Are you looking to conquer your taxes with confidence, especially if you have investments, rental properties, or self-employment income? Then you've likely come across TurboTax Live Premium. But the big question on everyone's mind is: "How much is TurboTax Live Premium?"
Understanding the cost and what you get for it is crucial to making an informed decision. While prices can fluctuate slightly with each tax season and depend on various factors, let's break down everything you need to know about TurboTax Live Premium for the current tax year (2024-2025).
The Value Proposition of TurboTax Live Premium
TurboTax Live Premium is designed for individuals with more complex tax situations. It combines the convenience of DIY tax software with the invaluable support of a live tax expert. This means you get the best of both worlds: the control of preparing your own return and the peace of mind that comes from having a professional review it and offer guidance.
Why consider TurboTax Live Premium?
Complexity: If you have investments (stocks, crypto, bonds, ESPPs), rental properties, or self-employment income (freelancing, gig work, small business), this version is specifically tailored to handle those scenarios.
Expert Assurance: You get unlimited access to a tax expert for advice and a final review before you file, ensuring accuracy and helping you maximize your refund.
Deduction Maximization: It's designed to search for a vast array of deductions and credits that might apply to your unique situation.
Now, let's get down to the nitty-gritty of the cost and features.
Step 1: Understanding the Pricing Structure of TurboTax Live Premium
Let's start with the most pressing question: how much does it actually cost?
For the 2024-2025 tax season, the federal price for TurboTax Live Assisted Premium is generally around $219. This price is for the federal return only, and state filing is an additional cost, typically around $64 per state.
Important Considerations for Pricing:
Online vs. Desktop: The pricing mentioned above primarily refers to the online version of TurboTax Live Premium. While TurboTax Desktop also has "Premier" and "Home & Business" versions that cater to complex situations, they operate differently (e.g., multiple federal e-files included with Desktop software, but state e-filing is an extra fee). TurboTax Live Premium is an online offering that provides live expert assistance.
Early Bird Discounts: TurboTax often offers discounts if you file early in the tax season. These promotions can significantly reduce the initial cost, so it's always a good idea to check their website for current offers.
Payment Method: Be aware that if you choose to pay your TurboTax fees out of your federal refund, there might be an additional processing fee (sometimes referred to as a "Premium Services" fee of around $44). To avoid this, you can pay upfront with a credit or debit card.
Add-ons: While Live Premium is comprehensive, some additional services like "Audit Defense+" might be offered as an add-on for an extra fee.
Step 2: What's Included in TurboTax Live Premium?
So, what exactly do you get for that price? TurboTax Live Premium is packed with features designed to handle complex tax situations and provide expert support.
Sub-heading: Core Features for Complex Filers
Investment Income Reporting: This is a major highlight. If you have income from stocks, bonds, mutual funds, Employee Stock Purchase Plans (ESPPs), or even cryptocurrency, TurboTax Live Premium is equipped to handle it. It can automatically import investment info from hundreds of financial institutions and helps accurately report capital gains and losses.
Rental Property Support: For landlords, calculating and reporting rental depreciation, income, and expenses can be intricate. This version provides specific guidance and tools for managing rental property taxes.
Self-Employment and Gig Economy Income: If you're a freelancer, independent contractor, or have a side gig, TurboTax Live Premium helps you navigate Schedule C (Profit or Loss from Business). It assists in identifying industry-specific deductions and expenses, from vehicle mileage to home office deductions. It also allows you to snap and auto-fill 1099-NEC and 1099-K forms.
Maximizing Deductions and Credits: The software searches for hundreds of credits and deductions beyond the standard ones, including charitable contributions, mortgage interest, property taxes, and the Child Tax Credit.
AI-Powered Guidance (Intuit Assist): Get comprehensive, easy-to-understand explanations and answers to your questions as you go through the filing process.
Sub-heading: The "Live" Advantage
The "Live" in TurboTax Live Premium signifies the interactive expert support you receive:
Unlimited Expert Advice: You get unlimited, year-round access to a tax expert. You can connect with them via video call or by requesting a callback, getting answers to your specific tax questions as you prepare your return.
