The cost of filing taxes with TurboTax varies depending on the complexity of your tax situation and the level of service you choose. Here’s a breakdown of the TurboTax pricing tiers:
1. TurboTax Free Edition
- Cost: $0
- Includes: Federal and state filing for simple tax returns with forms 1040 and other basic forms.
- Best For: People with very simple tax situations, such as W-2 income, claiming the standard deduction, and limited credits or deductions (like the Earned Income Tax Credit or Child Tax Credit).
2. TurboTax Deluxe
- Cost: Around $59 – $69 (federal) + $49 per state return
- Includes: Additional tax forms for those with itemized deductions (such as mortgage interest and property taxes), and help finding over 350 deductions and credits.
- Best For: Homeowners and people with donations, medical expenses, and other deductions to claim.
3. TurboTax Premier
- Cost: Around $89 – $99 (federal) + $49 per state return
- Includes: Support for investments and rental property income. Covers stocks, bonds, cryptocurrency, and other investment types.
- Best For: Investors, landlords, or those with more complex income types.
4. TurboTax Self-Employed
- Cost: Around $119 – $129 (federal) + $49 per state return
- Includes: Forms for self-employed income (1099-NEC, 1099-MISC) and business deductions. Also provides additional help with maximizing business expense deductions and covers other self-employed income.
- Best For: Freelancers, independent contractors, small business owners, and gig workers.
5. TurboTax Live Options
- Cost: Additional $50 – $100+ depending on the package
- Includes: Access to a tax expert for live help or a final review. With TurboTax Live Full Service, you can even have a tax expert do your taxes for you.
- Best For: Anyone who prefers assistance from a tax expert or needs reassurance with more complex filings.
Total Cost Estimate
For most people, the total cost of filing with TurboTax ranges between $0 and $200+ based on the level of complexity and additional services. If you add TurboTax Live or Full Service options, the costs can exceed $300, especially for the Self-Employed package.
TurboTax may also offer discounts or promotions, particularly early in the tax season, so it’s a good idea to check for any current deals.