Author: Kay Bright
If you’re planning to DIY (do-it-yourself) your tax filing but need assistance and guidance to figure out what forms to file or which deductions to claim, you may want to consider using filing software. TurboTax is one of the most popular filing software available and may be an ideal option.
This review provides insight into how TurboTax works to help you decide if it is right for you or not.
How does TurboTax Work?
Established in the mid-’80s, TurboTax is one of the most popular tax filing programs available in the country. It comprises the tools most people would need to file their taxes. However, people with more complex and unique cases may feel more comfortable getting assistance from a tax professional.
Nevertheless, users can access TurboTax’s software on their mobile devices and desktops. TurboTax is well-known for its clean and easy-to-use interface. For effective usage, users must answer questions about their household, income, deductions, and credit.
Who should use TurboTax?
TurboTax’s program makes it simple for taxpayers of all levels of experience to file taxes. Whether you’re new to filing your taxes or have been filing them for years, you can use TurboTax without any issues. It guides users through its interview-style questions and options like live on-screen support, making it easy to use.
TurboTax Pricing
Compared to other tax filing software, TurboTax is one of the most expensive. It offers various filing options depending on your needs. It has free and pricier versions for users with a more complex tax return.
The free version can be used by users with simple tax documentation. Furthermore, the free version only allow users to file a form 1040, claim earned tax credit, and advance child credit. Users can also deduct student loan interest with the free version. But will not be able to report on a 1099-G for unemployment income.
TurboTax’s Features
TurboTax offers users a wide variety of features that can come in handy. Some of them include:
- Users can automatically import tax documents like a W-2 form from an employer if they’re in partnership with them.
- It also offers crypto support, thereby eliminating manual transaction entry.
- It provides tax return storage for up to seven years.
Is TurboTax Safe?
TurboTax protects users’ information using data encryption. It also requires users to verify their identity using multi-factor authentication every time they log in.
TurboTax’s Benefits
- Different levels of tax preparation assistance
- Simple and easy-to-use platform
- Clean user interface
- Great customer support
TurboTax’s Downsides
- It is expensive
- Users have to pay extra for expert tax assistance
- Compared to other platforms, TurboTax constantly tries to upsell to its users.
Conclusion
While it offers many helpful features and makes filing taxes as simple as possible, TurboTax may not be the best option for people who are on a budget and want to save money on tax preparation. Users with a more comprehensive tax return may need to upgrade to a deluxe version because the free version is limited. Overall, TurboTax offers excellent service and ensures the safety of its users.