TurboTax offers two popular versions of its tax preparation software: Deluxe and Premier.
While both versions offer a range of tools and features to help users prepare their taxes, each is designed to meet different needs.
TurboTax Deluxe is ideal for individuals with straightforward tax situations who may need to claim deductions for mortgage interest, charitable donations, or medical expenses.
This software version includes step-by-step guidance and support to help users maximize their deductions and credits.
Additionally, TurboTax Deluxe includes a feature called ItsDeductible, which helps users track the value of their donated items throughout the year, making it easier to claim the full value of their donations at tax time.
On the other hand, TurboTax Premier is designed for individuals with more complex tax situations, including those with investments or rental properties.
This version of the software includes all of the features of TurboTax Deluxe and additional tools to help users navigate the tax implications of investments and rental income.
TurboTax Premier can also import investment data from over 1,000 financial institutions, making it easy to accurately report all investment income and gains.
Which version of TurboTax is better for you ultimately depends on the complexity of your tax situation. If you have a straightforward tax situation, TurboTax Deluxe will likely meet your needs. However, if you have investments or rental properties, or if your tax situation is more complex, TurboTax Premier may be your better choice.
Regardless of which version you choose, TurboTax’s user-friendly interface and robust support make it an excellent choice for anyone looking to simplify the tax preparation process.
Understand the Key Features Offer By TurboTax’s Deluxe.
TurboTax Deluxe is a popular version of the tax preparation software offered by Intuit.
It is designed for individuals with straightforward tax situations who want to maximize their deductions and credits.
The software offers a range of features and tools to help users navigate the tax preparation process quickly and efficiently.
Let’s take a closer look at some of the key features offered by TurboTax Deluxe:
- Step-by-step guidance: TurboTax Deluxe provides step-by-step guidance to help users complete their tax returns accurately. The software asks simple questions to determine the user’s tax situation and provides relevant advice and support based on their answers.
- Deduction finder: The software includes a tool that helps users identify potential deductions and credits they may be eligible for. The tool searches for over 350 tax deductions and credits, including deductions for mortgage interest, charitable donations, and medical expenses.
- ItsDeductible: ItsDeductible is a feature included in TurboTax Deluxe that helps users track the value of their donated items throughout the year. This makes it easier for users to claim the full value of their donations at tax time.
- W-2 import: TurboTax Deluxe can import W-2 information directly from employers, saving users time and reducing the risk of errors. This feature is available for over one million employers, making it easy for users to get started quickly.
- Prior-year import: The software can import prior-year tax returns from TurboTax and other tax preparation software, making it easy to transfer important information and save time on data entry.
- Audit support: TurboTax Deluxe includes audit support from a tax professional if the user’s tax return is audited. This gives users peace of mind and reassurance that their tax return is accurate and complete.
TurboTax Deluxe offers a range of features and tools to help users with straightforward tax situations prepare their tax returns quickly and accurately.
The software provides step-by-step guidance, deduction finders, and W-2 and prior-year import features, making it easy for users to get started quickly and reduce the risk of errors.
Its Deductible and audit support features provide additional value and support for users who want to maximize their deductions and ensure accurate tax returns.
Understand the price of TurboTax’s Deluxe: Variety options.
TurboTax Deluxe is a popular version of the tax preparation software offered by Intuit.
It is designed for individuals with straightforward tax situations who want to maximize their deductions and credits.
The price of TurboTax Deluxe varies depending on the version and method of purchase.
Here’s a breakdown of the different options:
- Online version: The online version of TurboTax Deluxe is available at a starting price of $60. This version includes all of the features and tools offered by TurboTax Deluxe and can be accessed from any internet-connected device.
- Desktop version: The desktop version of TurboTax Deluxe is available for purchase at a starting price of $90. This version includes all of the features and tools offered by TurboTax Deluxe and can be installed on up to three computers.
- Federal Free Edition: TurboTax offers a Federal Free Edition of its tax preparation software for individuals with simple tax situations. This free version includes basic features and tools to help users prepare their tax returns.
