TurboTax – Everything you need to know
TurboTax is an Intuit software package for preparing American income tax returns. It is one of the most expensive online filing products, but it stands out for its ease of use and human assistance options.
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It is generally more expensive than other options, but while confident filers may not require all of the bells and whistles that most Turbo Tax online products provide, many people will find the experience and availability of human help to be worth the extra cost.
It has long been praised for its design and usability.
The headquarters of Intuit Consumer Tax Group are in San Diego, California. Intuit is owned by Intuit Corporation, which is headquartered in Mountain View, California.
There are several versions available, including TurboTax Deluxe, TurboTax Premier, and so on. TurboTax can prepare federal and state income tax returns.
The software is intended to walk users through the process of filing their tax returns step by step. The Turbo Tax software adds Audit Defence from Tax Resources, Inc. to help taxpayers with their self-prepared returns.
Turbo Tax federal software is typically released late in the year, while state software is released between mid-January and mid-February. It usually releases new versions as soon as the IRS completes form revisions and approves the TurboTax versions, which is usually late in the tax year. For states that collect income taxes, the procedure is similar.
Turbo Tax saved financial institution passwords entered by users to Intuit servers and the home computer in 2001. The programming error was allegedly corrected, but as of 2012, Turbo Tax does not provide the option to download a data file directly from the financial institution.
Instead, it prompts the user for their login name and password at the financial institution or allows them to enter the data manually.
Intuit was chastised for its TurboT ax activation scheme in 2003. In response, the company removed the product activation scheme from its product. As part of the Free File Alliance, it expanded its offering in 2005 by allowing any taxpayer to use a basic version of its federal product for free.
By 2006, the offer had been reduced to free federal online tax preparation and e-filing for taxpayers with an adjusted gross income of $28,500 or less (or $52,000 for military personnel) and those aged 50 and under. It has received a number of complaints about its free version advertising.
Federal filing is free for filers who use this basic version of the software. State tax filing, on the other hand, is not free, and the cost of using it to file state returns is not presented to the user until they have already entered their information for federal returns.
Intuit raised the price of it for desktop customers by $15 in 2008, and included free e-filing for the first prepared return. The company’s new “Pay Per Return” policy has been chastised for charging a $9.95 fee to print or e-file each subsequent return after the first, including returns prepared for members of the same household. The company announced the cancellation of the new policy on December 12, 2008.
It received significant public attention on January 21, 2009, during the Senate confirmation hearing for Timothy F. Geithner to be the United States Treasury Secretary.
Geithner testified that he used it to prepare his tax returns from 2001 to 2004, but that he handled the self-employment taxes due as a result of his employment with the International Monetary Fund incorrectly. Geithner stated unequivocally that he accepted responsibility for the error, which was discovered during a subsequent IRS audit, and refused to blame it. Geithner paid back taxes otalling $42,702. Intuit responded with a statement that stated, “TurboTax, as well as all software and in-person tax preparation services, base their calculations on the information users provide when completing their returns.”
On July 15, 2021, Intuit announced its withdrawal from the Free File Alliance, effective after the end of the tax season in October 2021, stating that “due to the limitations of the Free File program and competing demands from those outside the program, we are unable to continue in the program.”
Features of TurboTax
You can switch from another provider: It accepts electronic PDFs of tax returns (not hard copy scans) from H&R Block, Credit Karma, Liberty Tax, TaxAct, and TaxSlayer.
1. Auto-import certain tax documents: If your employer is partnered with it, you can automatically import W-2 information, but you can also take a picture of your W-2 and upload it to transfer the data to your return. Certain 1099s can be imported, and the Self-Employed version allows you to upload 1099-NECs from clients via photo, as well as import income and expenses from Square, Uber, and Lyft.
2. Crypto support: TurboTax’s Premier package eliminates one of the biggest pain points for cryptocurrency investors — manual entry. Users can import up to 4,000 transactions at once.
3. Donation calculator: The Deluxe, Premier, and Self-Employed packages include Its Deductible, a feature — and standalone mobile app — for quickly determining the tax value of donated clothes, household items, and other objects.
4. Platform mobility: TurboTax, like many other providers, allows you to access and work on your return across multiple devices: on your computer via the website or on your phone or tablet.
TurboTax – What it looks like
The Turbo Tax interface is similar to a chat with a tax preparer, and you can skip around if necessary. A banner along the side keeps track of where you are in the process and highlights areas that still need to be completed.
Throughout the process, embedded links provide tips, explainers, and other resources. And help buttons can take you to a searchable knowledge base, on-screen help, and other resources.
