November 2, 2011

Turbotax Deluxe Federal + State + Efile

TurboTax Free Edition 2010 is TurboTax's most basic tax prep software and will work perfectly well for most taxpayers who are filing a simple tax return. This edition is completely free for federal tax return preparation, and also includes free e-filing. The TurboTax Free Edition is very easy to use and guides you through a series of questions in simple language. The TurboTax Free Edition also provides access to technical support via phone, live chat, email, and TurboTax's knowledge base.

TurboTax Free Edition includes the following impressive list of IRS forms: (You may want to skip ahead to reading the rest of the article, without reading this lengthy list, unless you are looking for a particular form.)

1040EZ
1040A
1040
Schedule A Itemized Deductions
Schedule B Interest and Dividends
Schedule EIC Earned Income Credit
Schedule R Credit for Elderly or Disabled
Schedule 1 Interest and Ordinary Dividends for Form 1040A Filers
Schedule 2 Child & Dependent Care Expenses
Schedule 3 Credit for Elderly or Disabled
1040X Amended Tax Return
1116 Foreign Tax Credit
1310 Statement of Person Claiming Refund
2106/EZ Employee Business Expenses
2120 Multiple Support Declaration
2210/2210AI Underpayment of Tax/Annualized Income
2210F Underpayment of Estimated Tax by Farmers
2439 Notice to Shareholder of Undistributed Long-Term Capital Gains
2441 Child & Dependent Care Expenses
3903 Moving Expenses
4137 Tax on Unreported Tips
4506 Request for Copy of Tax Form
4684 Casualties & Theft
4852 Substitute W-2 or 1099-R
4868 Extension of Time to File
4952 Investment Interest Expense Deduction
4972 Tax on Lump-Sum Distributions
5329 Additional Taxes on Retirement Plans
5405 First-Time Homebuyer Credit
5695 Residential Energy Credits
6251 Alternative Minimum Tax

8283 Non-cash Charitable Contributions
8332 Release of Claim to Exemption
8379 Injured Spouse Claim and Allocation
8396 Mortgage Interest Credit
8453 E-File Transmittal
8606 Nondeductible IRAs
8615 Tax for Children Under Age 14
8801 Credit for Prior Year Minimum Tax
8812 Additional Child Tax Credit
8815 Exclusion of Interest from Series EE & I Bonds
8822 Change of Address
8839 Qualified Adoption Expenses
8853 Archer MSAs and Long-Term Care Insurance Contracts
8857 Innocent Spouse Relief
8859 DC First-Time Homebuyer Credit
8862 Info to Claim EIC After Disallowance
8863 Education Credits
8880 Credit for Qualified Retirement Savings Contributions
8885 Health Coverage Tax Credit
8889 Health Savings Account
8891 Canadian Retirement Plans
8910 Alternative Motor Vehicle Credit
8915 Hurricane Retirement Plan Distributions
8917 Tuition and Fees Deduction
8919 Uncollected Social Security and Medicare Tax on Wages
8930 Qualified Disaster Recovery Assistance Retirement Plan Distributions and Repayments
9465 Installment Agreement Request
SS-4 Application for Employer ID Number
Form TD F 90-22.1 Report of Foreign Bank Accounts

However, TurboTax Free Edition2010 does not include access to the following common tax forms and schedules: Schedules C (self-employment), Schedule D (capital gains), Schedule E (rental property and income reported via Schedules K-1), and Schedule F (farm income). Therefore, if you have any investment income from stocks or rental property, or if you have any income from self-employment, farm or K-1's, you will need to upgrade to TurboTax Deluxen 2010.

Also, this free tax prep product cannot import 1099s or W-2s. To get this feature, you would to need to upgrade to Turbo Tax Deluxe 2010. Although certainly not necessary, the import feature can be a real time saver if you have mutliple W-2's or 1099's.

Another potential disadvantage for some situations is that TurboTax Free Edition 2010 is only available as a Web-based software application. If you would prefer to download the software to your computer, TurboTax Deluxe 2010 or Premier2010 provide the option of either purchasing the software disc or immediately downloading the software online. The TurboTax online download option is actually a few dollars cheaper than ordering the software disc from Amazon. The online tax software download option also provides the conveniences of immediate access to the software, rather than waiting for the software to be shipped or spending the time and gas to go shopping at a retail location.

