TurboTax Review for TurboTax 2012 and TurboTax Online

Tax season is rarely a fun time. However, it doesn’t have to be too hard, either. What you really need is help filing your taxes. But you don’t have to go to an accountant to get it done. If you have TurboTax, you can do your taxes on your own, for a relatively small cost.

Features of TurboTax

turbotax TurboTax offers a number of helpful features. You start off by answering a few simple questions and entering basic information. Once you get underway, the answers to your questions indicate which forms you will need to fill in. TurboTax helps you fill in these forms quickly and easily. If you check that you have made RRSP contributions, TurboTax automatically finds the appropriate form for you to fill out. The same is true if you have investment income and business income.

One of the great features of TurboTax is that you have the ability to get more information and help if you need it. If you aren’t sure about something (such as a spousal contribution), a box pops up providing you with more information about what qualifies. It’s a very helpful feature that educates as well as helps you fill out your tax forms.

If you have further questions and need clarifications, you can contact TurboTax via live chat, email, or phone. This makes it easy to solve problems that you can’t figure out on your own. It’s also helpful that you can see your progress through the tax return, and know exactly how far toward completion you are.

TurboTax is also NETFILE certified, so you can file your return electronically. TurboTax comes with a satisfaction guarantee, so you can be sure that you get accurate results and the refund that is coming to you.

How Much Does TurboTax Cost?

There are two options with TurboTax. You can do a web-based TurboTax Online version (you can save your progress and come back to it later), or you can download the software or order the CD to install. The web-based options is a little less expensive than the software version.

You can start the process for free, and upgrade anytime if you need to. More basic tax returns cost $17.99 per return. As you return becomes more complex, you will pay a little bit more for it. If you have investment and rental income, you should use the Premier version for $32.99 per return. If you have a business, you can upgrade to Home & Business, which includes investment income, for $44.99 per return.

There are more options with the software version of TurboTax, even though they cost more:

  • Basic: Simple returns that consist mainly of T4s and donations, $19.99.
  • Standard: For couples and families with more deductions, $39.99.
  • Premier: Add in investment and rental income, $69.99.
  • Home & Business: Self-employment income on top of everything else, $99.99.
  • TurboTax 20: This software is great for the all-out business owner. If you will file up to 20 returns, this can be a cost-efficient way to take care of your taxes, $129.99.

If you only have one return, and it doesn’t get too complicated, it makes sense to use the web-based versions of TurboTax. If, however, you have more returns to file, and especially if you are a business owner who has several, a software version might work better.

TurboTax Review Bottom Line

TurboTax is a great option for many Canadian filers. It is priced reasonably, and it makes figuring your taxes fairly simple. The interview questions can get a little tedious for old hands at preparing their taxes, and if your taxes are really complex you might consider hiring an accountant or other tax professional for help. But, for the majority of Canadians, TurboTax will work well.

Written by Tom Drake

4 Responses to TurboTax Review for TurboTax 2012 and TurboTax Online

  1. Paul N says:

    I guess it must be difficult striking a “Balance” between making money off of your blog (advertising) and saving the readers of your blog some money.

    As a commenter I also feel I have an obligation to point out that there is perfectly good free software out there that will do an equally good job of their taxes.

    It’s called “Studio Tax” Someone pointed it out to me on a blog 3 years ago and I feel that I should pay it forward to other people to save them some money whenever I can.

    Isn’t that the the true goal of finance blogs?

  2. Tom Drake says:

    I agree Paul, StudioTax is decent, and free! It may even have been my StudioTax review that you read since I’ve written about it three times before.

    While I think StudioTax is a great alternative (especially if your tax situation is simple), I use TurboTax myself and recommend it for the extra help it provides, both in the software and via their support staff.

    Catching a deduction last year that I had almost missed was worth much more to me than the $40 that the Home & Business Online version cost.

  3. Joshua P says:

    I have done my own taxes for the past 3 years and turbotax was a blessing. The fact that I could efile for free and even keep my financial records online really helped me out! There are other services that offer the same service online, I just happen to prefer this one.

  4. Sandy says:

    You need to downgrade your rating for Turbotax by about 5 points. At least for the new Mac version.I would give it a 0 out of 5. I spent 5 1/2 hours filling out all my information, but I wasn’t quite done. I had used turbotax for Windows before and had saved and returned to it multiple times. When I returned to it this time, even though I got a pop-up window saying that my session had been saved after I clicked the ‘save return’ button, there was no information except my name. I spent time on ‘chat’ and also called the customer service, both to no avail. I have to start all over. This is a nightmare for me as I don’t have many hours to spare in my life. Also I hope you like supporting the Indian economy because their customer service department is in India and there is absolutely no contact information for anyone in Canada with this company!

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