TurboTax is one of the most popular tax preparation software options, but its pricing can be a bit of a maze, with various versions catering to different tax situations. If you're wondering how much TurboTax cost in 2024 (for filing your 2023 tax returns), you've come to the right place! This comprehensive guide will break down the pricing for each edition, clarify what's included, and help you determine which version was best for your needs.
Ready to demystify TurboTax pricing and ensure you're not paying more than you need to? Let's dive in!
Step 1: Understand the Different TurboTax Options
Before we talk about specific prices, it's crucial to understand that TurboTax offers several ways to file your taxes, each with its own pricing structure and features. This is the first and most important step in figuring out your potential cost.
There are broadly two main categories:
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TurboTax Online: This is the web-based version, accessible through your browser. It's designed for convenience and generally offers real-time updates.
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TurboTax Desktop Software: This version is downloaded and installed directly on your computer. It offers more control over your tax data and typically includes multiple federal e-files.
Within these categories, there are several editions, each built to handle increasing levels of tax complexity.
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| How Much Was Turbotax In 2024 |
Step 2: TurboTax Online Pricing in 2024
TurboTax Online offers a "start for free, pay when you file" model. The final price can depend on your specific tax situation and the forms you end up using. Here's a general breakdown of the pricing for federal and state returns in 2024:
Sub-heading: TurboTax Free Edition
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Federal Cost: $0
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State Cost: $0
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Who it's for: This edition is designed for individuals with simple tax situations. This typically means those filing a basic Form 1040, claiming only standard deductions, W-2 income, and common credits like the Earned Income Tax Credit (EITC) or Child Tax Credit.
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Key Features:
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100% free federal and state filing for eligible taxpayers.
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W-2 import.
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Student loan interest deduction.
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Guidance for claiming dependent credits.
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CompleteCheck™ feature to scan for accuracy.
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Sub-heading: TurboTax Deluxe
Tip: Don’t just scroll — pause and absorb.
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Federal Cost (Online): Around $89
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State Cost (Online): Around $64-$69 per state (can vary)
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Who it's for: This is the most popular choice for many taxpayers, especially homeowners and those with significant deductions. It's ideal if you:
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Own a home and need to deduct mortgage interest and property taxes.
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Have charitable donations.
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Need to maximize deductions and credits.
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Key Features:
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Searches for over 375 deductions and credits.
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Guidance for homeowners (mortgage interest, property taxes).
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ItsDeductible™ to track and value charitable donations.
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Import of W-2s and 1099s.
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Sub-heading: TurboTax Premier
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Federal Cost (Online): Around $139-$149
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State Cost (Online): Around $64-$69 per state (can vary)
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Who it's for: Premier is geared towards those with investments and rental properties. It's suitable if you have:
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Stocks, bonds, mutual funds, or other investments.
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Rental property income and expenses.
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Key Features:
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Handles sales of stocks, bonds, and mutual funds, and calculates capital gains/losses.
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Guidance for reporting rental property income and depreciation.
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Help with employee stock plans.
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Maximizes IRA savings.
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Sub-heading: TurboTax Self-Employed
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Federal Cost (Online): Around $149-$219
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State Cost (Online): Around $64-$69 per state (can vary)
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Who it's for: As the name suggests, this version is specifically for freelancers, independent contractors, small business owners, and anyone with self-employment income (Form 1099-MISC or 1099-NEC).
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Key Features:
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Maximizes self-employment tax deductions.
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Guidance for reporting business income and expenses.
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Helps with home office deductions, vehicle expenses, and other industry-specific write-offs.
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Includes a mileage tracker.
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Step 3: TurboTax Desktop Software Pricing in 2024
The desktop versions of TurboTax are a one-time purchase and often come with multiple federal e-files and one state download included. However, state e-filing typically incurs an additional fee.
Sub-heading: TurboTax Basic (Desktop)
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Federal Cost: Around $49.99 - $50
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State Cost: State download usually sold separately (around $45), state e-file additional (around $25 per return).