Who Should make use of it
Whether you’re an experienced tax preparer or have little knowledge of tax law beyond the fact that you need to file, TurboTax makes tax filing simple by guiding you through the process with interview-style questions and the option for live, on-screen assistance when needed.
One of the most popular tax-filing options is Turbo Tax, a product of the financial, accounting, and tax-preparation software provider Intuit. Its popularity stems partly from its brand recognition (having been around for nearly 40 years), but also from the company’s emphasis on design and providing users with a plethora of features.
It has many advantages, but price is not one of them. The list price of its software is frequently on the high end of the spectrum, especially when the cost of a state return is factored in. And getting human assistance is even more expensive.
These prices reflect the list prices advertised as of February 10, 2022, excluding any discounts that Turbo Tax may offer to early filers. If you want to pay your filing fee with your federal refund, Turbo Tax charges an additional $39 refund processing fee.
What you get from TurboTax’s free version
It has a free version that only allows you to file a Form 1040, claim the earned income tax credit, reconcile your advanced child tax credits, and deduct student loan interest. Unlike last year, the free version no longer handles 1099-G unemployment income.
The free package also cannot handle itemized deductions or Schedules 1, 2, or 3 of Form 1040, so it is unlikely to work for you if you intend to deduct mortgage interest, report business or freelance income, or report stock sales or income from a rental property.
How to Create a New TurboTax User Account
If you’re new to TurboTax and want to set up a new User Account, follow the steps below to sign up for an account online.
- To set up a new account, go to the Turbo Tax website.
- In the upper right hand corner of your computer screen, click the “Sign In” link.
- On the following page, at the bottom of the sign in block, there is a link that says, “Are you new to Intuit? Make an account.”
To create your account, enter the following information on the following page.
- Your e – mail address
- Select a user ID.
- Enter your phone number
- Select a password
- Then, click the “Create Account” button to access your new Turbo Tax account.
After that, you can log in to your Turbo Tax account at any time and select an edition of Tax Software to prepare and file your tax return online, or a desktop version to install on your computer.
Login to Your Turbo Tax Account
TurboTax login, also known as Turbo Tax login, is a process that allows you to log in to your account as an existing TurboTax account user. When you log in to your Turbo Tax account at turbotax.intuit.com, you can do things like file your own taxes, look for real tax experts, and more. However, this is only available to Intuit TurboTax customers. In other words, members who sign up for a TurboTax account will have access to the Intuit TurboTax login. Check out the steps below to learn how to log in to your TurboTax account.
As previously stated, the Turbo Tax sign in or login authenticates access to your account. After that, go to the TurboTax sign in page and complete the sign in process. To access your Turbo Tax account, follow the steps below.
- In your web browser, navigate to Turbotax.intuit.com.
- Sign in at the top right corner of the page.
- This will take you to the page myturbotax.intuit.com/?sub=true.
- Enter your User ID, phone number, or email address next.
- To verify your email address, click Sign.
- Sign in by entering your account password.
Once you click Sign in or login, you will have easy access to your Intuit Turbo Tax account. You can also access your account directly from the TurboTax homepage by entering your User ID and Password.
How to Access My Account on the TurboTax Mobile App
The TurboTax mobile app, also known as the Turbo Tax Return app, provides the most convenient way to file. Furthermore, maximum refunds are only a fingertip away on the Turbo Tax app. To access your TurboTax account, go to the Turbo Tax login page directly from the mobile app. However, you must first install the TurboTax app on your mobile device.
- Simply download the TurboTax mobile app from the Google Play or Apple App Store.
- Then, choose either Download or Install.
- Launch the TurboTax app.
- Click the Sign in button.
- Fill in your User ID and Password.
- Then select Sign in.
However, the TurboTax mobile app gives you immediate access to features such as using the app for your federal tax refund.
When you use the TurboTax mobile app, you can communicate with real tax experts and do a lot more.
How to Recover Your TurboTax Username or Password
The Turbo Tax Website Account Login Credentials Retrieval Process is straightforward and takes only a few minutes.
In any case, retrieving your user name (ID) or password is as simple as clicking the support link on the failed login screen. This will then prompt you to enter your email address so that you can receive instructions for logging into your account via email. Keep in mind that this must be the email address associated with your TurboTax account.
You enter your filing status, age, and various details about your income, estimated tax payments, and intended deductions and credits. Like the other calculators, you enter your filing status, age, and various information about your income, estimated tax payments, and deductions and credits you intend to claim.
Based on the information you provide, the software will generate an estimate of the refund you should expect.
Pros and Cons of TurboTax
What’s the verdict on Turbo Tax’s performance now that we’ve covered the fundamentals of its features? TurboTax, like all financial products and services, has advantages and disadvantages.
