What is TurboTax? – A Complete Guide

What is TurboTax? – A Complete Guide

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Developed by – Michael A.

Type – Tax Software

Operating System – Windows/Mac/Android

Developed in- the mid – 1980s

TurboTax is an income tax preparation software that gives you permission to calculate and then file federal and state taxes by themselves. According to the research, it is considered the top tax software amongst its users and also promises to get the biggest tax refund. Along with this, TurboTax is going to provide step-by-step instructions to calculate and file your taxes. If you have never filed your taxes in your life, then the Turbo tax makes the filing process simpler for you. Hopefully, you have got an idea of what is TurboTax till now.

Important The software is owned by Intuit and it is the same company that owns QuickBooks and Mint software.  [xyz-ihs snippet=”consult-button”]

Let’s move further and check how each version, like deluxe, basic, premium, and self-employed are different from each other.

TurboTax Versions

Knowing different versions of Turbo Tax helps you to in identifying which version is more appropriate as per your tax needs:

turbotax versions and its pricing plans

  • Basic Tax Software

It helps you in preparing simple returns for an individual, keep check errors, and also e-file the return for an individual. Basic or free versions suit the taxpayer’s needs who file a form 1040, receive a W-2, have no credits left other than earned income tax, and have a simple tax condition.

  • Deluxe Tax Software

Deluxe Tax software helps you in preparing taxes that comprise itemized deductions or additional expenses that can be written. The software searches for tax breaks that are based on if you own a house, paid for educational expenses or not, paid state and local taxes or not, made a charity or not, or you were the victim of a theft or not. The software offer documentation on definite tax topics in the text as well as video format.

  • Premier Tax Software

Premier tax software imports your investment details, calculates cost and manages cryptocurrency gains and losses in a timely manner. Apart from this, some Premier tax software are capable of handling freelancer income, self-employment taxes, and inheritance. The particular tax software provides more resources and documentation on all your personal income tax topics.

  • Self-Employed Tax Software

If you have your own business, then it is mandatory to use a tax program that keeps a record of your sources of income, received payouts, money deductions, and investments returned. It suits the need of business owners that cover self-employment taxes and maximizes business tax deductions as well as asset depreciation.

Now, expectantly you will be now able to choose the right version for yourself. Now, the question must be coming to your mind for the advantages of the software.

What is TurboTax Advantage?

Indeed, creating an account and adding information with TurboTax is a relatively seamless process with the software and this can be seen in the points:

  • Taxes Performed Accurately

The calculations of the software are 100 percent accurate. Besides, the software check the tax return twice before you file. Most importantly, in case TurboTax did the calculation error, the penalty amount with interest will be returned back to you.

  • Security

You don’t have to feel insecure about the tax information which is already in the software. The software makes sure to keep your essential information protected so that you can file your taxes in a hurdle-free manner.

  • Live Enrolled Agents and Certified Public Accountants

With the assistance of TurboTax Live option, there is an option to view your tax return via skilled certified public accountants or enrolled agents.

  • The leader in Tax Software

Its products are persistently ranking as the number 1 selling tax software. Furthermore, the software is up-to-date with the most recent tax laws and with the most innovative technology.

  • Rated 4.7 stars out of 5

TurboTax is the number one software among the tax software users. In addition, the versions of the software offer easy-to-use, secure tax filing process.

Let’s find out how to support service team is going you help you in providing solutions for TaxTurbo issues.

According to one of the popular phrases, every coin has two sides similarly its error acts as a barrier while using TurboTax.

TurboTax Errors

The common errors confronted via TurboTax users include: 

The particular error occurs when you try to install the software on Windows devices, but fails to perform it due to the TurboTax error 65535. To fix the issue, you need to run the installer and restart your device.

You may come across TurboTax error 42015 when you are updating your software and the internet browser is using a proxy connection setting. If you want to fix the issue, then check the internet options.

The specific error specifies that you are attempting to open a .tax2018 contains one or more state returns. You can troubleshoot the error if you launch TurboTax.

To Sum Up

Overall, as you have seen that TurboTax is a user-friendly software for tax-filing purposes. And with the help of various versions, you can make your tax-filing process in a much easier way. By now, all the questions that you had in your mind before reading the blog like what is TurboTax, versions and its advantages, must have got cleared now.

To get detailed information on what is TurboTax, simply dial TurboTax Support Phone Number.

Frequently Asked Questions

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Ans- In the market 4 versions are available, like Deluxe, Basic, Premier, and Home & Business. You can choose anyone among these as per your requirements.

[/vc_toggle][vc_toggle title=”Ques- Do I need to buy TurboTax each year?”]Ans- Yes, each year’s TurboTax comes for the particular year. And you have to buy the new product each year.

[/vc_toggle][vc_toggle title=”Ques- Tell me the difference between TurboTax download and online”]

Ans- TurboTax download and TurboTax Online products are quite alike and both cover maximum tax requirements. The maximum number of customers select TurboTax Online to file the taxes. Along with this, it permits you to prepare and print unlimited federal returns.

[/vc_toggle][vc_toggle title=”Ques- How many times I can use TurboTax?”]Ans- If you are planning to file multiple tax returns, then prefer CD/download products.[/vc_toggle][vc_toggle title=”Ques- Can I download TurboTax software on the computer system?”]Ans- Yes, you can download TurboTax.[/vc_toggle][/vc_column][/vc_row]

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What is TurboTax? - A Complete Guide | QASolved
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What is TurboTax? - A Complete Guide | QASolved
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Do you want to file federal and state taxes? then you must know what is TurboTax all about. Read the blog to know the benefits of using TurboTax software.
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