It takes a lot of effort to file taxes and keep track of everything. Depending on the difficulty, a professional may be required, as well as a substantial sum of money. As a result, online filing services arose to provide further convenience. TurboTax, for example, offers both the TurboTax Freedom Edition and TurboTax Paid packages.
About the Turbo tax Freedom Edition
Pros
- Ease of Use
Tax returns meet simplified tax in this feature of the TurboTax freedom version. Preparation, printing, and e-filing are all made simple. The complexity of life does not become an added burden with this edition. Obtaining tax deductions and well-deserved credits is simple, as addressing life’s questions will make the process go smoothly.
Furthermore, snapping a photo of your W-2 will help you get a head start on your taxes. If you are a repeat customer, you will be greeted with free tax filing with great convenience.
- Saves Time and Money
It will cost you $0 + $0 each state return filed, and you will not have to pay a dime to file a 1040 and a state return. It will also transfer last year’s information to you for free. You can save both time and money in this way.
- Accuracy and Transparency
Because it offers updates, the TurboTax freedom version gives its clients no reason to be concerned about tax refunds or tax due. It also uses ExplainWhyTM to deliver customized insights to assist clients understand their taxes. It improves consumer accuracy by transferring data from the previous year. Tax-saving benefits like the Earned Income Tax Credit (EIC) and the Child Tax Credit are not illusive with the TurboTax freedom edition. It also displays who qualifies as a dependent for you.
Cons
Itemizing or filing schedules 1, 2, or 3 of the 1040 is not a perk included in the TurboTax freedom edition.
TurboTax Paid Packages
There are numerous possibilities for purchasing or subscribing to the TurboTax online filing products’ paid packages, depending on your needs or budget.
There are four different versions of Live: Basic, Deluxe, Premier, and Self-Employed.
- Live Basic (Federal: $79 – tax included)
It is an updated version of the free edition, as it includes access to a tax professional, advice, and a final evaluation.
- Deluxe (Federal: $39 – with Live: $119 + $39 per state filed – with Live: $49)
This package itemizes and claims tax deductions and credits. This is a good package for business income without expenses.
- Premier (Federal: $69 – with Live: $169 + $39 per state filed with -Live: $49)
It’s a variation of the Deluxe package with more features, such as investment opportunities and rental revenue reports.
- Self-Employed (Federal: $89 – with Live: $199 + $39 per state filed – with Live: $49)
It is a more advanced version of the Premier edition, with a special feature for freelancers. Apart from that, you can look at tax breaks from industry-specific deductions and get advice from self-employment experts.
The difference between TurboTax freedom edition and TurboTax paid products is apparent.
There is no charge for the TurboTax freedom edition. In terms of inclusiveness, however, it falls short. With the various subscription packages, the rates rise, but you gain access to more features and services. As a result, the paid versions offer more advantages. A newer version of TurboTax was introduced, with greater possibilities for dealing with tax-related issues. TurboTax 2022 is the name of a new online tax filing service that was just published.
TurboTax Freedom Edition Review by Steve Patterson