The best 2020 tax – Turbotax 2020 Deluxe/Premier/Business for you!!!
TurboTax 2020 Free Edition
The Free Edition from TurboTax 2020 allows you to file a federal tax return and one state tax return for free. It’s aimed at those with simple tax returns. This includes people filing Form 1040 and taking the standard deduction, with a limited number of other forms, schedules or deductions. (Keep in mind that for the 2018 tax year, Forms 1040-A and 1040-EZ have been eliminated.)
As with all the digital filing options from TurboTax 2020, you can import last year’s tax return into this year’s to help you save time. Import is also available if you used a different filing service last year. You also get automatic import of W-2 and 1099 information.
This list is not comprehensive. If you need to attach a specific form, it’s best to check the TurboTax 2020 website to see which plan you should use.
Before you file your tax return, you can also use TurboTax 2020’s CompleteCheck, which is a comprehensive review of your tax return, to minimize errors and ensure that you didn’t miss anything.
If you would like additional peace of mind, you can upgrade from the Free Edition to TurboTax 2020’s Basic Live option. Basic Live allows you to talk with a tax professional – either a certified public accountant (CPA) or enrolled agent (EA) – who will review your return to guarantee it’s done correctly. The expert is also available to answer any questions you have.
TurboTax 2020 Deluxe
TurboTax 2020’s most popular filing option is TurboTax 2020 Deluxe. Most filers who do not qualify for free filing will likely use Deluxe. This option is dedicated to maximizing your tax deductions and credits. It costs $39.99 for federal filing and $39.99 per state. It comes with all the features of the Free Edition, plus it allows you to attach more forms and claim most common deductions.
TurboTax 2020 Deluxe is also helpful for homeowners, since you have access to Schedule A. Schedule A, which allows you to itemize deductions, focuses on maximizing mortgage and property tax deductions. TurboTax 2020 Deluxe also gives you guidance through big life changes, like moving to another state, to determine how it’ll impact your taxes.
If you prefer talking with a human about your taxes, consider upgrading to the Deluxe Live option. The cost rises further here, at $89.99 for your federal return and $39.99 per state. The benefit is that you can have a conversation with someone about which deductions you can and should claim. Not sure is you should itemize or take the standard deduction? Talking to someone may help.
Of course, if you want some financial guidance outside of just tax time, you can get that by talking with a financial advisor. Financial advisors are experts who can advise you on more than just your taxes. They can help you to save for retirement, invest, buy a home or just get through a life transition like a marriage or the birth of a child.
TurboTax 2020 Premier
The Premier option is targeted at those with investments or rental property. It costs $59.99 to file federal forms and $39.99 per state. This option includes all the features and forms of the previous two plans. It also covers trust and estate income, as well as income from stocks, bonds and other investments.
You can automatically import investment information for accurate sales reporting. TurboTax 2020 also calculates the cost basis of an investment, which determines the capital gain and loss on an investment.
The Premier option also handles rental property income and tax deductions. With TurboTax 2020, you’re able to set up new rental properties, determine their market rent value and see how they affect your return. You can also report your rental property depreciation to get a large tax deduction, as well. In addition, you get retirement tax help to maximize your IRA savings.
TurboTax 2020’s Filing Options
TurboTax 2020 offers numerous digital options to file your taxes. There are four plans: the Free Edition, Deluxe, Premier and Self-Employed. Each plan comes with a focus on user customization by using an interview-style approach. It asks simple questions about your life – career, dependents, charitable contributions – to figure out what information is needed and to help you get every deduction and credit you can get. There’s also step-by-step guidance to ensure that you understand every part of the process.
All TurboTax 2020 options allow you to easily import necessary documents. For example, you can take a picture of your W-2 to automatically import that information into the appropriate forms. It’s also easy to import your tax return from last year, even if you used a different filing service last year. And before you submit your tax return, you can run CompleteCheck, which ensures that your return is accurate and complete. Along with 24/7 support from both TurboTax 2020 professionals and the general TurboTax 2020 community, you’re able to file your taxes quickly and efficiently.