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TurboTax Review 2022 (Tax Year 2021) - YouTube
Channel: Smart Family Money
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hey guys it's tax season again and in
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this video i want to review the 2022
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version of turbo tax you probably know
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me as a mom and a budget but i'm also a
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former tax preparer and i've seen a lot
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of tax returns in my day when you first
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log into the turbo tax software you're
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going to be entering in your basic
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information now if you use turbotax last
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year it's going to pull all that over
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for you which is really convenient if
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you did not use turbotax last year you
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can actually upload your 1040 from
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whichever software you used which is
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really nice because it'll take that
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information and get you started and save
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you some typing and then the first thing
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it's going to do is try to upsell you on
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some more services so i'm in the free
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edition right now which actually does
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include a lot of forms and it does
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include the state return for free as
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well which is a pretty good deal but
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they're trying to upsell me on their
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plus service which gets you support and
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some other different services like audit
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defense i don't really think that's
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necessary so i'm going to click continue
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with the free version all right so then
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the next thing you're going to do is
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enter all of your sources of income
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let's take a look at how turbotax
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handles w-2s so if you click to add
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another w-2 it's going to offer you to
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enter your employee's id number and then
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it will give you some options for
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getting it in turbotax definitely has
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the most options for entering forms you
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can upload a form as a pdf or even as an
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image or you can type it in yourself i'm
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going to click on type it myself right
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here one thing i don't like about turbo
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tax is that on the w-2s they split it up
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into multiple screens where you had to
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fill out the first part and hit continue
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and then hit another part and hit
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continue it seems to be overly
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complicated for entering your w-2 forms
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so let's look at adding other types of
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forms so this is a 1099 int or bank
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interest a lot of people have these
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forms and the first thing it's going to
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offer you is to import directly from
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your financial institution which is
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something pretty much only turbotax does
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now i didn't really want to import from
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a financial institution i'm using
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fictional people anyway the next thing
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it's going to offer is to upload it from
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as a file but if you click down here you
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can type it in yourself the funny thing
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about all these methods is a lot of
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times it's literally only one number you
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have to type in for a 1099 int so
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while they're trying to be nice i feel
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like they kind of over complicate this i
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do like that their written 1099 int form
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is very simplified they're only showing
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you box one and three and then you have
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to click down here if you want to see
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the other boxes but i like that they
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keep it simplified here now in the free
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version if you click to add something
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that is not included in the free version
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like i'm clicking right here on
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self-employment it will pop up this box
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and tell you that you do have to upgrade
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to the one of the other options all
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right now let's take a look at the
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deductions section i do like in turbo
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tax that it just walks you through the
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various deductions and it asks you
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questions to help you figure out what
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sort of deductions you have i do wish
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though that it asked you somewhere if
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you just want to take the standard
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deduction it doesn't really make that
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very clear since 85 to 90 of americans
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do only take the standard deduction a
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lot of this is a waste of time you don't
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need to be entering your real estate
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taxes your medical expenses all those
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sorts of things that are on itemized
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deductions since the tax changes in 2017
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the vast majority of americans do not
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itemize anymore another thing the
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deductions that have surprised turbo tax
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didn't mention is donations to charity
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in 2021 there is a special rule that
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people who take the standard deduction
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can still deduct up to 300 in cash
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donations to charity separately even if
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they're taking the standard deduction
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and couples can take up to 600 that's
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different than 2020 when it was only 300
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for couples so this is a really nice
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benefit and can be a great way to get a
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tax break if you did donate some cash to
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charity in 2021 even for those of us who
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fall in that 90 majority who are taking
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the standard deduction you can still
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enter it in in turbotax but you just
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have to separately go into the
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charitable deductions section to make
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sure you enter that cash donation one of
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the big advantages that turbotax has
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over some of its competitors is that
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they do have a mobile phone app that
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goes along with turbotax so i wanted to
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show you that too when you get logged
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into the phone app it's going to look
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really similar to the website that you
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just saw
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you're going to check out your personal
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information and then you're going to go
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on to entering your income and you'll
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see it's trying to upsell me just like
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online
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when you go to the home section of the
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app there are menus that look pretty
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similar to the website and i think
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they're pretty easy to navigate although
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i do feel like the app runs a little
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slower than the website does entering
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forms on the mobile app is pretty
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similar to adding forms on the website
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and you can see they're going to offer
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me to
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import from my bank account for a 1099
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int and then you'll see on the mobile
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app it also has the option of snapping a
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photo bringing it from the bank or
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uploading a document from your phone as
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i was using this app to enter the
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information for this tax return i did
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find it was easy to navigate it was
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pretty slick although it was a little
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slow and how it ran but there were a
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couple times that i felt like i was sent
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in circles it kept sending me back to
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the previous menu and so i think there
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were some buggy parts of this app
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overall as a mobile experience though i
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think the turbo tax app is pretty nice
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so let's look a little more at what's
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included in the pricing and the
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different levels of turbo tax the free
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one they state is for simple returns
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only it is free for federal and state
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which is a really good deal but it
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doesn't include any kind of support
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whatsoever if you want any kind of
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support you have to upgrade to that
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deluxe level deluxe is the 39 for the
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federal plus 39 for state so that gets
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really expensive and then they have even
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higher level options for other different
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types of returns overall i do think the
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turbo tax website version or the app
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version are both very nice systems but i
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do think they are awfully expensive for
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what they are if you want to see my top
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recommendation for your tax software to
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use now in 2022 check out my next video
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where i compare turbo tax to some other
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great tax software options
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