How mush does TurboTax really cost? If you are considering using TurboTax to do your taxes this year, you should know what it’s going to cost.
First, even though they say it’s free, only people with simple taxes (such as 1040EZ) can file without paying. In fact, in addition to the cost of the software, you also have to pay a State filing fee.
Here’s all about the real cost of TurboTax:
TurboTax ONLINE Cost:
The most popular way to file your taxes with TurboTax is online. This method does not require downloading software, and your info is all securely saved on the cloud. As you can see, the regular price comes down when you use a coupon.
Here is the cost of TurboTax Online:
- Deluxe: $59.99*
- Premier: $79.99*
- Self-Employed: $119.99*
*While there is n additional cost to prepare your state return, you must also pay a State filing fee for each state that you file in.
*Tip: As you can see, using a coupon code lower the price of TurboTax Online products! The best coupons are available early in the tax season.
TurboTax LIVE Cost:
If you would like assistance from a real, human CPA during the tax-filing process, then consider TurboTax Live. However, that personal assistance isn’t free, so the prices are higher than Online-only.
Here is the cost of TurboTax Live:
- Basic Live: $79.99*
- Deluxe Live: $119.99*
- Premier Live: $169.99*
- Self-Employed Live: $199.99*
*You’ll also need to add the State filing fee for each tax return. (See the cost of State file below)
*Tip: As you can see, using a coupon reduces the cost of TurboTax Live products!
TurboTax CD/Download Cost:
While TurboTax encourages you to do your taxes with their online products, CD and download are still available. If you don’t have dependable internet access, then download or buying at a store like Costco may be a good option.
Here is the regular price of TurboTax software download:
- Basic: $49.99
- Deluxe: $79.99
- Premier: $109.99
- Home & Business: $119.99
- Business: $169.99
As you can see, the cost of downloading turbotax software is more than the Online versions. However, if you are a member of discount clubs like Costco, you can get a better price on buying TurboTax in the box.
While we’ve covered the pricing for filing your Federal taxes with TurboTax, you’ll also want to account for your State e-file fee. Here is what filing your TurboTax State return costs:
State Filing Fee:
When calculating the total cost of filing your taxes with TurboTax, you’ll need to account for the actual cost of filing them.
While Federal is free, State is not. Here is the cost of filing each State return:
- State Fee if you use Deluxe, Premier, or Self Employed: $39.99
- State Fee if you use TurboTax Free Edition: $29.99
The state filing fee is the same for every state. Remember, if you have income from multiple states, you’ll need to pay a state fee for each state return that you file.
Can you avoid the state filing fee? While there are no coupons for TurboTax Sate file, you can avoid paying the State file fee if you file before March 15th!
*Related: New H&R Block costs
Tip: Don’t Pay the “Refund Processing Fee!”
Ok, here’s a big fee that you can avoid, so listen closely. Upon completion of their taxes, a lot of taxpayers are dazed and confused after hours of sifting through papers and crunching numbers.
Maybe that’s why Turbo Tax chooses this moment to ask you if you’d like to pay your TurboTax fees from your federal refund:
It sounds like a good idea, and very convenient to pay without having to enter a credit card, right?
No! It will cost you an unnecessary $39.99, and seems to have no value other than to save you the minute of time it would take to just enter your credit card info!
While the cost of TurboTax doesn’t change throughout the tax season, the promotions and coupons do. You’ll save more early in the tax season when you can also file State returns for free; so don’t procrastinate!
Do you think that TurboTax is too expensive? Here’s what people pay to file their own taxes.