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Decoding TurboTax: Which TurboTax Version is Best for You in 2023?


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Time is running out on the 2023 tax season — your federal income tax return must be filed by April 18. If you haven’t started your taxes yet, a program like TurboTax can help you find additional deductions and calculate your taxes for you. TurboTax can even auto-fill your address and employer information from last year, making it easier and faster.

Don’t put off your taxes any longer: If you file today, you can get your tax refund in as little as three weeks.

Top products in this article:

TurboTax Free Edition (For general tax returns only. Not all taxpayers are eligible.)

TurboTax Deluxe is $59

In 2020, more than 195 million tax returns and other tax forms were filed electronically; Of these, 14 million tax returns were filed on a version of TurboTax. Tax software aims to simplify the tax filing process and help customers find big tax breaks that they otherwise wouldn’t have found on their own. If you’re one of the many Americans who consider TurboTax a tool to help you file taxes accurately and on time, there are a few things you need to know. File your taxes through software.

When to pay tax in 2023?

Tuesday, April 18, 2023, is the tax filing deadline for most Americans.

January 11, The The IRS declared that California was hit by the storm Various federal personal and business tax returns must be filed and tax payments made now through May 15, 2023. The IRS is offering extensions to people in areas designated by the Federal Emergency Management Agency (FEMA). Areas covered cover most of the state. Think you might qualify for an extension? Click here to see the full list.

Need more time to file? According to the IRS, you should request an extension of time to file. To get an automatic 6-month extension to file your return, you must file Form 4868. An extension of time to file is not an extension of time to pay. You may be subject to a late payment penalty for any tax not paid by the original due date of your return.

According to the IRS, most refunds are processed within six to eight weeks when you file on paper, or as fast as three weeks when you choose to direct deposit your refund.

Which version of TurboTax is right for you?

There are four main types of TurboTax to choose from.

Your choice should be in line with your lifestyle. For example, if you are a taxpayer investing in cryptocurrency, there is a clear TurboTax version for you. Are you self-employed? Then don’t choose the option for taxpayers who document all of their income with a W-2.

TurboTax Free Edition

This free version of TurboTax is a great option for taxpayers whose income comes primarily from W-2s and bank savings. Tax software includes a free filing of your typical federal and state tax returns. According to TurboTax, the free version covers W-2 income, Earned Income Tax Credit (EIC) and Child Tax Credit, plus your standard deduction, student loan interest deduction and limited interest and dividend reporting (1099-INT, 1099-DIV).

It’s worth noting that TurboTax Free Edition 1099-G cannot handle unemployment income or itemized deductions.

The Federal Trade Commission (FTC) currently the case Intuit, the parent company of TurboTax, claims the software company is misleading people by promoting free tax filing. (Intuit, for its part, says it follows IRS rules and called the allegations “simply not credible.”)

Users get support anytime from TurboTax’s online community of TurboTax experts. Worried about something going wrong? TurboTax Free Edition includes guidance in the event of an audit, backed by TurboTax’s Audit Support Guarantee.

The deadline to file with TurboTax Free Edition is March 31, 2023 For ordinary tax returns only, not all taxpayers are eligible

TurboTax Free Edition

Turbotax Deluxe

TurboTax Deluxe has all the features of TurboTax Free Edition plus some extras It is a good option for homeowners. This TurboTax edition provides homeowners with step-by-step guidance on how to turn their home investment into a big tax break. (If you expect to deduct interest paid on your mortgage, you’ll want to go with TurboTax Deluxe.)

TurboTax Deluxe includes over 350 tax deductions and credits to find all qualifying tax breaks. And if an unexpected form arrives late, this software lets you make changes to your 2021 tax return, online, up to three years after it’s filed and accepted by the IRS.

TurboTax Deluxe includes live one-on-one support from TurboTax product experts.

TurboTax Deluxe is $59

TurboTax Deluxe can be upgraded to TurboTax Live Deluxe. Upgrades give customers access to unlimited tax advice and an expert final review.

TurboTax Live Deluxe, $129

Turbotax Premier

TurboTax Premier has all the features of TurboTax Deluxe, but is also great for taxpayers with investment income such as stocks, cryptocurrencies, bonds, ESPPs, robo-investing and income from rental properties. If you’ve bought and sold on Robinhood or Coinbase — especially sales, which are a taxable event — TurboTax Premier is probably the version for you. This makes it easy to report these transactions, even if there are many of them — the software can import thousands of transactions directly from brokers.

Likewise, if you own your home and rent a spare room to a friend or family member, this version will help you report income and identify common deductions that could save you hundreds or even thousands of dollars.

Like all TurboTax software, Premier aims to give customers the maximum tax break possible. TurboTax Premier searches over 450 tax breaks and credits to find eligible tax breaks

TurboTax Premier, $89

TurboTax Premier can be upgraded to TurboTax Live Premier. Upgrades give customers access to unlimited tax advice and an expert final review.

TurboTax Live Premiere, $179

TurboTax is self-employed

TurboTax Self-Employed includes all the features of the other TurboTax editions as well as some important additional benefits for self-employed taxpayers. If you’ve got a freelance job or a Doordash delivery side hustle, for example, this is the version of TurboTax for you.

Ideal for 1099-NEC income, this TurboTax version helps you fill out all relevant self-employment tax forms and will also tell you if a Schedule SE, or “self-employment tax,” is required by the IRS.

This version of the tax software looks through your transactions for industry-specific deductions, including real estate, ride share, delivery driving, online retail and personal or professional services. If your business has employees, this tax software lets you prepare and print unlimited W-2 and 1099 forms.

TurboTax Self Employed, $119

TurboTax Self-Employed can be upgraded to TurboTax Live Self-Employed. Upgrades give customers access to unlimited tax advice and an expert final review.

TurboTax Live Self Employed, $209

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