- State filing: State filing is available as an add-on to both the online and desktop versions of TurboTax Deluxe. State filing costs vary depending on the user’s residence and are typically around $50.
- TurboTax Live: TurboTax Live offers real-time help and advice from a tax expert. This service is available as an add-on to the TurboTax Deluxe’s online version and is priced at $80.
So the price of TurboTax Deluxe varies depending on the version and method of purchase.
The online version costs $60, while the desktop version is $90. State filing and TurboTax Live are available as add-ons for an additional cost.
The Federal Free Edition is free for individuals with simple tax situations.
How To Switch From Turbotax Deluxe to Free?
If you’ve already purchased TurboTax Deluxe but want to switch to the Federal Free Edition, there are a few steps you can follow.
Here’s how to switch from TurboTax Deluxe to Free:
- Log in to your TurboTax account: To switch to the Federal Free Edition, and you’ll need to log in to your TurboTax account. You’ll need to create an account if you still need to create one.
- Navigate to the “Upgrade” page: Once logged in, navigate to the “Upgrade” page. This page will display all of the available versions of TurboTax.
- Select the Federal Free Edition: From the “Upgrade” page, select the Federal Free Edition. This version is typically listed as the first option on the page.
- Confirm your choice: After selecting the Federal Free Edition, you’ll be prompted to confirm your choice. Read through the Federal Free Edition details and click “Continue” to confirm your selection.
- Complete the downgrade process: After confirming your choice, you’ll be prompted to complete the downgrade process. Follow the on-screen instructions to complete the process.
- Submit your return: Once you’ve switched to the Federal Free Edition, you can complete and submit your tax return. Review your return carefully before submitting it to ensure it’s accurate and complete.
If you’ve already paid for TurboTax Deluxe, you may not be eligible for a refund if you switch to the Federal Free Edition.
Additionally, some features and tools available in TurboTax Deluxe may not be available in the Federal Free Edition, so be sure to review the details of each version before making a switch.
Understand the Key Limitation of Turbotax Deluxe
TurboTax Deluxe is a popular version of the tax preparation software offered by Intuit.
While it offers a wide range of features and tools to help individuals prepare their tax returns, this version has some limitations.
Here are some of the key limitations of TurboTax Deluxe:
- No Schedule C support: TurboTax Deluxe is not designed to support individuals with self-employment income or running a small business. If you have self-employment income and need to file Schedule C, you’ll need to upgrade to TurboTax Self-Employed or another version that supports Schedule C.
- Limited investment support: While TurboTax Deluxe can handle basic investment income, such as dividends and capital gains, more is needed for individuals with more complex investment portfolios. If you have a lot of investment income or own rental property, you may need to upgrade to TurboTax Premier or TurboTax Home & Business.
- No support for foreign income or foreign bank accounts: If you have foreign income or foreign bank accounts, you may need more than TurboTax Deluxe to handle these types of income and assets. You may need to upgrade to TurboTax Premier or TurboTax Home & Business, which offer support for foreign income and foreign bank accounts.
- Limited support for deductions and credits: While TurboTax Deluxe includes support for common deductions and credits, such as the standard deduction and the Earned Income Tax Credit (EITC), it may not support more obscure deductions and credits. If you have a lot of deductions and credits, you may need to upgrade to a higher version of TurboTax to ensure that you’re maximizing your savings.
While TurboTax Deluxe is a comprehensive tax preparation software, it does have some limitations.
Individuals with self-employment income, complex investment portfolios, foreign income, or obscure deductions and credits may need to upgrade to a higher version of TurboTax to ensure that they’re properly preparing their tax returns.
It’s important to carefully review the features and limitations of each version of TurboTax to determine which version is right for you.
Understand the Key Features Offer By TurboTax’s Premier
TurboTax Premier is a tax preparation software offered by Intuit that is designed for individuals with more complex tax situations.
Here are some of the key features offered by TurboTax Premier:
- Investment income support: TurboTax Premier offers comprehensive support for various types of investment income, such as stocks, bonds, mutual funds, and rental property income. It can help you accurately report your investment income and calculate capital gains and losses.
