What Is Turbotax Freedom Edition?

TurboTax for Filing Forms of Income Tax Return

Depending on how much money you make and how complex your income taxes are, the best version of TurboTax is not always the best one. If you can submit the simpler tax forms, you can use a free edition of TurboTax. If your taxes are below a certain threshold, you can use a free edition of the software.

The version of TurboTax that is suitable for your use is determined by the income tax form you submit to the federal government. If you meet the criteria for submitting. If you have to file Form 1040, a paid edition of TurboTax is the best choice.

Some taxpayers can submit their federal income taxes free if they use the option of the TurboTax Freedom Edition. You must pay to use the software if you want to use it for federal income taxes. You can use the form to file your federal income tax return.

If you're under 65, your income is less than $100,000 and includes salary, tips, interest, scholarships, grants or unemployment, and you don't have dependents, household staff or any adjustments to income. You can confirm you meet the 10 criteria on the IRS website. If you have a $100,000 or more income, you must file Form 1040.

You'll probably want to pay for a paid edition of the game. If you owe employment taxes for household employees or want to deduct them from your taxes, you must use Form 1040 and use the same software as the one you used for tax returns. If you have an adjusted gross income of less than $33,000, you can use the Freedom Edition, even if you have other types of income or have different deductions.

Online Tax Preparation for a Business

A business can be anything from a formal corporation with Articles of Incorporation to a less formal business like being a rideshare driver or selling clearance items on eBay. You need to claim your income on a Schedule C if you earned it from a side hustle. You can share the software with someone else, but you can't have more than five e-files.

The fastest way to get a tax refund is e-filing. The federal threshold for a tax-free estate is $11.7 million. States impose their own taxes which will impact a lot of people.

If you believe you are close to the federal or state estate tax threshold, you should invest some time and money to determine if estate taxes will affect your estate. The heir gets the asset at market value when it's inherited. Capital gains will only be paid if the growth took place after they took ownership.

TaxSlayer offers online tax prep. The free version doesn't support dependents, which is different from other platforms. Their plans are less expensive than their competitors.

Intuit Cannot Support a Form That is Not in the Free File Freedom Edition

If a low-income person who would qualify for the Free File Freedom Edition starts using the Federal Free Edition, and needs a form that is not supported in the Freedom Edition, then Intuit will not transfer the user to the Federal Free Edition. If you are not one of the 30 million people who filed with TurboTax last year, the program begins by imports your W-2s. It walks you through a questionnaire to determine if you are eligible for deductions and credits, as well as what documents the IRS will need from you. H&R Block was used to file 7 million returns last year, and TaxAct was used for about 5 million.