TurboTax Review

I've spend the last few days looking at TurboTax, both their online and desktop versions of this popular tax preparation program. As with previous versions, TurboTax provides plenty of content and product features to help people prepare their tax returns. This year, I focused on tax situations that seem to be especially perplexing. Here I spent some extra time looking the guidance provided around claiming a dependent, qualifying for head of household, figuring out the cost basis for stocks, and how to report a foreclosure. TurboTax provided sufficient guidance and questions that help people through these often confusing scenarios. TurboTax still has some room for improvement. I had to dig around to find very specific modules in their software for reporting SEP-IRA contributions, foreclosures, and canceled debts. It's a bit perplexing that I had to search for the foreclosure module considering that TurboTax asks about this issue at the beginning of the interview process.

TurboTax's extra guidance doesn't necessarily need to come with a hefty price tag. Value conscious shoppers should take note that TurboTax offers a free version of their online software. That software doesn't cover all possible income scenarios, but the free version does come with the in-depth "Guide Me" interviews and help content found inside TurboTax's Live Community. The free version isn't entirely free, however; adding a state tax module costs $25.95.

Have you tried out TurboTax? Share your thoughts by writing your own review of TurboTax.