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Who it's for: Similar to the Free Edition online, this is for those with very straightforward tax situations who prefer to work offline or want to install the software on their computer. It's for basic Form 1040 filers with W-2 income and standard deductions.
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Key Features:
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Includes 5 federal e-files.
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Step-by-step guidance.
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Up-to-date on latest tax laws.
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Sub-heading: TurboTax Deluxe (Desktop)
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Federal Cost: Around $69.99 - $80
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State Cost: Includes one state download. State e-file additional (around $25 per return).
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Who it's for: Homeowners, those with charitable donations, and individuals looking to maximize deductions.
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Key Features:
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Includes 5 federal e-files and 1 state download.
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Searches for over 375 deductions and credits.
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Guidance for homeowners.
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ItsDeductible™ for valuing donations.
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Audit Risk Meter to check for potential audit triggers.
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Sub-heading: TurboTax Premier (Desktop)
Tip: Read actively — ask yourself questions as you go.
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Federal Cost: Around $114.99 - $115
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State Cost: Includes one state download. State e-file additional (around $25 per return).
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Who it's for: Taxpayers with investments (stocks, bonds, mutual funds) and rental properties.
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Key Features:
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Includes 5 federal e-files and 1 state download.
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Handles capital gains/losses from investments.
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Guidance for rental property income and depreciation.
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Sub-heading: TurboTax Home & Business (Desktop)
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Federal Cost: Around $129.99 - $130
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State Cost: Includes one state download. State e-file additional (around $25 per return).
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Who it's for: Self-employed individuals, freelancers, independent contractors, and small business owners who also have personal tax complexities.
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Key Features:
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Includes 5 federal e-files and 1 state download.
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Maximizes self-employment tax deductions.
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Guidance for reporting business income and expenses.
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Helps with creating and e-filing W-2s and 1099s for employees/contractors (Quick Employer Forms).
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Step 4: TurboTax Live Services in 2024
For those who want a bit more hand-holding or even full tax preparation, TurboTax Live offers access to tax experts. These services come at a higher premium.
Sub-heading: TurboTax Live Assisted
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Federal Cost: Ranged from around $89 to $219 (depending on the edition chosen, e.g., Live Assisted Basic, Deluxe, Premier, Self-Employed).
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State Cost: Around $59 to $69 per state, in addition to federal.
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Who it's for: Individuals who want expert help and advice as they do their own taxes, with a final review by a tax professional before filing.
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Key Features:
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Unlimited answers and advice from tax experts.
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Expert review of your completed return before filing.
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Access to a pool of tax experts.
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Sub-heading: TurboTax Live Full Service
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Federal Cost: Started around $129, but could go up significantly (even over $2,000 for very complex returns) depending on your tax situation.
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State Cost: Around $69 per state, in addition to federal.
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Who it's for: Taxpayers who want a dedicated tax expert to prepare and file their taxes for them from start to finish.
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Key Features:
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A dedicated tax expert handles your entire return.
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Communication via phone or one-way video call.
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The expert reviews the return with you before filing.
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Step 5: Additional Costs and Considerations
Beyond the base price of the software or online edition, there can be other factors that affect your final cost:
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State Filing Fees (Online): As noted, most online paid versions charge an additional fee per state for filing your state income tax return. This is often the biggest "surprise" cost for users.
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State E-file Fees (Desktop): While desktop versions often include a state program download, there's typically an additional fee to e-file your state return. You can usually print and mail your state return for free with the desktop software.
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Refund Processing Service Fee: If you opt to pay your TurboTax fees out of your federal or state refund, there's usually an additional processing fee (often around $40).
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Audit Defense: Optional add-on service that provides assistance and representation in case of an IRS audit. This is an extra cost.
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Live Expert Tax Advice: Even with desktop software, you might have the option to add "Live Expert Tax Advice" for an additional fee if you want to consult with a tax professional.
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Price Changes: TurboTax pricing can fluctuate throughout the tax season. Early filers or those who file closer to the deadline might encounter different prices. Prices often increase as the tax deadline approaches.
