Intuit TurboTax 2023 Review

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Intuit TurboTax 2023 Review

Review of TurboTax 2023: This Online Tax Software Continues to Dominate: Intuit's online tax software remains superior to the competitors, but if you have a complex tax situation, it can be expensive.

This year, TurboTax returns with another great version, earning our distinction as the top tax preparation software for the majority of taxpayers. TurboTax can help you organize your tax information and guide you through the process of completing your federal and state tax returns, regardless of whether this is your first time filing taxes or you're a seasoned tax filer.

TurboTax shines a bit brighter than its rivals because to its efficient question-and-answer system and substantial tax advice. Its user-friendliness and tax competence will alleviate any concerns over the accuracy of your tax return and receipt of the greatest tax refund.

Considering that tax regulations change annually, TurboTax's efficient method is more valuable than ever. It will assist you in filing your tax return quickly and easily, and for the majority of taxpayers, the additional cost will be worth the piece of mind it provides.

Your tax return is due on April 18, 2023, but submitting early could speed up your refund and protect you from identity theft. And while you cannot file your return with the IRS until the end of January, you can begin using TurboTax immediately.

TurboTax will facilitate the process for the greatest number of individuals. It offers four products that address a wide range of taxpayer circumstances. Individuals and families with simple tax returns, defined as a single W-2 and no investment or rental income, need to be able to utilize the basic software at no cost.

Despite this, TurboTax is not the ideal option for everyone. If you have a more complicated tax situation, such as being self-employed with several clients or a side business, TurboTax's business packages may be overkill and more expensive than alternative options. TaxSlayer is recommended if you wish to file your freelancing taxes online.

Notably, if you worked or resided in numerous states in 2022 and were required to file different state tax forms, there may be better options. At approximately $39 per state return, TurboTax is more expensive than alternatives such as Jackson Hewitt, whose $25 flat-rate federal and unlimited state return option covers state filing.

Basic, Deluxe, Premier, and Self-Employed are the four tiers of TurboTax products, based on the complexity of your tax return and the amount of live assistance you choose.

Two extra levels of professional assistance can be added to each tier for an additional charge. TurboTax Live Assisted enables you to chat with a tax professional who will examine your tax return before to submission. And for the first time, TurboTax Live Full Service will pair you with a CPA who will prepare and file your taxes. With the addition of these alternatives, you now have a total of 12 choices.

Free for students and filers with simple returns

A simple tax return often includes a single W-2, a small amount of interest and dividend income, no itemized deductions, and no rental property. The basic version permits the standard deduction, earned income tax credit, certain capital gains and losses, and the child tax credit. TurboTax Basic even takes Form 1099-K, allowing you to declare income from a simple hobby or side gig (though no business deductions can be itemized).

Intuit TurboTax 2023 Review

Deluxe: Optimizes deductions and credits the most

If you qualify for credits or deductions not covered by the Basic plan that increase your refund, upgrading to Deluxe may be worthwhile.

The Deluxe tier contains all the features of the Basic tier and further searches through more than 350 tax deductions and credits to identify tax benefits for which you are eligible. In 2022, if you had unemployment income, made charity contributions, contributed to a health savings account, or had child care bills, this is a good option.

Premier is ideal for more intricate returns (investments and real estate income).

You can record investment income and rental property while optimizing your refund using the Premier tier. It allows users to submit 4,000 crypto transactions and 10,000 stock transactions simultaneously, making it a perfect option for individuals with extensive cryptocurrency activity.

Self-Employed: Ideal for freelancers, independent contractors, and business owners

The self-employed tax bracket permits freelancers, independent contractors, and small business owners to optimize their deductions and report personal and business income and expenses, as well as investment income and rental property revenue.

If you performed any freelance work in 2022, you must get this edition of TurboTax to maximize your deductions even if you have a salaried employment. Prices for TurboTax products range from $0 to $119, but for a limited time, TurboTax has reduced the price of each product.