TurboTax Advantage is a subscription service designed to make tax preparation easier and more convenient. It offers early access to TurboTax software, audit defense, priority support, and more. This article explains how TurboTax Advantage works, its costs and benefits, and whether it’s the right choice for you.
TurboTax Advantage: Streamline Taxes and More
How It Works
When you sign up for TurboTax Advantage, you essentially pre-order the next year’s TurboTax software. You get it as soon as it’s available, usually in early November. This ensures you have the latest tax laws and forms ready for the upcoming tax season. It’s a good option for those who file their taxes early.
Cost and Billing
TurboTax Advantage is billed annually. The price varies depending on the TurboTax edition you choose (e.g., Deluxe, Premier, Home & Business). The billing happens automatically each November when the new version is released. It’s important to note that if you sign up for TurboTax Advantage before November, you’ll be charged twice: once when you initially sign up and again in November for the annual renewal.
Key Benefits
TurboTax Advantage offers several perks beyond just early access to the software:
| Benefit | Description |
|---|---|
| Free Audit Defense | Get expert help and representation if you’re audited by the IRS (up to a certain value). |
| Priority Support | Access dedicated phone lines for quicker assistance with your tax questions. |
| Locked-in Pricing | Secure the current year’s price for next year’s software, even if prices increase later. |
| Automatic Renewal | Your subscription renews automatically each November, so you don’t have to worry about missing out. |
| Choice of Format | Choose between a physical CD (with free shipping) or a digital download of the software. |
| Option for Live Tax Advice | Add on unlimited live expert help for an additional fee. |
Is It Worth It?
Whether TurboTax Advantage is a good value depends on your individual needs and preferences. If you file your taxes early, want peace of mind with audit defense, or value priority support, it could be a worthwhile investment. However, if you’re comfortable filing later in the season or don’t need the extra perks, it might not be necessary.
How to Cancel
You can cancel your TurboTax Advantage subscription at any time by going to your TurboTax account settings. If you cancel before the automatic renewal in November, you won’t be charged for the next year’s software.
Understanding TurboTax Advantage
TurboTax Advantage simplifies tax preparation, ensuring users have the latest software and resources at their fingertips for filing taxes.
What Is TurboTax?
TurboTax is a popular tax preparation software made by Intuit. Users can select from a variety of versions, such as the TurboTax Free Edition for basic tax returns, to TurboTax Deluxe which is suitable for homeowners and those who wish to maximize their tax deductions. TurboTax also offers an online platform and downloadable desktop software, catering to different user preferences and needs. For extra assistance, options like TurboTax Live provide access to tax professionals.
Comparing Versions: Free to Premium
When it comes down to choosing between TurboTax’s versions, users should consider their tax situation. Each version is designed to support different tax needs:
TurboTax Free Edition: Ideal for simple tax returns, covering W-2 income, limited interest and dividend income reported on a 1099-INT or 1099-DIV, and the standard deduction.
TurboTax Deluxe: This version offers all the features of the Free Edition, plus assistance with mortgage interest, property taxes, and charitable donations. It’s appropriate for homeowners and those looking to maximize deductions.
TurboTax Premium: For those with investment rental property income, the Premium version includes everything in the Deluxe and adds resources for stocks, bonds, ESPPs, and other investment income.
TurboTax Live: Individuals can upgrade any TurboTax product to TurboTax Live, adding personalized, live advice from tax professionals. If you want complete peace of mind, you can switch to TurboTax Live Full Service, where a tax expert will do your taxes for you.
Each version of TurboTax guides users step-by-step, ensuring they can claim tax credits like the child tax credit effectively. As their tax situation becomes more complex, users can move up to a version that better fits their needs, whether they prefer an online service or desktop software. TurboTax Advantage is the subscription service that offers users the ease of automatically receiving the newest version of the TurboTax product each year along with other exclusive benefits.
Filing Taxes with TurboTax
Filing taxes can be done efficiently with TurboTax, a tax software designed to simplify the tax filing process. It helps taxpayers with various elements like Form 1040, tax credits, and deductions, making e-filing straightforward.
Navigating Tax Software Interface
TurboTax presents an intuitive interface that guides users through interview-style questions. This approach helps them input their information, such as W-2 income, unemployment income, dependents, and student loan interest. For individuals who prefer to itemize deductions, the software provides a clear path to include this information and accurately calculates potential tax savings.
Expert Assistance Options
Taxpayers can choose from different levels of expert help based on their needs. The TurboTax Live Assisted Basic service offers professional guidance, whereas the TurboTax Live Full Service goes a step further by having experts handle the entire tax filing process. Moreover, users can obtain answers via phone for additional support.
Operational Systems Compatibility
TurboTax software is compatible with both Windows and Mac operating systems, which facilitates the download and use of the software across various devices. This cross-compatibility ensures that more taxpayers have access to TurboTax’s features, from tax credits to e-file services, regardless of their preferred operating system.
Additional Considerations and Services
When using TurboTax Advantage, customers benefit from a range of specialized services tailored to complex financial scenarios and secure support systems.
Comprehensive Tax Situations
TurboTax Advantage serves a broad spectrum of users, including business owners, freelancers, and investors. It offers robust solutions for those handling business or rental income, managing capital gains and losses, and navigating freelancer complexities. The software addresses diverse needs, from student loan interest deductions to covering the particulars of 1099s. It simplifies the process for clients who have donated to charity or those who qualify for the Earned Income Tax Credit. For a solid refund estimate, the TurboTax refund estimator tool can provide users with a clear projection of potential returns.
TurboTax Security and Audit Support
Security is critical, and TurboTax Advantage upholds high standards to protect users from identity theft. In the event of an IRS audit, the program includes an Audit Support Guarantee, offering clients peace of mind through professional audit representation at no extra charge. Additional security measures are in place to safeguard users’ sensitive information, ensuring that their tax filing process is not only efficient but also secure. Tax advice is readily available with an option to consult a local tax expert, ensuring that anyone seeking expert help can receive it with ease.
Frequently Asked Questions
The following questions cover the essentials of the TurboTax Advantage program, offering clarity on how to manage your account and subscriptions.
How can I log in to my TurboTax Advantage account?
To log in to your TurboTax Advantage account, go to the TurboTax website and click on the Advantage sign in link. Enter your user ID and password to access your account details and downloads.
How do I cancel my TurboTax Advantage subscription?
You can cancel your TurboTax Advantage subscription by signing into your account and navigating to the subscription details. There should be an option to cancel or modify your membership.
What is included in the TurboTax Advantage subscription?
The TurboTax Advantage subscription typically includes the latest TurboTax Desktop software, access to prior year tax returns, and exclusive benefits without extra cost. The subscription renews every year with the release of new software.
How do I download my TurboTax software through the TurboTax Advantage program?
After logging into your TurboTax Advantage account, you should see options for downloading the required TurboTax software. Choose the correct version for your needs and follow the prompts to download.
What are the costs associated with the TurboTax Advantage annual subscription?
The cost for TurboTax Advantage varies based on the software version you select. There may be different pricing for state and federal return options or for additional services like live tax advice.
What are the benefits and drawbacks of using the TurboTax Advantage service?
Benefits of using TurboTax Advantage include receiving the most current software automatically and possibly accessing expert tax advice. A possible drawback is the annual cost, which might be a consideration if your tax situation is consistent and straightforward enough not to require frequent software updates or expert assistance.
