Do i have to buy a new "turbo tax" every year? is it recomended to even use it?

I’d recommend the online version of TurboTax instead. It’s cheaper, and does the job quite nicely.

If your taxes are simple, why not. If you own your own business or have unusual deductions or income I would consult a professional. (Probably a real CPA, not H&R Block)

irs.gov has a list of free online filing sites. Some require you to meet certain criteria.

how much is the online version?

<== Online TurboTax filer for 5 years, going on 6.

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If your income is low enough and you’re single, then you would normally file with the 1040EZ form. TurboTax online will help you file that for free.

The will charge for filing state taxes.

Normal 1040A filing is about $29.95 and if you need to itemize investments, that’ll run you $49.95.

All in all, it’s a real bargain. It’s easy. It’s fast. And they remember you year-to-year which reduces the amount of typing and entry you must do.

wait hold on. how is it free? in the store it’s like $80 and ur saying onlyne i can do it for free?

Yes. Go to Turbotax.com for the list of packages.

Specifically, you want to learn more about the free edition.

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Best Buy sells several flavors of the in-the-box software. Like the online versions, those flavors are targeted to your specific needs. Be careful what you buy. Don’t get more functionality than you actually need.

An individual filing a personal return on taxable income less than $100K a year with no itemized deductions can use the 1040EZ form. It’s basically a single sheet of paper. And TurboTax will allow you to file that with them for free.

so why would anyone buy the program? and just as an aside, would i have to repurchase it every year if i buy it, or just update it?

I don’t believe in letting data of such a personal nature out of my house, except directly to the IRS. No matter what those sites say, they’ve got your information, and with a suitable interest in it, they could look at it, or distribute it to others, even if encrypted. Remember, they provide the encryption.

Maybe I’m just paranoid.

@daloon’s got a valid point. Always consider who you work with! For me, Intuit has been a good partner.

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And yes @futurelaker, if you buy the box this year, you’d need to buy a new box next year. Tax laws change every year.

I think with the boxed software, you and multiple members of your household sharing the same computer could all file individual returns without each buying the software (disclaimer, I haven’t read the EULA).

But if you’re just filing one return, I’d go with the online version.

is the online fed/state? or only fed

It can do both. While filing federal might be free, state returns won’t be.

but the thing is i don’t know wut I’m doing. is the free one fail safe like the store version or do i have to be familiar with the process?

@all also keep in mind that there might be local/municipal taxes depending on where you live/work…...

This is a good question. I always wondered that myself. However, I am filling out the online Turbo Tax and it is very easy. I think I found a new way to do this! So simple too!

You guys be cautious with this program. 2 years ago, I worked for a friend in her tax/bookkeeping office during tax time. She said she’d had to go back & redo dozens of tax returns for people who had used TurboTax & had done their taxes wrong. It’s really better to have an expert do them, IMO.

Why would anyone buy it when the online version is free?

The store version:
1. keeps your data yours.
2. checks for errors more in depth
3. lets you do as many returns as you want, friends, family, buddies, etc.
4. has tech support.
5. keeps copies of your data and returns on YOUR computer
6. lets you print as may copies as you want.
7. reminds you of commonly missed deductions.
8. comes with ‘deduction pro’ software.

I could go on, but you get the point.

Yes, you need to get a new copy every year, because the tax laws change every year.

but cant it just update? why do i have to buy a new cd every year? it says on the box for it that it automatically updates to the newest tax data. cant it just do that every year?

i just file my taxes at freetaxusa.com, which i've been doing for about 3 years and its never failed me and everyone always wants me to do their taxes because i receive my refunds so quickly

I file mine at taxact.com, free every year. I've had no problems, only smooth filing. I've had no concerns with security. If someone wants to take overcmy tax liability, they're welcome to my personal information:).

*over my

Every tax software is a new purchase each tax year because of the development to progam the annual changes to the tax code. Tax software is not like a game or graphics or DTP software. The IRS requires the tax software companies and any storefront tax preparers to comply with stiff requirements designed to prevent misrepresentation of tax events.

The average wage earner could save $50 to $300 per year in tax prep fees or software by just following the line by line instructions included in the tax forms. It really isn’t hard until you start doing things like depreciation, renting property, or operating a business. Even then, it isn’t hard, just more involved.

The rule to follow is: if the line does not apply to you skip it and move to the next line. The instructions are not hard at all – even if you are buying and selling stocks.

http://www.irs.gov/formspubs/index.html download the form and instructions for last year's taxes. Fill out the forms and compare it to who ever did you taxes last year. You will find that you could have done them your self. Having taught tax preparation I'm telling you - you can do it! You appear to be very studious and logical.

Be blessed