Note: This article will be updated for the 2020 TurboTax when it's available—for taxes due in April 2021. Save this in your favorites.
This article is updated for taxes due April 15th, 2020.
Are you comfortable doing your own taxes? I've used TurboTax for over 18 years, both for my business and my personal taxes. I've come to know all their products, so I can guide you with what's required for your situation.
One of the most important things I've discovered when I first started using TurboTax is that I became much more aware of my finances and where my money was going.
For many years I had an accountant do my taxes, and I was left in the dark about things I could have been improving financially. It wasn't until my accountant retired, and I started using TurboTax, that I discovered important details about my financial situation.
A friend of mine told me to try TurboTax. Once I used it, I was hooked, and I never looked back.
What's New for Tax Year 2019 (due April 2020)?
Last year's tax law changes that Trump introduced continue this year with a shorter and simpler 1040 form. Intuit supports this new form with TurboTax.
Forms 1040EZ and 1040A were eliminated last year, and the new Form 1040 consolidates the three types of returns into a single and shorter 1040 form.
Itemized deductions will be included on Schedule A, as always, for taxpayers who include deductions such as home mortgage interest and property taxes.
The resulting more straightforward form allows more people to do their own taxes—even without the need for TurboTax. However, it will still be useful for those who have other tax situations requiring additional schedules.
Six new schedules were introduced last year for less common items that used to confuse taxpayers. Turbotax determines if you need these schedules and easily guides you through them.
TurboTax Doesn't Miss a Thing
I found that TurboTax guides me, asking for the required information so that I end up filing my taxes with the correct information in a way that's legally most beneficial to me.
Good accounting software keeps track of everything and carries the necessary data forward from one year to the next. TurboTax does this, so you don't need to keep track of your prior year's information. And while you're preparing your taxes, it will remind you if you forgot anything.
Real Estate: It will ask you if you have a home, so it knows to take deductions on your real estate property tax and mortgage interest. It gets easier as time goes on because it will remember to ask for your property data each year.
Inheritance: It will ask if someone died, so it files inheritance income properly. It knows when this is tax-free and will give you the most advantage.
Deductions: It even gives you the proper deductions for the sales tax you spent throughout the year. There’s a quick, easy way to calculate this even if you didn’t keep records. TurboTax helps with that.
Investing: If you invest in the stock market, it keeps track of your capital gains and losses. And it carries it all forward year to year, so you never miss anything.
Health Care Compliance: Ever since the 2014 tax year, all the forms for the Affordable Care Act have been included to help you properly file your Obamacare entitlements.
Free eFile for Faster Refunds
All versions include free eFile so you get your refund faster. And no worry about getting lost in the mail.
Comparison of Online and Software TurboTax
TurboTax has an online version on their site that you can use without installing software on your computer. However, the software version that you can purchase via download allows you to eFile up to five returns. The online version only lets you do one return.
In addition, all the software versions let you do as many taxes as you want on your own computer, five of which can be eFiled. That gives you the ability to do the taxes for your other family members or close friends too.
All the versions create all the IRS forms for you, and they print on your computer's printer so you can save a copy for yourself. You can also save it as a PDF file on your hard drive.
Other Benefits of TurboTax
Besides correctly filling out your tax forms, TurboTax provides many additional benefits, such as these:
- It keeps track of all your finances from one year to the next.
- It guides you with self-employed and business-related travel expenses, as well as home office deductions.
- All your information is carried forward year to year. That improves the accuracy of each year's filing. It even reminds you about things that occurred in prior years that you might have forgotten to include. My accountant never told me when I left something out.
- The Premier (and higher) TurboTax version includes a free "Ask the Tax Expert" service.
- You can increase your refund by taking all or part of it on an Amazon.com gift card (up to $1,000), and TurboTax will add 5% to 10% to the total.
- TurboTax properly handles the filing of data for the Affordable Care Act.
- Free TurboTax support via phone for U.S. customers.
TurboTax Has the Right Version for Each Situation
There are several different versions, each for a specific situation. Each version is available online as well as software that you install on your own computer.
