cost

Great information. I just purchased Turbo Tax and am using it now. I have to say I absolutely love it. It's so simple.