- Schedule C support: If you have self-employment income, TurboTax Premier can help you file Schedule C to report your business income and expenses. It can also help you track your mileage and other business-related expenses to maximize your deductions.
- Cryptocurrency support: TurboTax Premier offers support for reporting cryptocurrency gains and losses, including guidance on calculating your cost basis and determining your capital gains or losses.
- Charitable donations tracking: TurboTax Premier can help you track your charitable donations throughout the year and determine the maximum deduction you’re eligible for.
- Audit Defense: TurboTax Premier includes access to Audit Defense, which provides professional representation in case of an audit by the IRS. If you’re audited, a licensed tax professional will help you prepare and defend your tax return at no additional cost.
- Priority customer support: TurboTax Premier users have access to priority customer support, including TurboTax experts’ phone and chat support. You’ll receive personalized help and guidance to ensure your tax return is accurate and complete.
TurboTax Premier offers a wide range of features and tools to help individuals with complex tax situations prepare their tax returns accurately and efficiently.
Whether you have investment income, self-employment income, or cryptocurrency gains and losses, TurboTax Premier can help you maximize your deductions and minimize your tax liability.
Additionally, including Audit Defense and priority customer support can give you peace of mind and ensure that you’re receiving expert guidance throughout the tax preparation process.
Understand the price of TurboTax’s Premier
TurboTax Premier is a comprehensive tax preparation software offered by Intuit that is designed for individuals with more complex tax situations, such as those with investment income, rental property income, or self-employment income.
The price of TurboTax Premier varies depending on the specific version and whether you purchase it as a digital download or a boxed product. Here are some details on the pricing options for TurboTax Premier:
- Digital Download: If you purchase TurboTax Premier as a digital download, you’ll have several pricing options. As of the 2023 tax year, the price for TurboTax Premier ranges from $79.99 to $119.99, depending on your chosen version. The higher-priced versions typically include more features, such as additional support for complex investments or rental properties.
- Boxed-Product: If you prefer to purchase a boxed product, you can choose between TurboTax Premier or TurboTax Home & Business. As of the 2023 tax year, the price for the boxed version of TurboTax Premier ranges from $109.99 to $149.99, depending on the version you choose. TurboTax Home & Business, which includes support for self-employment income and Schedule C, is priced similarly.
- State Returns: In addition to the federal tax return, you’ll also need to file a state tax return in most cases. TurboTax Premier supports one state return, but you may need to purchase additional state returns if you need to file in multiple states. The cost for each additional state return varies by version and ranges from $39.99 to $44.99.
- Discounts and Special Offers: Intuit occasionally offers discounts and special offers for TurboTax Premier, particularly early in the tax season. Additionally, if you’re a member of certain organizations or financial institutions, you may be eligible for a discounted or free version of TurboTax Premier.
The price of TurboTax Premier varies depending on the specific version you choose, whether you purchase it as a digital download or a boxed product, and whether you need to file a state tax return.
It’s important to carefully consider your tax situation and the features you need before choosing a version of TurboTax, as the price can vary significantly depending on the features and support included.
Be sure to check for any discounts or special offers that may be available to help you save on the cost of TurboTax Premier.
Understand the Key Limitation of Turbotax Deluxe
TurboTax Deluxe is a popular tax preparation software offered by Intuit that provides users with tools to help them prepare their federal and state tax returns.
While it offers a range of features and benefits, there are some limitations that users should be aware of before deciding whether or not to use it.
Here are some of the key limitations of TurboTax Deluxe:
- Limited Investment Income Support: TurboTax Deluxe offers limited support for investment income, such as interest and dividends, but it does not provide comprehensive support for capital gains and losses. If you have significant investment income, you may need to upgrade to a higher version of TurboTax or seek professional tax advice to ensure your tax return is accurate and complete.
- No Schedule C Support: If you have self-employment income, you must file Schedule C to report your business income and expenses. Unfortunately, TurboTax Deluxe does not offer support for Schedule C, so you’ll need to upgrade to a higher version of TurboTax or seek professional tax advice to ensure your tax return is accurate and complete.