The software version can be bought on CD or instantly downloaded from Amazon. I personally like having it installed on my own computer rather than keeping my data on Intuit’s online server. (Intuit is the maker of TurboTax).
The online versions cost less, but if you live in a state that also has local taxes, then you have to pay more to prepare the state tax return. That ends up costing more than the software version.
Most of the software versions include the state return for your home state. Only the basic version and the business version do not include the state return, but you can add it with an additional purchase if needed.
Compare TurboTax For Individuals
Below is a complete review of the various versions to help you choose the right one. You can also download right now and start working on your taxes when you buy from Amazon.
I used to buy directly from Intuit, the makers of TurboTax, but I discovered that Amazon has the lowest prices. I compare every year, and I always end up ordering from Amazon.
I even get offers from my bank every year to buy TurboTax at a discount, but that is a discount off the retail price, and it still ends up being higher than Amazon's prices.
TurboTax Purchase Options
When you buy from Amazon, you'll see the following options for each version:
- Immediate download for a PC.
- Immediate download for a Mac.
- Disc mailed to you that works on a PC or a Mac.
I prefer to download it since there is no need to wait for delivery. Besides, software on CD is rare these days. Most new computers no longer have CD drives.
If you ever need to reinstall it, the purchase is saved in your Amazon account for free download at a later date.
Find Out What Deductions You Can Claim on Your Taxes
TurboTax will help you discover all the things you can claim as deductions on your taxes. Based on your overall tax reporting, it will suggest other claims you may have missed. It will also guide you through all the existing possibilities that help reduce your taxes even further.
The following table shows some deductions that can reduce taxes. These are all covered with precise guidance according to IRS regulations as TurboTax walks you through your return.
- Personal Exemptions
- Real estate property taxes
- Alimony (some cases)
- Student Loan Interest
- Education-Related Expenses
- Self-Employment Expenses
- Social Security (FICA) Taxes
- Medical claims
- Medicare Premiums
- Health Insurance
- Charitable Deductions
- Energy Efficiency Purchases
- Renewable Energy Credits
- Automobile Tax Credits (some cases)
- Child Care
Compare TurboTax for Business
If you have your own business and are self-employed as a sole proprietor or you are incorporated, then you need one of these business versions.
Home & Business
Schedule C for Self-Employed and Small Businesses
You can file Schedule C for business income and expenses with all the CD and Downloaded TurboTax products (Basic, Deluxe, Premier, and Home & Business). However, if you use the online version, only “Home & Business” will create Schedule C.
If you have to create W-2 and 1099 forms, or you want help with finding small business deductions, then you need to use TurboTax Home & Business.
Filing for a Non-Calendar Fiscal Year
This section only applies to you if you have a corporation, and you file for a Fiscal Year that is not January through December.
If your fiscal year is not the same as a calendar year, then you may get to buy the Business TurboTax from Amazon at a huge reduced price since you can wait to purchase it later when you need to file.
My case is a good example:
Since I incorporated in June and my fiscal year went from June 1st to May 31st. Since my fiscal year ends in May, my deadline for filing by business tax report is September rather than April. Therefore, I always wait until August to buy TurboTax for Business.
Since it's considered obsolete by then for that year, I get the advantage of a considerable discount. If you have a company that files under a different fiscal year, you may also save on the purchase of Business TurboTax. Take advantage of that if you can.
People Also Ask
- Can I do eFiles for other family members? How many eFiles can I do?
You can do up to five eFiles when you buy the software version. However, the online version only lets you do one return.
- Can I share TurboTax with a friend or family member? How many tax returns can I file with one TurboTax purchase?
The software version is unlimited as long as you do the returns on a single computer where you installed your copy of TurboTax. However, keep in mind that you can only eFile up to five returns. Beyond that, you need to print the forms for your family members or friends to mail in.
- Can you use TurboTax for all family members?
Yes, the same as the last question. You can eFile, as well, for up to five individual family member’s returns.
- Can you delete your information from TurboTax when you're done?
