TurboTax 2020 - Fresh Review!
February 28, 2020
Hot off the press we review the benefits of using TurboTax 2020 online tax preparation software products, and how they can simplify your tax filing efforts, all while getting you the best possible financial result.
The TurboTax Tax Return Software lineup is designed to seamlessly reconfigure itself around your personal needs. TurboTax evaluates you through a series of questions in order to seek out tax benefits you can take advantage of. Then as you progress through the tax preparation process, it recalculates entries instantly comparing different tax scenarios as it chooses the best path to your maximum refund, guaranteed!
Is TurboTax 2020 The Best Choice For You?
Well, golly gee... I'd like to say yes, but that all depends. If you're looking for the top of the line, easy to use, best formatted, and fully guided products around, well, TurboTax ranks right up there. However, if you're preparing a simple 1040, 1040ez tax return and are able to settle in and make use of the free edition, then there's a lot of competition out there!
Fact be told, free editions that are promoted by all the major online tax preparation services, are designed to hook you, reel you in, and hopefully make you a long term customer. That way as your life progresses, and your taxes get more complicated, you then start to throw some cash their way for higher end tax software products.
TurboTax Tax Return Software Finds Tax Benefits!
With a slew of star studded tax tools, you can rest assured that TurboTax 2020 tax programs are looking out for your best financial interest.
Get top notch guidance to:
- Evaluate how much you can contribute to your 401K before it affects your take-home pay.
- Take advantage of home owner tax deductions that can help you enhance that investment you made in real estate for yourself, and family comfort.
- Find other tax deductions, credits, and benefits from your life's activities, like charitable contributions that can lower your overall taxable income.
- Take advantage of positive opportunities to further your education, improve your job or occupation, and see how family changes effect your taxes.
With TurboTax you can quickly within seconds evaluate your tax choices to ensure your making
the best decisions for reigning in costly tax obligations.
As you prepare your taxes it's important that you make sure the information your reporting is 100% accurate. Using online tax software to prepare your return reduces the likelihood of a mistake since all calculations are automatically double checked.
Fact is, top online programs like TurboTax give you a guarantee of getting you the maximum refund possible per your individual tax situation. It thoroughly maximizes your deductions to reduce tax liability.
TurboTax Prices Can Vary From Time To Time
Here we will list the three main editions of fee priced tax software, their current sale prices compared to regular price, and a bit about the features they offer.
We will skip the Free Edition since it's features are limited to simple tax returns.
TurboTax Regular Price vs. Sale Prices
TurboTax 2020 Online Deluxe Edition
- Regular Price $54.99 - Sale Price $34.99
- Deluxe is great for home owners, taking advantage of charitable contributions, and finding tax deductions and benefits.
TurboTax 2020 Online Premier Edition
- Regular Price $79.99 - Sale Price $54.99
- Premier adds all the features in Deluxe, then includes income and expense reporting for investments and rental properties.
TurboTax 2020 Online Home and Business Edition
- Regular Price $114.99 - Sale Price $89.99
- Home and Business gives you an all inclusive package for personal tax preparation (Premier) and small business tax filing.
TurboTax 2020 products are great tools to help you better understand the tax law changes that are happening and how to plan ahead to lower your income tax liabilities. Some of these changes may be up in the air, but on the whole, taxes are always being stretched to meet our deficit and the disgustingly poor political management of our economy.
It's more important than ever that the new TurboTax 2020 tax products are designed to protect the middle class by insuring tax deductions are maximized.
2020 Retirement Account Contributions limits for 401(k) and 403(b)
Plans remains unchanged at $18,000. Catch up contributions also remain at $6,000. The contribution
limit for SIMPLE retirement plans remains at $12,500, as does the catch up contribution limit
For tax returns prepared for April 2020, TurboTax helps you take advantage of contribution limits for Traditional IRAs and Roth IRAs which are $5,500, with a catch-up contribution of $1,000 for anyone age 50 or older that make this contribution prior to the end of the calendar year.
The income limits for individuals willing to fund Traditional IRAs as well as Roth IRA plans have increased modestly in 2016. The income phase-out threshold for Roth IRAs now starts at $184,000 for those filing joint returns, which is an increase of $1,000. The phase-out threshold for taxpayers filing their returns as Head of Household or Single is now $117,000, a $1,000 increase.
Income phase-out limits that apply to Traditional IRAs remain unchanged for those individuals covered by a retirement plan at work. The 2016 income phase-out limits start at $98,000 for joint filers (no increase), and $61,000 for those filing as Single or Head of Household (no increase).
Coverdell ESA, Lifetime Learning and Hope Scholarship Credits
ATRA has now eliminated the sunset provision for Coverdell Education Savings Accounts. Taxpayers with modified adjusted gross income that is less than $110,000 ($220,000 when filing a joint return), TurboTax helps you find out if you may be eligible for contributing to a Coverdell ESA.
No limits exist on the number of separate Coverdell accounts that may be established for a beneficiary, but the total amount of all contributions to a single beneficiary cannot exceed $2,000 in any year.
The maximum Hope Scholarship Credit, that is available for the first two years of post-secondary education, remains at $2,500. This includes 100% of qualifying tuition and related expenses that are not in excess of $2,000, plus 25% of expenses that do not exceed $4,000.
The maximum Lifetime Learning Credit is $2,000 in 2016 and this credit applies to 20% of the first $10,000 of out-of-pocket expenses for all students attending an institution for higher education. A student taxpayer cannot claim the Hope Credit and the Lifetime Learning Credit in the same year.
For tax returns prepared in 2020, the taxpayer's modified adjusted gross income is used to determine the amount of reduction for the Hope Scholarship and Lifetime Learning Credits.
Reductions start for taxpayers that have an AGI in excess of $80,000, or $160,000 for those filing joint tax returns for the Hope Credit. The income threshold for the Lifetime Learning Credit now increases to $55,000 for single filers or $111,000 for those filing joint income tax returns in 2020