TurboTax - The Tax Filling App: Is It Really Worth It? (2023)
A valuable asset in your financial toolkit
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Key notes
- TurboTax has an intuitive interface that provides a seamless navigation experience to both new and experienced taxpayers, but it also has some drawbacks.
- Keep reading all about it to make an informed decision.
Filling taxes can be a daunting task; however, with the right app like TurboTax to help you, things can get much smoother.
In this comprehensive review, we will discuss TurboTax’s features, user experience, different plans, and whether it lives up to all the hype in 2023.
What features should an ideal tax filing app have?
- It should be easy to use and come with guided step-by-step instructions.
- Must allow users to import financial data from sources like investment accounts, W-2 forms, & other documents.
- Assist in identifying potential deductions and credits for maximum tax savings.
- Powerful security features to ensure all personal and financial information is safe.
- Comes with e-file tax returns, direct deposit options, and automatic updates for Law changes.
What makes TurboTax the best tax-filing app?
1. Guided process to file taxes
TurboTax asks you simple questions about your life, income, and investments and then guides you throughout the process of filing taxes. Downloading TurboTax is also based on your tax situation.
When inputting information related to your income, investments, and other life changes, you can either fill out the form manually or upload a picture of the document to let the platform autofill the details.
If you have opted for the premium version, you can upload the 1040 form similarly and get the information auto-filled.
2. Accessibility
Whether you are using a browser or have downloaded an app on your Android or iOS device, TurboTax allows you to file your taxes seamlessly.
Moreover, if you started filling out the form on your computer and want to continue filling it out on your mobile device, you can switch devices and pick up where you left off.
TurboTax also comes with a larger selection of videos, forums and knowledgebase to help you with your tax filing concerns.
3. Audit support & maximum refund guarantee
All taxes filed using the TurboTax app or platform come with an audit support guarantee. So, If the IRS contacts you, the tax expert from TurboTax will help you understand the audit and respond to it. However, the experts can’t represent you legally.
It also promises to provide the maximum refund you deserve and claims that you get a larger refund using any other tax filing app; they will refund you the plan price.
Also, if you are unsatisfied with the services, the app comes with a 60-day money-back guarantee; all you need to do is contact customer support.
4. Secure with data encryption
Many users find it challenging to enter information into the tax filing portal as they need to mention all their sensitive and personal information.
However, with TurboTax, you can secure your account through multi-factor authentication, including a password and one-time code.
The platform or the software uses TLS encryption to keep your data safe when sending a return to the CRA.
5. Additional features
- Instant refund ticker – When you enter the information into the app or portal, you will see the refund pr tax owning.
- Pension optimizer – It helps you figure out how to split pension income between you and your spouse to optimize your tax return.
- Year-Over-Year transfer – If you used TurboTax last year, you can import the information from the previous year, thereby reducing errors and saving you time.
- Auto search for deductions – TurboTax stays updated with all the latest tax changes and searches more than 400 credits to find the relevant ones for you.
Pricing plans
NOTE
| Category | Package Name | Price |
| DIY options | Free | Free filing for tax returns for qualifying users |
| DIY options | Deluxe | Federal -$69 $59 per State |
| DIY options | Premier | Federal -$99 $59 Per State |
| DIY options | Self-Employed | Federal -$129 $59 Per State |
| TurboTax Live | Basic | $99 Federal & State |
| TurboTax Live | Deluxe | Federal -$139 $64 Per State |
| TurboTax Live | Premier | Federal – $189 $64 Per State |
| TurboTax Live | Self-Employed | Federal – $219 $64 Per State |
| Full-Service | Basic | $219 Federal & State |
| Full-Service | Deluxe | Federal – $269 $64 Per State |
| Full-Service | Premier | Federal – $379 $64 Per State |
| Full-Service | Self-Employed | Federal – $409 $64 Per State |
- Pros
- Easy to use with simple questions to help file your taxes
- Impressive chat, phone or email customer support
- Upload your W-2 forms and the platform fills out the fields automatically
- Updated with the latest tax laws
- Cons
- Free version has limitations and the paid one is very expensive
- Tax expert assistance available for an additional cost
- The website is slow and can be unresponsive at times
How do I use TurboTax to file for tax return?
- Download and install the TurboTax app on your iOS or Android phone. You can also use a browser on your PC to get started.
- Sign up and create an account to get started with.
- Click Get Started and prepare to complete the questionnaire about income, investments, purchases, charity, and more.
- You can either mention the details related to your W2 and investments or take a picture of the document and upload your tax slips to autofill the information.
- Explore the tax-saving opportunities and choose the one that suits you. Once you have filed in the information, the experts from TurboTax will review the work (if you have selected the Premium plan), and point errors if found.
- Once done, you can file your taxes.
The whole process is split into simple steps, which makes tax filing much easier; however, the constant upselling prompts can irritate you sometimes.
If you want to learn about other tax-filing apps before making a decision, check out this list of tax-filing software.
TurboTax
Try TurboTax and let its experts fill in all the right tax forms without worrying about them anymore.Final thoughts on TurboTax 2023
TurboTax is a robust and intuitive tax filing app that is a convenient way to file taxes with complete guided instructions.
When we first used it, we were able to seamlessly fill in the information and file the taxes, but it kept on trying to upsell my plan.
Also, we faced issues logging in, and the website took some time to load while we filled in the information.
However, its intuitive interface, comprehensive features, and step-by-step guidance make the intimidating process more manageable when it comes to filing taxes.
Moreover, its ability to handle a variety of tax situations, from basic returns to more complex ones, further solidifies its appeal.
In case you are not able to e-file taxes using TurboTax as the portal is throwing you the error, read this guide to learn more.
What do you think about tax filing software? Tell us about your experience in the comments section below.
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