Turbotax freedom edition vs federal free edition

Turbotax freedom edition vs federal free edition

If you have a simple tax return to file for the 2015 tax year and don’t have any complex investment income calculations, don’t run your own business or have a home mortgage, then you complete your taxes for free with the TurboTax Online Free Edition. They will guide you completing your 1040EZ, 1040A, and 1040 forms and still give you an audit support and “biggest possible” refund guarantee with this version. So, as with all the TurboTax editions, if you are ever forced to pay an IRS fine, state penalty or interest because of a TurboTax calculation error, then they will refund you those costs. Just keep in mind that if you need step-by-step guidance in completing your taxes this year, the Basic 2015 version that’s priced at $34.95 may be the better choice for you. Then those with mortgage payments, medical expenses, investment income, or need to fill out special tax schedules (including C, D, E, and F) will need to go with one of the more advanced editions.

Partnered with the IRS Free File Alliance program, TurboTax is offering the 2015 Freedom edition to qualifying Military and families. For the 2015 tax year, anyone who qualifies for EITC, is an active duty military with an adjusted gross income of $57,000 or less, or part of a military family that made $31,000 or less in fiscal 2015 can qualify. You can also request Free State tax preparation to qualified taxpayers in certain States (details posted on the TurboTax site).

If you know what you’re doing or have a super simple tax return this year, then you may not even need to use a tax software service from TurboTax, H&R Block or similar company (regardless of your income level!). If you go to the IRS website you will be able to use any of their free fill-able tax forms. These are basically the electronic equivalent of the paper 1040 and related tax forms. When you complete it online versus at home using the traditional pen and paper format at home, all the calculations will be made automatically for you.


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