TurboTax Versions Find the Right One for You
TurboTax offers different versions to help you file taxes easily based on your needs. Whether you are an employee, freelancer or have investments, there is a version of TurboTax for everyone. Let's take a look at the different versions to help you choose the right version
TurboTax Free Edition
- Features:
- Free federal and state filing.
- Guidance on standard deductions and credits.
- File up to five federal returns electronically.
- availability of necessary tax forms
- Limitations:
- Does not support itemized deductions or certain forms (e.g., Schedule C).
TurboTax Deluxe
- Features:
- Everything in Free Edition plus:
- Itemized deductions support.
- the ability to claim tax deductions for charity contributions, property taxes, and mortgage interest.
- uses the Deduction Finder tool to optimize your deductions.
- E-file your state and federal taxes.
- Features:
TurboTax Premier
- Features:
- Everything in Deluxe plus:
- Specialized tools for reporting investment income (stocks, bonds, and mutual funds).
- reporting the earnings and outlays from rental properties.
- advice regarding losses and gains in capital.
- Access to additional forms like Schedule E for rental properties
- Features:
TurboTax Self-Employed
- Features:
- Everything in Premier plus:
- Self-employment income reporting with Schedule C.
- deductions for business-related costs (mileage, supplies, home office).
- Live tax guidance from professionals is available.
- IRS audit assistance
- Features:
TurboTax Business
- Features:
- created for Forms 1120 and 1065, which are used for company tax returns.
- support for partnerships, multi-member LLCs, and S corporations.
- Features for maximizing business deductions and credits.
- E-filing capabilities for business returns