Yes, but you really wouldn't want to, because TurboTax makes it easier to do your taxes each of the following years by carrying forward all pertinent information.
I personally don't like the online version for that reason, since your data is saved on their servers. I am sure your information is safe, but I feel more comfortable having it on my own computer. Therefore, I always use the downloaded software version rather than the online version on their site.
Using it on my own computer gives me full control for safekeeping since none of my data resides on their server. Just remember to back up your files if you do the same thing.
- Can I use TurboTax to file for a deceased parent?
I have done this. It works very well. If you are the executor, TurboTax will guide you with properly filing the final return for a deceased parent or other relatives.
- Can I use TurboTax for business with a fiscal year?
Yes. I do that. See my complete explanation in the section above: "Filing for a Non-Calendar Fiscal Year"
- Can I do my personal taxes with TurboTax Business?
"TurboTax Business Federal" is for Corporations and not for personal 1040. However, "TurboTax Home & Business" is the one you'll want to use if you own a business with no other employees.
- Can I download a different TurboTax State for other family members?
You can purchase and download as many states as you need. The first you download is included free. However, TurboTax Basic and TurboTax Business do not include the state return for free and have to be purchased.
- Can I use TurboTax for more than one year?
No. Tax laws change every year, and TurboTax continually keeps up with the changes. That's why you need to purchase a new one every year. Your personal information and tax data are automatically carried forward, so doing your taxes becomes easier with each additional year.
Main image courtesy Pixabay with TurboTax logo added under "fair use" permission.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
Questions & Answers
Question: Does the Canadian Version of TurboTax Premier log into my brokerage account and capture all my stock purchases and sales for CRA Schedule 3 just as the US version does for Form 1099 data?
Answer: The Canadian version of the Premier Turbotax has a feature called “Auto-fill My Return”. This does not download stock transactions from your broker, but it downloads this information from your CRA Account portal.
Your stockbroker sends all the T5008 slips with trading information to the CRA and this is kept in your “CRA My Account.” TurboTax can import all that data from there.
Besides importing automatically, TurboTax provides interview questions to help you complete CRA Schedule 3 (Capital Gains or Losses) and Schedule 4 (Statement of Investment Income).
Values from buying and selling securities are reported on the T5008 slip (Statement of Securities). You can manually enter these stock transactions if you don’t import from your CRA account. You can enter the data from the T5008 slips or fill in the Schedule 3 form directly by going to the forms entry option on TurboTax.
Question: Will TurboTax Home & Business suggest if it will be better to not itemize?
Answer: Yes, Home & Business will definitely walk you through the details, and help decide which way to go. But Premier does that too. Both versions will automatically figure the result with the standard deduction, and with itemizing. Then it will recommend the best method. You can still override that and choose the other method, but why would you?
By the way, if you have a lot of deductions for a self-employed business, and not much income, then TurboTax will warn you that your chance of an audit is high. It will give you the option of improving your situation by not taking all the deductions that could trigger an audit.
Question: What is the difference between the old and new versions of TurboTax including new tax laws under President Trump?
Answer: The new version of TurboTax since 2018 has been changed to handle the shorter 1040 form that President Trump pushed through Congress. Forms 1040EZ and 1040A have been eliminated and consolidated into the new simpler 1040 form.
Schedule A will still exist for taxpayers who chose to itemized deductions, although the higher personal deduction that Trump implemented will move more people into a lower tax bracket, therefore further reducing taxes and eliminating the need for some to itemize.
Question: Since all versions of TurboTax can import 1099 financial institution data, and brokerage transactions are reported on 1099-B, why would I need the Premier version for my mutual fund investments?
Answer: Forms 1099 are used to report all types of financial transactions, such as dividends, interest, and miscellaneous. All versions of TurboTax can download all of these. However, if you have investments such as stocks or bonds, reported on 1099-B, then you need the Premier version to complete the appropriate forms and report the transactions.
Question: Will I be able to ask a tax expert questions if I purchase the download of TurboTax Home & Business?
