TurboTax review 2024 (tax year 2023)

The time to file your taxes is fast approaching. Before diving into your earnings from the past year, settling on a provider is wise. TurboTax has an easy-to-navigate website with a few different cost structures. Unlike its main competitor, H&R Block, TurboTax has no physical store locations. It is also slightly more expensive. However, it comes with attentive customer support and a smooth online process.

The 2023 tax year filing deadline is April 15, 2024. Get ahead of the deadline and consider how TurboTax stacks up against the competition.

Best for

You might like filing with TurboTax if you:

• Have a complex return and want in-depth expert assistance.
• Are willing to spend extra money for additional peace of mind.
• Want someone to file your taxes virtually on your behalf.
• Own a small business.
• Have crypto investments.

Not recommended for

You might not like TurboTax if you:

• Prefer to handle your finances in person.
• Do not want assistance with your taxes.

How much does TurboTax’s tax service cost?

TurboTax offers a range of prices for its tax filing. You’ll pay extra for additional support.

The basic do-it-yourself option costs between $0 to $89 for federal filing. One level up, the Live Assisted option costs $0 to $169 for federal filing and includes unlimited assistance and a final expert review, though you will not have a single dedicated expert. Finally, the Live Full Service option ranges between $169 and $359 for federal filing. That option includes a dedicated tax expert who will complete and file your taxes for you.

The company also sells desktop software ranging from $40 to $120. It is best for those who do not require expert guidance.

Products offered by TurboTax

TurboTax offers three online tax-filing options: Do it yourself, Live Assisted and Live Full Service.

• Do it yourself: As with other online tax filing services, the free version has restricted availability. It is only available to those filing Form 1040 with limited credits. Around 37 percent of filers qualify, according to the site’s disclosure. If you don’t qualify for free filing, this option costs up to $89. The price to add state filing is either free or $39 per state, depending on your situation.
• Live Assisted: This version ($0 to $169) may be best for those with a slightly more complex tax filing, such as an Earned Income Tax Credit (EITC), Child Tax Credit (CTC) or student loan interest deduction. This option includes unlimited expert help, a final expert review, year-round support and an approved guarantee. As with the DIY option, this product is free only to those filing Form 1040 with limited credits; you must also file by March 31. State-level filing costs $0 or $49 per state.
• Live Full Service: This most expensive option ($169 and $359) is ideal for a filer who wants an expert to handle all the heavy lifting. This cost gets you an expert matched to your situation whom you can talk to over the phone or video, with possible screen sharing. The expert will also file and review your taxes for you, all online. State filing costs an additional $39 or $49 per state.

The free options include W-2 income and common credits, such as the IRS standard deduction, EITC, CTC and student loan interest deduction.

TurboTax also offers desktop software downloads that fall into four different categories. As of writing, the below prices each include a $10 discount. For each of the below options, state e-files cost an additional $20 per early or $25 per late return.

• Basic: This $40 offer includes five federal e-files, step-by-step guidance, and educational sources covering the latest tax laws. However, state downloads and state e-files are additional costs of $40 (discounted from $45).
• Deluxe: Its discounted price of $70 includes five federal e-files and caters to those aiming to maximize their deductions. Unlike the basic structure, one state download is included.
• Premier: This option is best for filers with more complex situations, like investments or rental properties. It costs $105 but includes five federal e-files and one state download.
• Home & Business: The most expensive option, $120, is best for self-employed people. It boasts extra guidance on rental property income, retirement taxes, investment sales and deductible costs. Like its counterparts, it includes five federal e-files and one state download.

TurboTax also offers software priced at $180 (including a $10 discount) for those filing taxes for partnerships, S Corps, C Corps, trusts, estates or multi-member LLCs.

Who should use TurboTax’s tax service

TurboTax can make the intimidating process of filing your taxes much more manageable. It is not bogged down with complicated jargon and instead breaks down complex terminology throughout the filing — even in the free version. Its more expensive options are best for those with complex situations willing to spend more money for convenience.

If you prefer to sit down with a tax professional, heading to one of H&R Block’s offices may be a better route. If you feel confident in your tax knowledge, then TaxSlayer could be the perfect program for you.

About TurboTax tax service

TurboTax has 17,300 employees worldwide and serves over 100 million customers with its range of product offerings. The company was founded in 1984 and sold to Intuit in 1993. Its experts must complete training and earn certifications. When you are matched with an expert, you may view their credentials.

If TurboTax is a good fit for your needs, filing can be handled online or through their downloadable programs. Filers will be walked through a simple questionnaire where they will answer questions about their tax situation. The program will then file the information and either send the tax forms directly to the government or give filers the ability to print them out.