Finally, although the federal return is free when using TurboTax Free Edition 2010, the state return costs $27.95. So for many taxpayers who must file a state tax return, the slightly more expensive TurboTax Deluxe 2010 may actually provide a better value than TurboTax Free Edition 2010.

Turbotax Deluxe Federal State Efile

If you own a home, made donations or have medical expenses, TurboTax Deluxe will easily get you every tax deduction you deserve. Includes one free state preparation and 5 free Federal e-Files—receive IRS confirmation and get your refund in as fast as 8 days. State e-File available in certain states for an additional fee.

TurboTax Deluxe was designed to make it easy for you to get the biggest tax refund possible, checking for accuracy and uncovering 350+ deductions and credits. Includes free Federal Efile and TurboTax State for completing your state taxes.

Everything you need to do your taxes with ease.

Finds All Tax Deductions and Credits You Deserve to Get Your Biggest Refund

Maximizes Your Tax Deductions

Asks simple questions about your income, family situation and changes in your tax situation and credits. Then, based on your answers, searches for more than 350 deductions and credits to get you the biggest tax refund—guaranteed.

Looks for Deduction Opportunities as You Go

Shows you which deductions you've taken. Which deductions you haven't. And tells you how to qualify for just about any deduction, so you don't miss any opportunities to save.

Gets You the Maximum Deduction for Donations

ItsDeductible (included) helps you accurately value items you donate to charity–no more guessing. Plus, it tracks other donations such as cash, mileage and stocks, to help you get every charitable deduction you're entitled to.

Handles Your Life Changes

Changed jobs? Got married? Bought a home? Had a baby? TurboTax guides you through common life changes, explains how the changes will impact your taxes, and tells you what you can deduct.

Helps with Medical Expenses

Does all the math and tells you if you qualify to deduct your medical expenses for maximum tax savings.

Helps You Reduce Audit Risk

Tracks Your Audit Risk

Audit Risk Meter checks your tax return for common audit triggers. Shows whether your risk is high or low. And provides tips to help you reduce your chance of an audit.

Includes Downloadable Audit Support Center

Gives you step-by-step guidance on everything you need to know and do if the IRS contacts you.

Also Available: Audit Defense

Provides full-service representation by a trained tax professional. You will never have to meet with the IRS, unless you want to.

Does the Hard Work for You

Asks Easy Questions, Tailored to You

Guides you step by step through your tax return and puts your answers on the right tax forms for you. Skips interview questions that don't apply to you, so you can finish your return faster.

Automatically Fills in W-2 and 1099 Info

Gets your W-2 and 1099 data directly from over 100,000 participating employers and financial institutions and automatically puts it in the right tax forms. A brief summary lets you review and edit downloaded information if necessary.

Transfers Last Year's Tax Info

No retyping necessary. Fills in information from your previous year's return to save time and increase accuracy. Shows you what you're importing and where it goes in your return. You can also import from other tax software including TaxACT and H&R Block's TaxCut.

Imports a PDF of Last Year's Tax Return

Easily imports prior year tax data/documents from TurboTax, other tax software brands4 and tax stores.5 Imports Your Financial Data — Imports information from your financial software (including Quicken, QuickBooks 2007 and higher, and Microsoft Money) so you can skip the cut and paste this year.

Makes it Easy to Hold Your Place

Flag areas in your tax return so you can get back to them easily.

Turbotax Deluxe Federal State Efile Picture

Turbotax Deluxe Federal State Efile Image

Turbotax Deluxe Federal State Efile Picture

Turbotax Deluxe Federal State Efile Pic

Most helpful customer reviews

130 of 130 people found the following review helpful.
Understanding the E-Filing Charges
By MICKADDY
I have read several reviews regarding the additional filing fees associated with a state tax return. With this particular version of TurboTax the federal tax return can be e-filed for free and the state tax return can be e-filed for an additional $19.95 fee. When setting up the e-file information you have the choice of having the $19.95 state e-filing fee deducted from your return or paid with a credit card. If you choose to have the fee deducted from your return you are charged an additional $29.95 for using that particular feature. If you choose to pay the state e-filing fee with a credit card you are not charged an additional $29.95.