Answer: That’s not included in the download price, but the service is available at an additional fee. You can have a real CPA review your return for accuracy, ranging from $79.99 for basic up to $199.99 for home and business.
Question: The TurboTax website says the Deluxe version allows the user to "Automatically import 1099 tax form data from participating financial institutions." Isn't the Deluxe version of TurboTax doing the same thing that the Premier version does?
Answer: Yes, all versions of TurboTax can import 1099 data from your financial institution. Note, however, that investments such as stocks or bonds are reported on 1099-B. You need TurboTax Premier or higher to complete the forms related to investments.
Contact your bank or broker to find out if they participate in the download feature. You may need to enable it before TurboTax can access your account, since it might be blocked by default so that hackers can't download your personal financial information. Once you download the data to TurboTax, I recommend you disable the feature again, with your bank or broker, for your protection.
Question: I have not used TurboTax before, so do I need the earlier versions to produce the reference files for prior years, or will the latest 2019 version do the trick?
Answer: You don’t need earlier versions. You can start anytime simply by beginning with the present year. Since it’s your first time using TurboTax, it will ask you a lot of questions about your finances and history that you should try to answer. For example, if you had been putting money into an IRA, it would be helpful to know the details of your individual donations. If you own a home, it may ask you when you bought it. And so on. When you continue to use TurboTax in future years, it will be a lot easier because it will carry forward all the data.
Question: I need the Premier Turbotax because of securities and I am a mortgage holder. However, do I need Home & Business because my wife is a writer and has SE business deductions but virtually no income from writing?
Answer: For you, the Premier is the correct choice. Home and Business is useful for a self-employed person, such as your wife. But it may be more than she needs. I’ll explain why:
I also am a writer, and I use the Premier version to include my business income and expenses. It’s sufficient for self-employed returns as long as you don’t have employees and you’re not an LLC. If that’s your wife’s situation, then you can save money and buy just one TurboTax, the Premier. You can file up to five returns and eFile too. So that more than covers both you and your wife.
Question: I have previously used TurboTax Deluxe to handle the sale of stock and other investments, what's the difference with the investment support between the Deluxe and Premier versions?
Answer: TurboTax Deluxe is not designed for stock trades, but it will allow manual input of simple buy and sell orders.
You need the Premier version to download complete 1099 transaction reports from your broker and to properly report wash sales, futures trades, options strategies, and to carry forward any losses to reduce gains in future years.
Question: I will be required to file Schedule C and Schedule SE. Which version of TurboTax will I need for 2019?
Answer: Form 1040 Schedule C and Schedule SE are for self employed people with a sole proprietorship. TurboTax Premier handles those forms. If your hire anyone in addition to yourself, then you will need to use TurboTax Home & Business.
Question: Which version of TurboTax do I need to get to cover income from railroad retirement?
Answer: Railroad workers contribute to the retirement program administered by the Railroad Retirement Board (RRB) instead of contributing to Social Security.
Railroad retirement benefits paid are reported on forms RRB-1099 (Payments by the RRB) and RRB-1099-R (Annuities and Pensions by the RRB).
All versions of TurboTax handle both of these forms. For full details how to enter the data from these forms, see this page:
Question: I had a loss due to the flooding caused by a tropical storm. TurboTax told me it did not have the appropriate info or forms to file for a casualty loss. Any suggestions?
Answer: You need to use IRS Form 4684 to report a casualty deduction for property losses. You can do that with TurboTax Premier or higher. You probably were using TurboTax Basic, which is why you saw that message.
If you upgrade to Premier, it will read your present TurboTax data file so you won’t have to start from scratch.
Question: I am self employed with a small childcare business and no employees. My husband receives a W2 and an inheritance. He formed a 5-way LLC for inherited Real Estate and CT state taxed. Which TurboTax software do I use for this?
Answer: Due to the LLC your husband has, you'll need to use TurboTax Home and Business. That will also handle your childcare business very well.
Question: I sold stock, what version do I need? Deluxe or Premier?
Answer: The Premier version of TurboTax handles stock trades. It even can download the information of your stock sales from your broker if you choose to let it have access to your account. You may need to enable that option with your broker account and then disable it again after the download.