QuickTip: Go back if you lost the thread.
Step 6: How to Determine Your TurboTax Cost
Now that you know the general pricing, here's how to figure out your likely cost:
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Assess Your Tax Situation:
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Do you have only W-2 income and plan to take the standard deduction? You likely qualify for the Free Edition.
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Do you own a home, make charitable donations, or have significant deductions? Deluxe is probably your sweet spot.
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Do you have investments or rental properties? Premier is designed for you.
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Are you self-employed or a freelancer? Self-Employed is the way to go.
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Do you want expert help or someone to do your taxes for you? Consider TurboTax Live Assisted or Full Service.
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Choose Your Platform:
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Online convenience and flexibility: Go with TurboTax Online. Be mindful of state filing fees.
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Offline access, multiple federal returns, and direct data control: Consider TurboTax Desktop. Remember state e-file fees.
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Check for Discounts:
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Keep an eye out for promotional offers from retailers (for desktop software) or directly from TurboTax, especially early in the tax season.
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Many banks and credit unions offer discounts on TurboTax products.
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Go Through the Process (Without Filing):
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The best way to get an accurate estimate is to start your tax return on the TurboTax platform. You can enter all your information, and TurboTax will guide you to the appropriate version. It will typically show you the price before you finalize and pay. You don't have to pay until you're ready to file.
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By following these steps, you can navigate the TurboTax pricing structure effectively and select the option that best fits your tax needs and budget.
10 Related FAQ Questions
Here are 10 frequently asked questions about TurboTax pricing and usage, with quick answers:
How to: Determine if I qualify for TurboTax Free Edition?
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You typically qualify if you have a simple tax return with W-2 income, claim the standard deduction, and only common credits like the Child Tax Credit or Earned Income Tax Credit. Complex deductions, investments, or self-employment income usually require a paid version.
How to: Avoid state filing fees with TurboTax?
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With TurboTax Online, state filing often incurs an additional fee unless you qualify for the Free Edition. With desktop software, you can usually print and mail your state return for free to avoid the state e-file fee.
How to: Get the best price on TurboTax desktop software?
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Look for sales and discounts from major retailers like Amazon, Best Buy, Staples, or directly from Intuit (TurboTax's parent company), especially early in the tax season (December/January) or closer to the tax deadline when some last-minute deals might appear.
Reminder: Focus on key sentences in each paragraph.
How to: Upgrade my TurboTax edition if my tax situation changes?
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TurboTax online automatically upgrades you to the appropriate version as you enter more complex tax information. For desktop software, you might need to purchase an upgrade if your needs exceed the capabilities of your current version.
How to: Know if TurboTax Live Assisted is worth the extra cost?
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It's worth it if you appreciate the convenience of doing your own taxes but want the reassurance of expert review and guidance throughout the process. If you're confident in your tax knowledge, you might not need the assisted version.
How to: Pay for TurboTax without a credit card?
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You can typically pay for TurboTax using a debit card, or by opting to have the fees deducted from your federal tax refund (though this usually incurs an additional processing fee).
How to: Get a refund if I'm not satisfied with TurboTax?
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TurboTax offers a "100% Satisfaction Guarantee." You can contact their customer support for a refund if you're not satisfied with the product. Specific terms and conditions apply.
How to: Import last year's tax data into TurboTax 2024?
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Yes, TurboTax allows you to easily import data from your previous year's TurboTax return (both online and desktop versions) or from other tax software like H&R Block.
How to: Access my filed tax returns after filing with TurboTax?
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You can access and download your filed tax returns directly from your TurboTax account online or from the desktop software installed on your computer. TurboTax typically stores your returns for seven years.
How to: Understand if I need TurboTax Home & Business or Self-Employed?
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TurboTax Self-Employed (online) is for individuals with self-employment income. TurboTax Home & Business (desktop) offers similar self-employment features but is also bundled with more advanced personal tax features, making it suitable for self-employed individuals who also have complex personal tax situations.
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