Expert Final Review: Before you file, a tax expert will conduct a thorough review of your completed return to ensure 100% accuracy and help you achieve your best possible tax outcome. This is a crucial step for peace of mind.
Audit Support: If you receive an audit letter from the IRS based on your TurboTax Live Premium return, you receive one-on-one question-and-answer support with a tax professional through their Audit Support Center.
Sub-heading: Ease of Use & Guarantees
Data Import: Easily import your previous year's TurboTax return or snap a photo of your W-2 to auto-fill information, saving you time.
CompleteCheck™: This feature scans your return from beginning to end for any mistakes before you file.
Maximum Refund Guarantee: TurboTax guarantees you'll get your maximum refund. If you get a larger refund or smaller tax due with another tax preparation method, they'll refund your TurboTax fee.
100% Accurate Calculations Guarantee: They guarantee their calculations are 100% accurate, or they'll pay any IRS penalties.
Step 3: Deciding if TurboTax Live Premium is Right for You
Now that you know the cost and features, how do you decide if it's the right fit for your tax situation?
Sub-heading: Who Benefits Most from TurboTax Live Premium?
Investors: If you actively trade stocks, bonds, mutual funds, or especially cryptocurrency, the detailed reporting and expert guidance on capital gains/losses are invaluable.
Rental Property Owners: Managing rental income and expenses, including depreciation, can be complex. Live Premium simplifies this.
Self-Employed Individuals/Freelancers/Gig Workers: If you have income from 1099-NEC or 1099-K forms, or operate as a sole proprietor, the expert guidance on maximizing business deductions is a significant benefit.
Individuals with Diverse Income Sources: If your income comes from a mix of W-2 wages, investments, and self-employment, Live Premium offers comprehensive coverage.
Those Seeking Peace of Mind: The expert review and unlimited advice provide a strong sense of security, knowing a professional has looked over your return.
People with Employee Stock Purchase Plans (ESPPs): Accurately determining the cost basis for stocks purchased through ESPPs can be tricky, and TurboTax Live Premium assists with this.
Sub-heading: When You Might Consider Other Options
Simple Tax Returns: If you only have W-2 income, claim the standard deduction, and have no investments or self-employment, TurboTax Free Edition or Deluxe might be sufficient and more cost-effective.
Extreme Complexity: For very niche or extremely complex business structures (e.g., certain multi-member LLCs, S-corps, C-corps that aren't typically handled by personal tax software), you might need a dedicated business tax product like TurboTax Business Desktop or a certified public accountant (CPA).
Budget Constraints: If the cost is a primary concern and your situation isn't overly complex, lower-tier TurboTax products or even free tax filing options (if eligible) could be considered.
Step 4: The Step-by-Step Filing Process with TurboTax Live Premium
If you decide TurboTax Live Premium is for you, here's a general idea of the step-by-step process:
Sub-heading: Getting Started and Data Entry
Create an Account or Sign In: Visit the TurboTax website and create a new account or sign in if you're a returning user.
Choose TurboTax Live Premium: Select the TurboTax Live Assisted Premium option.
Import Prior Year Data (if applicable): If you used TurboTax last year, you can easily import your previous year's tax information, saving considerable time.
Personal Information: Begin by entering your basic personal information, including your filing status.
Income Entry: This is where Live Premium shines for complex filers.
W-2 Income: Easily snap a photo of your W-2 or enter the information manually.
Investment Income: Connect your financial institutions to import investment data automatically. For cryptocurrency, TurboTax can integrate with ZenLedger or allow manual entry of transactions to calculate gains/losses.
Rental Property Income: The guided interview will walk you through entering all relevant income and expenses for your rental properties.
Self-Employment Income: You'll be prompted to enter all your business income and expenses, with guidance on common deductions for your industry.
Deductions and Credits: TurboTax will prompt you with questions to identify all eligible deductions and credits. The software is designed to proactively search for these based on your entered information.
Sub-heading: Leveraging Live Expert Assistance
Ask a Tax Expert: As you go through the process, if you encounter questions or uncertainties about any specific tax situation (e.g., "Can I deduct this business expense?" or "How do I report this specific crypto transaction?"), you can click the "Live help" button.
