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Which Turbotax Is Right For Me
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Stop asking “what version of turbotax do i need ? or Which Turbotax Do i Need” and read the following .If you’re looking for a reliable tax preparation option then you’ve probably heard of TurboTax. In this helpful guide we will explore all the different options available from TurboTax and which is the right turbotax to likely suit you best. For a full TurboTax Review see our write up for why you would chose it over other well known tax preparation software like Taxact or H&R block or credit karma.
Let’s start with the Turbotax free edition which as the name suggests is a free version. It costs you nothing to prepare your federal return , that’s right .The same applies to your state return ,you will pay no money for both of these filing options.
It’s designed for those people who have very basic tax filing requirements and simple tax situations.For example if you only need one of these options then turbo tax free edition is good for you.
W-2 income
Limited interest and dividend income reported on a 1099-INT or 1099-DIV
Claim the standard deduction
Earned Income Tax Credit (EIC)
Child tax credits
If however you require any of the following items then you will need to pay for one of TurboTax paid versions but keep in mind we offer the best Turbotax discounts every year which can save you 12 to 20%
Schedule A: itemized deductions
The IRS gives you two options, you can choose from the standard deduction or an itemized deduction. If you decide to itemize you’ll have to fill out schedule a comma which allows you to report deductible expenses throughout the year for example medical or dental costs
Schedule C: Business or 1099-MISC income, self employed
If you are self-employed then schedule C is most likely the right fit for you to report how much income you have made throughout the year.
Schedule D: Stock sales
Schedule D is used to report capital gains and losses throughout the year from Stocks
Schedule E: Rental property income
Schedule E is most commonly used when renting out property or renting out rooms in your house for income.
Credits, deductions and income reported on Schedules 1-6 (like student loan interest deductions)
If your return is simple by nature then the free option is probably going to be suitable for you
The TurboTax Options Basic, Deluxe, Premier, Home & Business
How Much Does Turbotax Cost ?
turbotax review get started todayThere are four options when purchasing TurboTax and each one adds extra features than the one before it. Here we will outline these four options with a basic overview for you . So which turbotax to get will depend entirely on your personal situation.
Basic Edition
As the name suggests this is used for very simple tax returns and it will e-file for you. It will also file your federal 1040EZ or the 1040 a depending on your requirements and is completely free.
Deluxe Edition
This allows you to add itemize deductions where is the free basic version doesn’t. You can add expenses relating to mortgages or charitable donations or other write off’s. The deluxe version cost $54.99
Premier Edition
If you have stocks, bonds, rental property, other investments, this is the program for you. It’s a very comprehensive package and allows you to get the best deductions possible and all for one cost of $79.99. It can also upload information direct from brokers and other financial institutions on your behalf
Home and business TurboTax
If you run a small business of any description then this is the soft with you. It covers all self-employment and helps you maximize your asset depreciation’s and tax deductions to give the best return and refund possible. It will guide you through schedule C to maximize business deductions and will also create your W-2 and 1099 form for employees or subcontractors. At $104.99 it sounds pricey but will save you in the long run.
Darren Tatch founded MyDealsClub in January 2009 when he saw his family struggle during the global financial crisis.
Learn more at MyDealsClub
MyDealsClub
6334 Pacific Blvd #100
Huntington Park, CA 90255
United States
(323) 922-5231
Let’s start with the Turbotax free edition which as the name suggests is a free version. It costs you nothing to prepare your federal return , that’s right .The same applies to your state return ,you will pay no money for both of these filing options.
It’s designed for those people who have very basic tax filing requirements and simple tax situations.For example if you only need one of these options then turbo tax free edition is good for you.
W-2 income
Limited interest and dividend income reported on a 1099-INT or 1099-DIV
Claim the standard deduction
Earned Income Tax Credit (EIC)
Child tax credits
If however you require any of the following items then you will need to pay for one of TurboTax paid versions but keep in mind we offer the best Turbotax discounts every year which can save you 12 to 20%
Schedule A: itemized deductions
The IRS gives you two options, you can choose from the standard deduction or an itemized deduction. If you decide to itemize you’ll have to fill out schedule a comma which allows you to report deductible expenses throughout the year for example medical or dental costs
Schedule C: Business or 1099-MISC income, self employed
If you are self-employed then schedule C is most likely the right fit for you to report how much income you have made throughout the year.
Schedule D: Stock sales
Schedule D is used to report capital gains and losses throughout the year from Stocks
Schedule E: Rental property income
Schedule E is most commonly used when renting out property or renting out rooms in your house for income.
Credits, deductions and income reported on Schedules 1-6 (like student loan interest deductions)
If your return is simple by nature then the free option is probably going to be suitable for you
The TurboTax Options Basic, Deluxe, Premier, Home & Business
How Much Does Turbotax Cost ?
turbotax review get started todayThere are four options when purchasing TurboTax and each one adds extra features than the one before it. Here we will outline these four options with a basic overview for you . So which turbotax to get will depend entirely on your personal situation.
Basic Edition
As the name suggests this is used for very simple tax returns and it will e-file for you. It will also file your federal 1040EZ or the 1040 a depending on your requirements and is completely free.
Deluxe Edition
This allows you to add itemize deductions where is the free basic version doesn’t. You can add expenses relating to mortgages or charitable donations or other write off’s. The deluxe version cost $54.99
Premier Edition
If you have stocks, bonds, rental property, other investments, this is the program for you. It’s a very comprehensive package and allows you to get the best deductions possible and all for one cost of $79.99. It can also upload information direct from brokers and other financial institutions on your behalf
Home and business TurboTax
If you run a small business of any description then this is the soft with you. It covers all self-employment and helps you maximize your asset depreciation’s and tax deductions to give the best return and refund possible. It will guide you through schedule C to maximize business deductions and will also create your W-2 and 1099 form for employees or subcontractors. At $104.99 it sounds pricey but will save you in the long run.
Darren Tatch founded MyDealsClub in January 2009 when he saw his family struggle during the global financial crisis.
Learn more at MyDealsClub
MyDealsClub
6334 Pacific Blvd #100
Huntington Park, CA 90255
United States
(323) 922-5231
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