TurboTax is considered to be one of the renowned and acclaimed tax calculating software. It ensures reliability and accuracy and appears to be extremely trustworthy. There are different TurboTax versions, such as basic, home, deluxe, premium, and many others. Even though it has outstanding features, the users keep on asking which TurboTax edition is the best. It is important for you to choose the best version of TurboTax as per your requirement and need. You can check out a few significant points that are mentioned here as it will help you to find out which TurboTax is right for me.
Things To Remember Before Choosing Any TurboTax Version!
To choosing or compare TurboTax Versions, you must first find out the various tips for selection. Have a look!
- If you wish to seek an easy filing method, you can simply follow Intuit’s advice.
- In case your annual income is less than $34,500, you can go for online TurboTax Freedom Edition. It also includes different features, and that too for free.
- Now, you should know that TurboTax Home and Business Version will cost you $75-$120, and that could be really expensive for you.
- In case you do earn more than $34,500 and you are self-employed, you can use the TurboTax Deluxe Version and that too CD/Download.
- You can fill out schedules C and SE in the forms mode and mail.
- In case your annual income is over $34,400, and you wish to choose the cheaper version, you can use the CD/Download versions of TurboTax
- You can also take a printout of the forms and file them on paper.
- You can also use the TurboTax Free edition online in case your annual income is over $34,500; In case you have no income from businesses, rentals, or any sort of complex investments.
While you do compare TurboTax download versions, then only you would be able to find out the best version.
What Are The Different Versions of TurboTax?
Basically, there are four different versions of TurboTax such as Basic, Deluxe, Premier, and Home and Business. One is supposed to check out and find out the difference between TurboTax free and deluxe. You can check out for more information!
- TurboTax Basic Version:
This version of TurboTax is perfect if your income is from W-2s and the interest on savings and deductions are few. It is probably the cheapest version. Also, TurboTax Basic CD is available on various e-commerce sites.
- TurboTax Deluxe Version:
Even the Deluxe Feature of TurboTax has all the features of the TurboTax basic edition. It also has some amazing features, like a deduction maximizer, which will ultimately help you to search for more than 300 various deductions and credits. Now, another feature will ultimately help you to properly figure out the value of different donated items as a charity.
- TurboTax Premier Version:
This version also has features of deluxe. There are different tools that will ultimately help you to deal with various rental properties and investments. Any taxpayers who have stocks, bonds, or rental income can use this edition. This edition gives you an amazing chance to calculate profit and loss on stocks. You can also calculate profit or loss on mutual funds, bonds, and employee stock plans.
- TurboTax Home and Business Version:
In case you do have your own Business or you are self-employed, TurboTax Home and Business version is perfect for you. You can simply use this version to fill up the credentials or details related to schedule C. And this will soon maximize the deductions for your home, office, or vehicle or any other costs related to your Business. It is surely user-friendly, and this is one of the important reasons behind its admiration. It allows you to enter the income, including the expenses, in an uncomplicated way. You can simply create the W-2 and 1099 forms for your employees, so it gives you an idea of your start-up costs.
TurboTax Basic vs. TurboTax Premier: Which One Is Better?
If you are comparing TurboTax Basic and TurboTax Premiere, of course, the premiere version is better. Let’s try to compare both of them and understand in a better way and find out the difference between TurboTax Basic vs. Premiere.
TurboTax Basic:
It has minimum features, yet it is true that the users can simply fill their annual returns without any fuss. Here are the features of the TurboTax Basic Version.
- It ensures systematic guidance, which ensures you provide the income tax filing tips
- You can also import your data from the last year’s TurboTax return
- The program will import your W-2 from over a million participating companies
- Tax Saving Credits including child care credit, earned income credit (EIC), and Child tax credit
TurboTax Premiere:
To find out which TurboTax is right for me, you must find out the features of the TurboTax premiere. It is a bit expensive, but surely it offers outstanding features. Here are certain benefits of TurboTax Deluxe.
- It ensures top-notch support for rental property income and other similar expenses
- It will also provide proper help for retirement taxes
- It will give you maximum returns
- Also, it has easy preparation methods and e-filing of tax returns
- It will also give you a brief idea about the tax history, and a complete analysis
You can check out the above-stated points, so you would be able to find out the answer to the questions like which TurboTax version do I need?
Premiere vs. Home And Business: Which TurboTax Is Right?
Before you do select any version, you must first find out what version of TurboTax do I need. Now, you must first find out the features of both TurboTax Premiere and Home and Business.
TurboTax Home & Business:
In comparison to TurboTax Premiere and TurboTax Home and Business, the latter is surely better as it has advanced features and so tax preparation becomes easy. It also maximizes the returns, but surely it is expensive. The TurboTax Version is properly designed for people who are self-employed or have small business firms. However, there are a few other benefits:
- It will give you complete support for anyone who is self-employed, especially in case of deductions
- It will create 1099 and W-2 forms for the employees
- It will guide you in establishing new Business
TurboTax Free vs. Premier vs. Deluxe: Which TurboTax Should I Use?
