TurboTax is the number one best-selling tax software in America, and their Premier Edition is recommended for filers with relatively complex tax returns including investments or rental property income.
Is Premier the best software for you? Let’s try to answer that question in our review of TurboTax Premier, including:
Turbotax Premier: Features
TurboTax Premier includes all of the features of Deluxe with additional features ideal for those with investment income or losses, or those who are managing rental properties. It may also be ideal for people who have to file for elderly individuals who may have a variety of investments and/or properties managed by third parties.
Here are top Premier Edition features:
- Import Investment Info: TurboTax Premier can quickly import investment info from your bank or financial institution
- Accurate reporting: Premier helps you report sales of investments like stocks and bonds, and quickly calculates capital gains or losses
- Find your cost basis: Premier makes it simple to find the purchase price for any stocks or investments that you’ve sold
- Refinancing deductions: If you refinanced, Premier walks you through deducting refinance expenses like points and appraisal fees
- Rental Income: Report income from your rental properties and determine fair market rent value
- Personal Assistance: Your Premier specialist can provide custom answers to your tax questions including SmartLook™, which lets them draw on your screen
Here are more features of TurboTax Premier:
- Rental depreciation for rental property owners / landlords
- Guidance for employee stock plans: If you have sold employee stock, Premier can help you determine your cost basis for shares
- Guidance for homeowners: Premier helps you with 400 potential deductions including mortgage interest and property taxes
- Donations: If you’ve made charitable donations, Premier will make sure you maximize your deductions
- Dependents: Kids are expensive to maintain and educate, so let Premier find all of your deductions including the Child & Dependent Care Credit, Child Tax Credit, and Earned Income Tax Credit (EIC)
- Education tax credits: If you or your children attended college or paid for work-related classes, Premier helps you find education tax credits and deductions for loans, books, and student loan interest
- Report gains and losses from cryptocurrencies including Bitcoin
- Premier automatically imports your W-2 info or just take a picture of your W-2 form to get started
See more features of TurboTax Premier here
TurboTax Premier Reviews:
The best place to find verified customer reviews for Premier is at turbotax.intuit.com.
You can easily sort thousands of reviews by: top rated, lowest rated, and newest. This helps you quickly find helpful tips about using Premier, as well as learning what customers complain about.
TurboTax Premier Cost?
Given all that TurboTax Premier offers, it makes sense that it costs more than the Deluxe Edition.
Here are the retail prices for Premier:
- Premier Online: $79.99*
- Premier Download / CD: $109.99*
- In-store prices vary, but the best deals are usually at Costco
*Add a state filing fee of $39.99 per state return
Best Coupon for Premier?
While printable coupons can be hard to find, there are always discounts available online.
In fact, the best discounts are available early in the tax season, and drop the price of Premier by up to $25.
Tip: After approximately March 15th, prices go up. So, file early to get the best possible price on Premier!
Is Premier Worth the Money?
If you don’t have investment or rental property income, you may be able to file with their cheaper, highly-rated Deluxe Edition.
However, while it may be unpleasant to pay a total of over $100 to file your taxes with Premier, consider that the average cost to have an accountant file them is now about $275 for itemized tax returns.
So, if you use Premier to prepare and file your taxes, you’ll probably save a lot of money.
TurboTax Premier’s price tag may seem daunting, but consider that a single missed deduction can cost you hundreds of dollars. For this reason, be sure that you are getting the right software for your tax situation, even if it means paying a bit more with premium software from a top name like TurboTax or H&R Block.
When Will TurboTax Premier Be Available? (Online / Download)
TurboTax Premier Online and Download are first available in late November, and in retail stores in late December.
The IRS starts accepting tax e-filed tax returns January 1st, so you’ll have to wait until then to actually e-file your return.
If you have sold investments or have rental property income, Premier is probably the best edition of TurboTax for your needs.
If you are unsure, you can compare all TurboTax editions on their website, so that you make sure you get the appropriate one.
Thanks for stopping by Mighty Taxes, and good luck with filing your taxes!