Can I reuse TurboTax software?
Canadian review of TurboTax (formerly Quicktax).
This is a review of the popular tax preparation software TurboTax which is made by Intuit. There are a lot of different packages for this software – Free, Deluxe, Premier, Home & Business, Business. As well, some of those packages comes in an online version and a desktop version. We will be discussing the differences between the various editions and which one is right for you. We’ll also take a look at whether you should get the is what most filers will use if they need more than what the Free Edition offers. This version will help guide you through your tax return with a LOT of extra help provided for deductions and life changes (new baby etc). The cost is $29.95 for your Federal return, but you don’t have to pay anything until you want to eFile. The idea is that you can try out the software and all the features and then decide if you are happy with the product.
Here are some of the main features:
- You can copy all your information from last year’s tax return to save on data entry.
- You can also import tax data from other software packages such as TaxAct and H&R Block TaxCut
- If you work for a participating employer then you can have your W2 and 1099 forms automatically filled in.
- Access to live answers online from TurboTax tax experts.
- Free technical support.
- Free Federal eFile.
Here are the suggested guidelines from TurboTax to decide if you should use the Deluxe Edition – if any of these apply to your situation then you should try out the Deluxe Edition since the Free Edition probably won’t cover everything you need.
- You own your home
- You donated to charity
- You have significant education or medical expenses
- You have childcare expenses
- You have lots of deductions
TurboTax Free Edition
This online-only TurboTax edition costs absolutely no money and offers a free federal efile. State efile is extra where applicable. It’s hard to beat the price but of course it won’t be sufficient for every filer’s needs.
One of the great things about the Free Edition is that if you find out part way through the return that you need to upgrade to a better version (TurboTax will help point this out) then you can upgrade and keep all the data you have already entered.
One thing to note is that the free edition does not have the same level of help available that the more expensive editions offer. Things like available deductions etc. This version also does not offer the ability to import the previous years tax data which is a big convenience.
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I have done my own for years on TurboTax and
TaxAct. I'm self employed. You don't need a CPA. It will take you a little extra time the first year but well worth it. It's good to have a basic understanding of tax law. For $10 or $12 more you can buy TaxAct deluxe to double check your TurboTax and to help you build confidence and to get a second interview. Many on this board will help answer your questions. If you wish, you can contact me directly. I'm happy to help, but primarily you and your tax software need to become best of friends. It allows us non-cpa's to make an accurate and complete tax return. Give it a try. Good luck.
Win 98 OK for all tax software as far as I know.
TaxAct is your best buy and excellent software. TurboTax is the best but the most expensive. TaxCut is H&R Block's software. It works, but I found it to be the worst of them all. Downloading works just as well as buying the CD. TaxAct downloads faster than TurboTax. If you have high speed internet service, downloading is of course much faster. You can also open an account with all the major venders and do your taxes on line, but I would only do that with high speed ISP. How do you like all this snow! We're out on the west plains of Spokane.
TaxAct allows an unlimited amount of returns
You get one free e-file included in the price of $10 (prepaid early). Each e-file after that is $10. State software is extra if needed. This is why they practically give away the software. I have e-filed with TaxAct Deluxe and the software remains usable. Both these software always remain usable after e-filing or printing. I have never heard of that software problem. TurboTax is the best software. I use the deluxe version and buy it at Costco at their annual January sale for $16. No free e-file included. Each e-file is $18. There may be a limit on how many returns you can do, but I have never maxed it out with the 5 returns that I do on it
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