- Limited Deduction Support: TurboTax Deluxe can help you maximize your deductions, but it does not support all possible deductions. For example, suppose you have significant medical expenses or charitable donations. In that case, you may need to upgrade to a higher version of TurboTax or seek professional tax advice to ensure you claim all available deductions.
- No Audit Defense: TurboTax Deluxe does not include access to Audit Defense, which provides professional representation in case of an audit by the IRS. Suppose you’re concerned about the possibility of an audit. In that case, you may need to upgrade to a higher version of TurboTax or seek professional tax advice to ensure your tax return is accurate and complete.
- No Priority Customer Support: TurboTax Deluxe offers basic customer support, while higher versions of TurboTax, such as TurboTax Premier, offer priority customer support. If you have questions or issues with your tax return, you may need to wait longer for support with TurboTax Deluxe than with higher versions of TurboTax.
TurboTax Deluxe is a useful tax preparation software for individuals with relatively simple tax situations.
However, it does have some limitations, particularly for those with more complex tax situations.
If you have significant investment income, self-employment income, or deductions, or if you’re concerned about the possibility of an audit, you may need to upgrade to a higher version of TurboTax or seek professional tax advice to ensure that your tax return is accurate and complete.
TurboTax’s Deluxe Vs. TurboTax’s Premier – Quick Summary
TurboTax Deluxe and TurboTax Premier are both tax preparation software offered by Intuit, but they differ in their features, price, and target audience.
Here is a detailed comparison of the two versions to help you determine which one is better for your tax situation:
Price: TurboTax Deluxe costs $60 for federal returns and an additional $50 for state returns.
TurboTax Premier, on the other hand, costs $90 for federal returns and an additional $50 for state returns.
Key Features: TurboTax Deluxe is designed for individuals with relatively simple tax situations. It can help you maximize your deductions, report retirement income, report charitable donations, and report W-2 and 1099 income.
However, it offers limited support for investment income, such as capital gains and losses, and does not support Schedule C, used to report self-employment income.
On the other hand, TurboTax Premier is designed for individuals with more complex tax situations, particularly those with significant investment income.
It offers comprehensive support for investment income, including capital gains and losses, rental property income, and cryptocurrency transactions.
It also supports Schedule C for self-employment income and offers comprehensive support for deductions, including medical expenses and charitable donations.
Investment Income: TurboTax Deluxe offers limited support for investment income, such as interest and dividends, but it does not provide comprehensive support for capital gains and losses.
On the other hand, TurboTax Premier provides comprehensive support for investment income, including capital gains and losses, rental property income, and cryptocurrency transactions.
Self-Employment: If you have self-employment income, you must file Schedule C to report your business income and expenses.
TurboTax Deluxe does not offer support for Schedule C, so you’ll need to upgrade to TurboTax Premier or another version of TurboTax.
TurboTax Premier supports Schedule C and other forms related to self-employment income.
Deductions: TurboTax Deluxe can help you maximize your deductions but only supports some possible deductions.
For example, if you have significant medical expenses or charitable donations, you may need to upgrade to TurboTax Premier to ensure you claim all available deductions.
TurboTax Premier provides comprehensive support for deductions, including medical expenses and charitable donations.
Audit Defense: TurboTax Deluxe does not include access to Audit Defense, which provides professional representation in case of an audit by the IRS.
If you’re concerned about the possibility of an audit, you may need to upgrade to TurboTax Premier or another version of TurboTax that includes this feature. TurboTax Premier includes Audit Defense.
Customer Support: TurboTax Deluxe offers basic customer support, while TurboTax Premier offers priority customer support.
If you have questions or issues with your tax return, you may need to wait longer for support with TurboTax Deluxe than you would with TurboTax Premier.
The choice between TurboTax Deluxe and TurboTax Premier depends on the complexity of your tax situation and the features you require.
TurboTax Deluxe may suit your needs if you have a relatively simple tax situation.
However, you have more complex tax situations, such as investment income or self-employment income.
In that case, you may need to upgrade to TurboTax Premier to ensure your tax return is accurate and complete.
Additionally, if you’re concerned about the possibility of an audit or need priority customer support, you may need to upgrade to a higher version of TurboTax.