Intuit should have described the fees and circumstances under which they are charged more clearly. Other than that, I love TurboTax and have been using it for over a decade now.

34 of 37 people found the following review helpful.
A Nice Program that makes doing Taxes tolerable
By D. Wells
Up until 2009 I had an accountant for years do my taxes. They did a good job but the price was steep and I always wondered if I could do it myself like I did years ago. Last year I purchased the 2009 edition and was pleasantly surprised with the ease I was able to do the taxes. It is very intuitive to use and really doesn't require much of a manual. It asks question that require only a yes or no answer and from you answers (i.e. Did you sell any stock in 2010?) It will further customize the program to accommodate your answers. Whenever you start the program it goes to the Turbotax website to see if there is any updates or patches for the program and automatically downloads latest revision. You're able to do the program in the interview mode or for more seasoned tax preparers, you can manually input numbers to the specific forms that apply to you and the program, based on your answers, selects all the forms that apply to you. A side bonus was you have the option to file electronically or print out and mail. I decided to "e" file both Federal and State and I received checks credited directly to my bank account in under 10 days! It cost nothing to file electronically for the Federal but there's a $29.95 charge to "e" file the state return. If you choose instead to print out the forms and mail to the state instead, there is no charge for that. You "e" file the state and pay the fee only if you want your money quickly. Otherwise, save the 29.95 and just send in the return "snail mail". I now have the 2010 version that is advertised here and it is substantially the same as 2009 (except, of course, latest tax info. What is really nice is once you've done one year (in my case 2009), once you purchase load the next year and load it on your computer, it "looks" for previous tax year data on your computer and "suck over" all pertinent info from the previous year (i.e. Name, social security number, other personal info plus it'll even grab "carry forward loses" from stock transactions for previous years. As you enter your data you see instantly the effects on your taxes and it instantly shows changes to your refund (or what you owe) as you enter those numbers.

I was paying hundreds of dollars each year and now, for a fraction of that I get to do my taxes in the privacy of my home at my own leisure. You do not have to do it all in one sitting and it saves your work as you go. No apparent downside here. I think this program is well done and easy to use. you also are allowed to do up to 5 Federal returns so you can actually split the cost with someone on the program and even save more. I like my accountant but with my savings last year, I could almost go out and buy a 16 gig Apple iPad with the money I saved.

50 of 57 people found the following review helpful.
Recommend TurboTax, but buy the CD, not Amazon download
By J. Loscheider
I've enjoyed using TurboTax for several years now - it simply reduces substantially the research and filling-out time needed to do taxes. I opted for the Deluxe edition, even though we have some investment income it's small and not complicated to figure out. You really don't need the next level up if you just buy and hold stocks or have assets in retirement accounts that you're not yet drawing from.

What I did NOT enjoy this year was the pile of bloatware attached to my Amazon download. You have to install the Amazon Games & Software Downloader in order to download this software, then actually download and install TurboTax.

My first clue was that the download - ~115 MB - took nearly 30 minutes. This is atrocious, at our connection speed it's usually more like 5. After the download, my PC (a 3-year-old HP running Vista on 3 GB RAM and a 2.97 GHz dual-core) was LAGGING so horribly I ran a virus check. After restarting, idle time was showing 57% utilization. I pulled AnswerWorks 5.0 off the registry and force-uninstalled it (Window's Program Manager wouldn't allow me to) - this is a software piece that I remember uninstalling last year, I think, too. After reboot, my PC is running at 7% utilization while idle (antimalware suite takes up most of that).

So, I'll publish a follow-up with how well I used this year's tax software, but in following years I'll be buying a CD.

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Follow - up:
The software was a huge help, probably saved me around 8 to 10 hours of work on my taxes this year. It was just as easy to use as in previous years. I'm not sure what additional comments I can offer, but I highly recommend TurboTax.

See all 239 customer reviews...