To find out TurboTax, which one do I need? You are supposed to go through the below-mentioned points. Have a look!
TurboTax Free Version:
- It is perfect for W-2 income
- You would be able to understand your financial health
- You will get a maximum refund
- You will also get the green light to file
TurboTax Premiere:
- It guarantees extra support for rental property income and other similar expenses
- Proper and complete help for Retirement Taxes
- It also ensures maximum returns
- Easy and Quick E-filing tax returns
- Proper analysis of tax history with a briefing
TurboTax Deluxe:
- Ensures maximization of mortgage and property deductions
- Claiming charitable donations and education credits
- You will be given your own tax expert, as per your situation
- Unlimited tax advice
- Approved Guarantee
The above-stated information completely takes about the TurboTax versions comparison chart. Once you go through the points and tips, surely it would prove to be immensely helpful in the future. No matter whichever version you wish to use, reading the above-mentioned points would be helpful for the users.
TubroTax Versions and Comparison Chart (2022/2023)
| Features of TurboTax | Basic | Deluxe | Premier | Home & Business |
| Effective Featues and Step-By-step Guidence | Yes | Yes | Yes | Yes |
| Assured Maximum Refund | Yes | Yes | Yes | Yes |
| Manage, Print, and e-file | Yes | Yes | Yes | Yes |
| Import previous year’s tax figures | Yes | Yes | Yes | Yes |
| Comprises guidance on newest tax and health care laws | Yes | Yes | Yes | Yes |
| Exclusive Assistance on Maximizing Your Deductions | No | Yes | Yes | Yes |
| Additional help on 350+ deductions and credits | No | Yes | Yes | Yes |
| Use ItsDeductible to figure out the value of donated items | No | Yes | Yes | Yes |
| Audit RiskMeter cuts down your chances of an audit | No | Yes | Yes | Yes |
| Investment And Rental Property | No | No | Yes | Yes |
| Additional guidance for investment sales such as mutual funds, bonds, stocks. | No | No | Yes | Yes |
| Assitance with rental property expenses and income | No | No | Yes | Yes |
| Retirement and IRA tool help you get the maximum money back | No | No | Yes | Yes |
| Businesses Association With Schedule C (Self-employed) | No | No | No | Yes |
| Comprises Schedule C for sole proprietors, self-employees, and consultants | No | No | No | Yes |
| Boost up self-employment income and deductions | No | No | No | Yes |
| Constitute W-2s and 1099s for contractors and employees | No | No | No | Yes |
| Prepare small business start up and deductions | No | No | No | Yes |
| Other Additional Features | ||||
| Free federal e-files incorporated | 5 | 5 | 5 | 5 |
| Available for PC and Mac | Yes | Yes | Yes | Yes |
| Tech Assistance through call and chat | Yes | Yes | Yes | Yes |
| Comprises one state tax return preparation at no additional costs | Extra Charges | Yes | Yes | Yes |
| Telephonic support and guidance from CPAs added | No | No | Yes | Yes |
| My analysis and Advice tool to asisst you acknowledge your tax history and maximize next year’s refund | No | No | Yes | Yes |
| Recommended Version for Miscellaneous Forms | ||||
| Enter 1099-Misc, 1099-Int, 1099-Div, 1099-G, 1099-R | Yes | Yes | Yes | Yes |
| Schedule E | No | No | Yes | Yes |
| Enter Schedule K-1 | No | No | Yes | Yes |
| Schedule C | No | No | No | Yes |
| Set up 1099-Misc or W-2 | No | No | No | Yes |
Editions of TurboTax For Online Use
It is true that there are different versions of TurboTax available that you can purchase on the Intuit website. You can also use TurboTax without buying any CDs. Now, Intuit’s server has all the information associated with the same. Now, unlike the CD TurboTax versions, the TurboTax online versions are a bit different.
- The TurboTax Basic version is available on the CD and is replaced by the online Freedom Edition and free edition, but yes, there are a few differences.
- The Online Deluxe TurboTax Version would have some additional features associated with deductions.
- The online Premier TurboTax version has similarities to that of the Deluxe Plus related to investments.
- Also, the Deluxe Plus online TurboTax version does include support for self-employment income, such as schedules C and SE.
- Now, these online TurboTax versions do have an added tier which is named ‘TurboTax Live,’ and that ultimately allows you to seek real-time assistance from renowned and certified professionals.
Cost For Additional TurboTax Features
Almost every version of TurboTax can import your data from the last year’s records. Hence, you do not need to enter all the details again, which will ultimately reduce the chances of any errors. You should know that the free version of TurboTax does not import any data if you do not pay any additional amount, such as $30 for the plus package.
Both the version TurboTax online and even the software version is not difficult to use, and you can also go for how I speak to a live person at TurboTax to clarify any sort of confusion. You can make a call and get in touch with the support agent.