- Affordable: Its online filing services are less expensive than going directly to a CPA in your area, though similar tiers from online filing competitors may be less expensive.
- Ease of use: According to user reviews, Turbo Tax filing is fairly comprehensive and user friendly. Its technology streamlines the process by, for example, automatically populating your
- Comprehensive: The Company has a product for almost every filer, regardless of income or tax situation, or how hands-on or hands-off you prefer to be.
- Customer service: It provides extensive support, including links to extensive support topics and a community forum where you can interact in real time with other filers and tax experts.
- Overwhelming user experience: With so many options, TurboTax is extremely customizable. However, sorting through them can be exhausting. Its homepage attempts to direct you to the appropriate product.
- Transparency is lacking: Your total Turbo Tax fees aren’t entirely clear until you complete the tax preparation process. If you want to find a cheaper option, this could mean wasting time.
- There are no physical locations: It does not have physical locations like H&R Block or local competitors. If you value face-to-face, personalized service, this is not the app for you.
TurboTax support options
Here’s a look at the various ways you can get answers and guidance when filing your TurboTax return.
How to Get Help
- General guidance: A searchable knowledge base, forums, and video tutorials are useful for on-the-fly research.
- Tech support: TurboTax Digital Assistant (a chatbot) and contact form are available to everyone; paid packages include access to a TurboTax specialist.
- Human tax assistance: If you purchase the TurboTax Live version, you can get live, on-screen tax advice or a review of your entire tax return by a tax professional.
TurboTax Live is one of TurboTax’s most impressive support options. It includes a one-on-one review with a tax professional before filing, as well as unlimited live tax advice throughout the year. You can communicate with a tax professional on the fly using one-way video (you see them, but they don’t see you; they only see your screen).
Turbo Tax also provides Live Full Service, which eliminates the need for tax software entirely. Rather, you upload your tax documents, and a human prepares your tax return. You’ll be paired with a tax preparer, meet via video call before he or she starts working, and then meet again when your return is ready for review. The return is filed for you by the preparer. Prices for federal returns range from $199 to $389, depending on complexity, plus $54 for state returns.
TurboTax customer service/phone number
Contact Information: 1-800-446-8848
Leave a message for our TurboTax or QuickBooks support teams, or chat with our Mint support team. In addition, the support page includes links to other Intuit products. Finally, our toll-free number for customer service is 1-800-4INTUIT (1-800-446-8848).
Frequently Asked Questions
Can I File My Taxes for Free Using TurboTax?
Yes, TurboTax Free Edition has assisted millions of qualifying Americans in filing their federal and state taxes for free. TurboTax Free Edition is only for basic tax returns. You can be confident that you’re getting the largest refund possible with TurboTax Free Edition.
Do you need to register TurboTax?
If you use the online version of TurboTax, you will be prompted to register your account. You must first register your account before you can file your tax return.
Is State Tax Filing Free With TurboTax?
Yes. You can file your simple federal and state taxes for free.
Simple federal and state taxes can be filed for free by 60 million hardworking taxpayers. If you have a simple tax return, you can use TurboTax Free Edition to file.
Can I get refund from TurboTax?
Our Satisfaction Guaranteed (or Guaranteed Easy) policy states that if you are dissatisfied with your TurboTax product, you can return it for a full refund within 60 days of purchase. The Intuit Software End User License Agreement for TurboTax Desktop Software contains the fine print.
Is there a fee for It?
It is a popular tax software provider, but it is not the cheapest. TurboTax’s four DIY packages range in price from $0 to $119 for federal returns, plus an additional $49 for state returns. The more complicated your situation, the higher the cost.
How can I get it for free?
If you have a simple tax return, you can use TurboTax Free Edition to file. Form 1040 is all that is required for a simple tax return.
How does it generate revenue?
Customers with more complicated tax situations will use our paid TurboTax products, which include all of the necessary forms and guidance.
Does TurboTax still have a free version?
Through TurboTax Free Edition, it has assisted millions of qualifying Americans in filing their federal and state taxes for free. TurboTax Free Edition is only for basic tax returns. You can be confident that you’re getting the largest refund possible with TurboTax Free Edition.
Is it better to buy TurboTax or use it online?
The majority of people prefer to use the online service. TurboTax reported that its online products accounted for 80 percent of the returns it handled. When you have a choice between purchasing software to install on your computer and paying to use an online service, you should purchase the software download.
Because of its user-friendly design and extensive human support options, it has become the industry standard for do-it-yourself tax preparation. Its products, however, come at a cost, and confident filers may find that similar offerings from competitors provide a better value.