Connect with a Professional: You'll be connected with a qualified tax expert via video or phone. They can answer your questions, provide clarification, and offer personalized advice in real-time. This is a significant advantage over DIY software alone.
Year-Round Support: Remember, the "unlimited advice" typically extends year-round, which can be helpful for tax planning even outside of tax season.
Sub-heading: Review and File with Confidence
CompleteCheck™ Review: Once you've entered all your information, TurboTax's CompleteCheck™ feature will scan your return for potential errors or missing information.
Expert Final Review: This is the cornerstone of Live Premium. A dedicated tax expert will meticulously review your entire return before you file. They will look for accuracy, identify missed deductions or credits, and ensure everything is optimized for your maximum refund. They'll communicate any adjustments or suggestions to you.
Approve and E-File: After the expert review and your approval, you can confidently e-file your federal and state returns directly through TurboTax.
Step 5: Post-Filing and Refund Expectations
Even after filing, TurboTax provides tools to keep you informed.
Sub-heading: Tracking Your Refund
IRS "Where's My Refund?" Tool: The primary source for tracking your federal refund status is the IRS website's "Where's My Refund?" tool.
TurboTax E-file Status Lookup: You can also check your e-file status within your TurboTax account to see if your return has been accepted by the IRS.
"Up to 5 Days Early" Refund (Optional, for a fee): TurboTax often offers an option to receive your federal refund up to 5 days earlier by having it deposited into an eligible bank account (for an additional fee). This is subject to IRS submitting refund information early and your bank's policies.
Sub-heading: What to Expect Regarding Refund Timelines
The IRS generally issues most refunds within 21 days of accepting your e-filed return. However, several factors can influence this:
Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC): Refunds for returns claiming these credits are often delayed until late February due to the PATH Act (Protecting Americans from Tax Hikes Act).
Errors or Red Flags: If your return has errors or is flagged for review by the IRS, it will take longer.
Mailing Your Return: If you choose to mail a paper return, processing times are significantly longer (several weeks to months).
10 Related FAQ Questions
Here are 10 frequently asked questions about TurboTax Live Premium, starting with "How to," along with quick answers:
How to know if TurboTax Live Premium is necessary for me?
You likely need TurboTax Live Premium if you have investments (stocks, crypto, bonds, ESPPs), rental property income, or self-employment/freelance income (1099-NEC, 1099-K, Schedule C).
How to connect with a tax expert in TurboTax Live Premium?
Within the TurboTax Live Premium interface, look for a "Live help" or similar button. You can typically initiate a video call or request a phone call back from a tax expert.
How to ensure I get my maximum refund with TurboTax Live Premium?
TurboTax Live Premium includes an "Expert Final Review" where a tax professional goes over your return to ensure accuracy and help you identify all applicable deductions and credits for your maximum refund.
How to pay for TurboTax Live Premium?
You can pay directly with a credit or debit card. There's also an option to have the fee deducted from your federal refund, but this usually incurs an additional processing fee.
How to import my investment data into TurboTax Live Premium?
TurboTax Live Premium offers automatic import from hundreds of participating financial institutions. You'll typically log in to your brokerage or crypto exchange account through TurboTax.
How to get audit support with TurboTax Live Premium?
If you receive an audit letter related to your TurboTax Live Premium filed return, you'll get one-on-one question-and-answer support with a tax professional through their Audit Support Center.
How to know the exact price I'll pay for TurboTax Live Premium?
The price is generally listed on the TurboTax website when you select the product. Be aware that state filing is an additional cost, and there might be a fee if you choose to pay from your refund. Always check the final cost before filing.
How to switch from another TurboTax version to Live Premium?
If you start with a lower-tier TurboTax product and realize you need Live Premium's features or expert help, TurboTax will prompt you to upgrade. Your entered data will typically transfer seamlessly.
How to get my refund faster with TurboTax Live Premium?
You can choose the "Up to 5 Days Early" refund option (for a fee) which allows your federal refund to be deposited into your bank account up to 5 days before the IRS's scheduled delivery.
How to track my tax return status after filing with TurboTax Live Premium?
You can track your federal refund using the IRS "Where's My Refund?" tool online. TurboTax also provides an e-file status lookup within your account to see if your return has been accepted.