Of course, you can always simply enter the data yourself. TurboTax makes that easy too. It asks you for everything it needs for proper reporting—date of purchase, date of sale, cost of the investment, and amount received on the sale. It then figures if it’s a long term or short term investment to calculate the correct tax due.
Question: Which TurboTax version covers the sale of a home?
Answer: TurboTax Premier, as well as TurboTax Home and Business, include the entry of all the details required for the sale of your home with your 1040 return.
Question: I have always used TurboTax Deluxe, but now I have property in another state that I pay taxes on, and I have an LLC that made absolutely nothing. I was the sole manager with no employees, but it cost me a fortune! Which version would be best for me?
Answer: Since you have no employees with your LLC, you can use the Home & Business version, which handles single-owner LLCs.
Question: I have a K-1 schedule from an S corporation, will the Deluxe version support it or do I need Premier version?
Answer: You need the Premier version of TurboTax to walk you through the entry of the many fields on a K-1. I've done it, and the Premier version made it easy.
Question: Which TurboTax program do I use to file form 990-EZ?
Answer: TurboTax does not support Form 990 or 990-EZ, which is the form required for tax-exempt organizations. You’ll need to file it in addition to the rest of your tax return that was completed by TurboTax. Instructions are on the IRS website at https://www.irs.gov/pub/irs-pdf/i990.pdf
You can also try using “express990” that you can find with a Google search.
© 2012 Glenn Stok
Glenn Stok (author) from Long Island, NY on March 28, 2020:
Julie – Schedule A is for Itemized Deductions. TurboTax will ask you questions and complete that form for you. It will also determine if Itemized Deductions work better for you than the standard detection.
Although the Basic version helps complete Schedule A, the Deluxe version of TurboTax will help you maximize tax deductions, and it will walk you through all the steps to complete your 1040, including deductions.
However, if you already went through all that and forgot to include those deductions you mentioned, you can go back to the deduction entry to add the extra data. To do that, select the tax deductions section.
It will ask you if you want it to walk you through all deductions, or if you want to select specific deductions and enter them on your own. Select whichever method with which you feel more comfortable.
The walk-through method will cover all deductions you already had entered, but the data will show up, and you can easily skip over each entry, leaving the previously entered data as is.
Julie on March 28, 2020:
Hi Glenn, where can I find Schedule A in the basic version? I need to enter a CPR training course that I was advised would be tax deductible.
Glenn Stok (author) from Long Island, NY on April 15, 2019:
BH - A Cash Balance Plan is another type of pension plan, and it used to be under “less common business deductions" in TurboTax in prior years. But now you need to get to the proper location by manually searching for the correct term.
It's different in the sense that an employee can expect a predetermined benefit, unlike a standard 401(k) which is dependent on the fund’s performance. This makes a cash balance plan a “Defined Benefit Plan.” So that’s where you need to enter the data.
To manually get to the location in your “Home and Business Turbotax," select the "Income & Expenses" tab and check the option for more tax breaks. Then scroll down to the “Other Business Situations” section and click the link given there. That will put you in the proper place.
Now click “Start/Revisit” next to “Self-Employed Retirement Plans” and answer all the questions to enter your data.
BH on April 15, 2019:
I have a pension plan, 401K and cash balance plan. Where do I input cash balance plan in turbo tax home and business version?
Glenn Stok (author) from Long Island, NY on March 30, 2019:
JP Law - See my prior comment answering that same question.
JP LAW on March 30, 2019:
i have a k1 schedule(form 1120S) to file with my personal taxes. which turbotax do i need?
Glenn Stok (author) from Long Island, NY on March 28, 2019:
Larry - TurboTax Premier handles K-1 reports. You need to tell it to go through the schedule to file the K-1. You can do that by searching for K-1 in TurboTax Premier's search box, then select the "Jump to" link it gives you in the search results. This will take you to the section where it guides you with entering the data from your K1.
