Find out whether Turbo Tax Calculator is an accurate tax preparation software.
In this article:
- Turbo Tax Calculator Overview
- Turbo Tax Calculator Guarantees
- Types of Turbo Tax Calculators Available
- Positive Reviews of Tax Turbo Calculator
- Online Support
- How Accurate Is Turbo Tax Calculator?
Turbo Tax Calculator | Is It as Accurate as It Says?
Tax Calculator Definition: it is a tool that allows one to estimate the potential refund or amount owed on a federal tax return.
Turbo Tax Calculator Overview
The Turbo Tax Calculator is one of the most popular types of tax software. It aids taxpayers in three ways: tax preparation, tax return, and tax refund.
Developed by Chipsoft (now Intuit Incorporated) in the mid-1980s, it helps users in the tax filing process of their federal and state income tax returns. It provides a step-by-step guide and additional support as they prepare their forms.
This software is available on Windows, Mac, and Android. Users can also choose among various versions such as Turbo Tax Deluxe and Turbo Tax Premier.
Turbo Tax launches both federal and state software at different times of the year, depending on the tax season.
The state software launches early in the year while the federal software opens at a later time.
Intuit usually releases new versions after completing and approving the forms. This is necessary especially after the introduction of the tax reform.
It helps assure the information remains as accurate and as relevant as possible.
Turbo Tax Calculator Guarantees
Turbo Tax offers three guarantees to its users:
- First is the maximum refund guarantee. Turbo Tax Calculator goes through over 325 tax deductions and credits to find which ones the taxpayer qualifies for. In the process, it maximizes the tax return.
- Second is a check guarantee, ensuring the returns are complete.
- Third is the 100% accurate calculations guarantee. It ensures they prepare and file the taxes correctly. If not, they guarantee to pay the IRS penalties.
Types of Turbo Tax Calculators Available
Taxpayers can choose among the different Turbo Tax Calculators:
1. Free Edition ($0)
This program is available for taxpayers with a simple tax return. It means they submit Form 1040 with no other schedules attached to it.
It is applicable for people with child tax credits, earned income tax credit (EIC), and standard deduction claims. It is also for those filing 1099-NT or 10999-DIV (limited interest and dividend income).
People with W-2 income can also take a snapshot of the form and answer a series of questions in relation to tax data. The program will do the rest.
It is free whether the taxpayer is filing a state or federal income tax. There’s also no cost in actually submitting the tax form.
It is not for individuals who need to provide itemized deductions, business income, or rental income, among others.
2. Deluxe ($39.99)
This is the most popular Turbo Tax Calculator. It works like the Free version, but the biggest difference is it searches among its 300+ types of deductions and credits.
In turn, it helps taxpayers maximize their deduction and refund. It can also help convert donations into additional significant deductions.
Users can also receive the guidance or support from a tax expert. They also pay for the tax service only when they file the returns.
3. Premier ($59.99)
This is the Turbo Tax Calculator for people with investment income. These include earnings from stocks, bonds, real estate including rental, and cryptocurrency.
It can also import the necessary financial information to calculate capital gains and loss and cost basis.
It has the benefits of Free and Deluxe editions.
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4. Self-Employed ($89.99)
This is the most comprehensive of all the tax calculators of Turbo Tax. It has all the advantages of other editions, plus extra features.
These include industry-specific tax breaks and deductions. Tax experts can guide the users in calculating standard and actual expenses.
This subscription also provides a personalized audit assessment. In other words, a tax specialist takes a look at the contents of the return to check for possible errors or omissions.
Notes to Remember:
- All packages include a personalized audit.
- The rates may differ if the taxpayer also submits state income tax returns.
- The price may be subject to change without prior notice.
Positive Reviews of Tax Turbo Calculator
This tax software receives several praises from its users. Here are the highlights of the reviews:
- Its versions get better and easier each year.
- The customer service is efficient and reassuring.
- It is user-friendly when it comes to navigation and filling up.
- It provides access to tax forms wherever the taxpayer is.
- It ensures the user gets all the deductions for personal and small business purposes.
The Turbo Tax online support provides plenty of assistance to its clients. Its “Check Your Refund” option is one feature worth noting.
The user can see a complete breakdown of the deductions in a tax year. It can also tell the users if the taxable income is eligible for a tax refund.
“Get Your Tax Done,” meanwhile, serves as the one-stop shop for all tax filing questions.
How Accurate Is Turbo Tax Calculator?
There’s no doubt this tax software is one of the most popular in the market. It is a favorite even if it tends to be pricier than its competitors.
The comprehensiveness of the features and services, though, is only second priority. The first one is Turbo Tax accuracy.
Is Turbo Tax returns calculator accurate? On a personal note, it is:
- It combines the preciseness of its technology and the knowledge and personalized tax advice.
- The software updates its version on a regular basis. It ensures it provides up-to-date information to the IRS and users.
- It can offer data such as when a person may expect a tax refund.
- It is easy to use, so the chances of making mistakes decrease.
- The online support is reliable. Even its Q&A page has relevant new data.
- The software can transfer federal income tax information to state if the individual needs to do both. In the process, it reduces redundancy and introduction of errors.
The software, though, is not perfect.
There are also many ways to encounter errors, including giving the wrong information to the software and the tax specialist. Depending on the package, users may not have access to all types of tax forms.
The only way to guarantee the accuracy of the tax preparer is to practice due diligence.
Users of Turbo Tax Calculator need to verify the information they give. Before submitting, they must double-check the contents.
Most of all, they should maximize the guidance of tax specialists. Work closely with them and ask as many questions as possible.
Check out this video as TurboTax explains what tax calculators are and how helpful it is to estimate your federal income tax:
The Internal Revenue Service sends over 200 million notices a year. These are notifications taxpayers will hope not to receive at any time.
With that said, some refunds and notices can go missing. It can then pose a lot of problems to individuals and small businesses.
The Turbo Tax Calculator makes it a lot easier and accessible to anyone. It provides multiple guarantees to ensure the returns are complete and accurate.
Are you using Turbo Tax for e-filing? Let us know your thoughts in the comments section below.
Editor’s Note: This post was originally published on June 6, 2018, and has been updated for quality and relevancy.