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Turbo Tax is a reliable tax preparation option then you probably heard. In this we will explore all the different options available from Turbo Tax and which is the right turbo tax to likely suit you best. For a full turbo tax review see our write up for why would you chose it over other well known tax preparation software like Taxact or H&r block or credit karma.
Lets start with the turbo tax free edition which as the name suggests is a free version. It cost 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 situation. 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 both were reported on a 1099-INT or 1099-DIV. Claim the standard deductions, Earned income tax credit (EIC) and child tax credits. If however you require any of the following items then you will need to pay for one of turbo tax paid versions bur keep in mind we offer the best turbo tax discounts every year which can save you 12 to 20%.
- Schedule A: Itemized Deductions, There would be two options given by IRS either 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 that you have 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 turbo tax options basic, deluxe, premier, home and business.