Larry on March 28, 2019:
I have a K1 to file. Which turbo tax do I need
Glenn Stok (author) from Long Island, NY on February 19, 2019:
C - You only need the Home and Business version if your business is a single-owner LLC. If you file as a sole proprietor with Schedule C, then the Premier version is fine.
C on February 19, 2019:
Hello, for the 2018 year I have W-2 forms, some 1099s, and I also have single-owner/employee business I own as side job. I used the PREMIER version last year, and this year I bought the same PREMIER version again. I did not see the HOME AND BUSINESS edition. From my memory, I thought I filed ok with the PREMIER last year with the same forms. This year, I wonder if I can do the same without HOME AND BUSINESS edition? Would Turbo Tax allow me to still file, or would it require me to update to the higher edition? I don't remember this last year.... ???
Glenn Stok (author) from Long Island, NY on January 30, 2019:
nikP - Yes, the Premier will handle K1's. That's the version I use and I had K1 reports from some investments in the past.
nikP on January 30, 2019:
Does 2018 Premier version dowloaded takes care of including K1's from investment ? If not, do i need to buy other higher versions, and which ones'?
Glenn Stok (author) from Long Island, NY on February 19, 2018:
Tracy - The Home & Business version handles much more that's helpful for home based businesses, such as determining business deductions. The other versions let you enter Schedule C info, but they do not guide with with all the Schedule C details.
Tracy on February 19, 2018:
If you can file a Schedule C with any version, why would you pay extra for the Home & Business version?
Glenn Stok (author) from Long Island, NY on January 08, 2018:
Rebecca Barry - Yes you can. When you order from Amazon you can download immediately.
In addition, if you ever need to download again, it’s saved in your Amazon account for free download of items already purchased.
Rebecca Barry on January 07, 2018:
Can I download TurboTax Premier onto a Windows 7 computer? Thanks
Glenn Stok (author) from Long Island, NY on November 15, 2017:
Carol head - I'm not sure what you mean. 2016 is a year old. It's too late to get a refund anyway. If you didn't buy the 2017 version yet, then no need to get a refund, just order it from Amazon or buy locally. If you can't download then buy the CD version.
Carol head on November 15, 2017:
I have used turbo tax for many yesrs. I brought 2016 deluxe , but couldn't download it , only to find out it will no work with the vists version. Can not get a refund I don't have my. Receipt. What can I do to use the 2017 turbo tax.
Glenn Stok (author) from Long Island, NY on February 25, 2017:
Jackee - Good question. I never ran into that situation before — using up all free eFiles. So unfortunately I don't know what happens if you purchase another license for the same computer. I might guess that it keeps a record in a hidden file and it may not know that a new purchase was made for additional eFiles. Before you purchase another, I suggest you call Intuit and ask them. They may require that you purchase direct from Intuit and download from their site. You actually get a logon acccount where all your downloaded purchases are saved for backup. At least that way you can get a refund if they told you it works, and it fails.
If you do that, or any other method, it would be great if you would come back here and post the results. I would greatly appreciate that, as well as any other readers would, who might have the same question.
Jackee on February 25, 2017:
I installed 2016 Turbo Tax Deluxe CD on computer and have used all 5 efiles.
Can I buy a second Turbo Tax Deluxe or Premier CD and install on on same computer?
Glenn Stok (author) from Long Island, NY on February 07, 2017:
Jose Estrella - Turbotax will automatically decide if the 1040 EZ return is right for you based on your source of income, and it will give you the option. If you are using the Home & Business version then you probably have a business. If you do have business income then the EZ form is not right for you anyway. Either way, no problem since Turbotax will complete all the proper forms for you after your answer the easy-to-follow questions.
Jose Estrella on February 07, 2017:
Can I use the Home & Business Software to do a 1040 ez return?
Glenn Stok (author) from Long Island, NY on March 26, 2014:
Millionaire Tips - Thanks for stopping by and for your comments, Shasta. I've used TurboTax for well over a decade already and I like how it continues to carry forward all required information to the following year. Back in the days when I used an accountant, I had to remind her of information she missed several times. Of course, some accountants are better at keeping track. TurboTax makes it much easier since I know it will not forget to carry things forward, such as stock losess that can be deducted in future years. I also like how TurboTax suggests things that save me money, such as adding more to my IRA, etc. As you said, all this makes me more aware of what's going on. Thanks again for your comments.
Shasta Matova from USA on March 26, 2014:
Great idea to use the software! I've been using Tax Act, but have used Turbo Tax in the past. Besides the fact that you may not know the competence of your attorney, using the software has other advantages. You are more aware of deductions, so that helps you in future financial decisions, such as what investments to buy. It also helps you make adjustments, like increase the amount of your IRA , so that you can reduce your taxes.
Glenn Stok (author) from Long Island, NY on February 12, 2014:
Mimi - You do get five efiles for each TurboTax you buy. Every year I install both the Premier and the Business version myself. They don't interfere with one another. I would think the same is so for the two versions you use. So you can keep them both installed and do what you need to do with each. Just make sure you don't ever open the wrong tax file in the wrong version. That may mess things up.
Mimi on February 12, 2014:
I had bougth 2 versions of Turbo Tax, Deluxe and Home and Business, do I have to uninstall one and install the other one to get 10 free federal e-files?
Valene from Missouri on February 08, 2013:
Thanks, Glenn! I am really trying to save money this year and I might just give TurboTax a try. I am HORRIBLE with numbers and details and as such I feel rather insecure about doing my own taxes, but maybe this TurboTax thing could give me a better insight into my situation in a way I could understand. And be cheaper to boot!
Glenn Stok (author) from Long Island, NY on February 08, 2013:
Valene - I have two answers to your question...
On one hand, your tax situation is so simple that there is really no need to have a professional do it. When I was young and had a similar situation as yours, I filled out the forms myself. No accountant and no TurboTax (at the time). I am sure you can do this too and save the $60.
On the other hand, if your accountant is only charging you $60 you may as well let him or her do it. You have to consider your time-cost too -- the time it takes you to do it.
Your final decision is based on what you feel is important to you. In my case it is worth it since I get to know more about my own finances and letting someone else do it leaves me in the dark. I learned this when I started my business and used an accountant for the business filings. At one point I started doing my business tax filings myself too (with TurboTax). That helped me discover important things about my money-flow that my accountant never brought to my attention.
Valene from Missouri on February 08, 2013:
I have used an accountant for the past few years only because I am afraid to mess anything up on my own. I have a simple return I think...standard deduction, single no dependents and I have student loans, a very small 401k and I have to pay this "city tax" for living inside the city limits of Kansas City, MO.
Do you think I would get just as accurate a return with Turbo Tax as with my accountant? Or would it just as easy? I don't want to have to mail a separate thing to the state, a separate thing to the city, etc. My accountant usually charges me $60 and mails it all off and files everything for me.
Glenn Stok (author) from Long Island, NY on October 06, 2012:
Well, I have to admit that it all depends on which accountant one has. I guess mine wasn't so great. And also it depends on how much work is involved. If I had several businesses I probably wouldn't have the time to do all the accounting as well. But with one business and no extremely complicated tax issues, I have no problem. I'm glad you found my hub informative. Thanks for stopping by.
stillwaters707 from Texas on October 06, 2012:
I have tried by Turbo Tax and Taxact. Taxact is free, but you do have to pay for a printed report. My experience is that Turbo Tax is best. It's worth it knowing what I'm paying for up front, with a printable or downloadable form included. The software is best for anyone, like a caretaker, who has to do their own and their loved one's taxes.
I can't believe TurboTax worked better for you than an accountant. Wow!
Michelle Dee from Charlotte, NC on May 31, 2012:
I have been using Turbo Tax since 2005. Prior to that I had an accountant who was charging me $125 every year, and an extra $5 for each question I had. I dumped the accountant for TurboTax and never looked back. Very informative article, voted up, useful, awesome.
savanahl on February 26, 2012:
Great information. I just purchased Turbo Tax and am using it now. I have to say I absolutely love it. It's so simple.