2021 TurboTax Review (2020 Tax Season) – Take The Complication Out of Military Taxes with TurboTax

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TurboTax Review - Taxes Made Easy with TurboTax
Taxes can be complicated - but they don't have to be! Learn how TurboTax makes it easy to file your tax return online & how to file your taxes FREE with TurboTax.

Military taxes are unique and can be complex. Most service members have to contend with multiple types of pay, tax-exempt combat pay, special duty pay, moving to a new state or country, and other factors. Some military members or their spouses may also have special considerations such as claiming residency in more than one state during a tax year.

Military spouses may have another set of challenges. Many spouses have self-employment or freelancing income, and they may or may not be required to change their state of residency when they relocate. Additionally, you have to factor in things such as investment income, deductions, tax credits, retirement contributions, rental income, or even running a small business. However, TurboTax makes filing your tax return easy.

Read through this review to learn how TurboTax simplifies the tax return process, and even gives you access to tax professionals if you get stuck or have a question (free of charge with their software!).

TurboTax Makes Filing Your Tax Return Easy

I filed my taxes by hand for several years – until I realized there was a better way. That’s when I started using TurboTax to do my taxes. I found the ease and convenience of the TurboTax software to be faster and easier than filing by hand, and much less expensive than other options.

TurboTax Gives You the Confidence to File Your Own Taxes

TurboTax

One of the essential parts of filing your taxes is figuring out all the required forms. You need to show your job income (W-2), interest income (1099-INT), proof of health insurance (1095), etc.

Depending on your situation, there could be half a dozen forms or more! (Find out when your military tax forms will be available from myPay).

But TurboTax takes the guesswork out of filing. They use an interview format and prompts to fill out the bulk of your tax return.

  • Did you have wages?
  • Did you get married?
  • Did you have a baby?
  • Did you move?
  • Did you have rental income?
  • Investment income?

TurboTax then uses your answers to these questions to fill out the appropriate forms (you don’t even have to look up the form numbers!). The tool then computes your return to make sure you get every tax deduction or tax credit you have earned.

Tools to Make the Process Faster – and More Accurate!

Technology has come a long way since I first started using online tax software. TurboTax works from your desktop, laptop, tablet, or even from your phone. Depending on your situation, you might be able to open the app on your phone and finish filing your taxes in less time than it takes to eat a meal. The best part? You can start and stop your return and come back to finish later – even on a different device.

Automatically Import Your W-2 & Other Tax Forms

TurboTax features a tool called W-2 Snap and Autofill™. This is perhaps the best feature I’ve seen in the new software. TurboTax has a tool that will allow you to take a picture of your W-2 with your phone or tablet and upload it to your tax return in TurboTax. The software then scans the information and imports it to your return, removing the need to manually type in your information, making it both faster and more accurate.

Even better – TurboTax has the ability to import tax information directly from over 1 million employers and financial institutions, again, removing the need for manual data entry and increasing accuracy.

What if My Situation is Unique (Rental Income, Self-Employment Income, etc.)?

TurboTax - Rental Property Income

Yep. You’re covered. Rental income and self-employment income are both common for military members, and TurboTax is set up to can handle those situations.

The TurboTax software will help you identify deductions and expenses so you can maximize your return. You can even consult with tax experts through the TurboTax platform, free of charge.

Learn More About About TurboTax Self-Employed:

  • Self employment income
  • Self-employment questions answered
  • And more.

TurboTax Self-Employed. Start for Free.

Worried About Getting Stuck? Try TurboTax Live

TurboTax Live allows customers to connect live, via one-way video to a TurboTax Expert, CPAs, or Enrolled Agents. You can get personalized, real-time answers to your tax questions at no additional cost, and can even schedule a time and date that works best so you can sit down and do your taxes on your schedule.

TurboTax also has a tool called ExplainWhy™ which helps users understand the various deductions, credits, and other aspects of their tax refund.

Every Tax Return is Verified Before Filing

TurboTax just launched a new tool called, CompleteCheck™, which offers customers a streamlined review of their return. CompleteCheck™ looks for missing, incomplete, or conflicting information and flags the issue for review before you file. The tool will notify you if there are no issues and your return is ready to be filed.

All Right – I’m Sold. How Much Does TurboTax Cost?

Great question. TurboTax pricing can be anywhere from free, on up (depending on which version you purchase – see below for more information). Even better, there is a TurboTax military discount!

TurboTax Military Discount:

The military discounts are based on your rank and verified by your W-2. Simply use your military W-2 to verify rank and your discount will be applied when you file. Valid for TurboTax Online only.

Military Discount: E1 – E5:

  • Free federal and state filing with Free Edition or Deluxe
  • $5 off discount or more for Premier, Self-Employed, and TurboTax Live federal products

Military Discount: E6 and Above:

  • $5 off discount or bigger on all TurboTax federal products

TurboTax Versions

TurboTax

TurboTax offers five different versions:

  • Federal Free Edition
  • Deluxe
  • Premier
  • Self-Employed
  • TurboTax Live

To make it easy, they offer a tool to help you choose which version is best for you. Even better – you can start your tax return for free, and you only pay when you efile your tax return. So you can start your return, and upgrade your version if you need to.

Which TurboTax Version Do I Need?

Here are the TurboTax versions, and a couple of quick facts about them. Note that each successive version has all the features of the previous versions and adds more features as your return gets more complex.

Pricing will vary, but traditionally it is less expensive to file early. Prices generally increase in March.

TurboTax Versions

TurboTax Free Edition. TurboTax Free Edition is free (both state and federal) for people who are only filing a 1040A or 1040EZ.

TurboTax Deluxe. This is the most popular version and helps taxpayers automatically search from over 350 deductions, including mortgage and property taxes, charitable contributions, and more. This version also allows you to import your W-2 and other tax forms (if supported), as well as info from your previous TurboTax returns. To top it off, you can get expert help from CPAs and Enrolled Agents with TurboTax SmartLook™.

TurboTax Premier. Premier has all the features found in TurboTax Deluxe but adds investment income, including the ability to import cost basis. Premier also covers rental property income and tax deductions.

TurboTax Self-Employed. The self-employed version can handle everything found in TurboTax Premier but adds the ability to track business deductions such as your vehicle, phone, supplies, home office, and more. The tool may even help you find deductions you aren’t aware of.

TurboTax Live. TurboTax Live is an add-on to any of the above versions. You can select this at the time you purchase your online version or upgrade later. The price varies based on which TurboTax version you purchase.

TurboTax Guarantees

Maximize Your Tax Return

TurboTax guarantees 100% accurate calculations and offers a maximum refund guarantee.

Every personal return is also backed by the TurboTax Audit Support Guarantee.

Start for Free at TurboTax.com: Get your biggest tax refund, guaranteed. Start Free.

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About Ryan Guina

Ryan Guina is the founder and editor of The Military Wallet. He is a writer, small business owner, and entrepreneur. He served over 6 years on active duty in the USAF and is a current member of the IL Air National Guard.

Ryan started The Military Wallet in 2007 after separating from active duty military service and has been writing about financial, small business, and military benefits topics since then. He also writes about personal finance and investing at Cash Money Life.

Ryan uses Personal Capital to track and manage his finances. Personal Capital is a free software program that allows him to track his net worth, balance his investment portfolio, track his income and expenses, and much more. You can open a free Personal Capital account here.

Featured In: Ryan's writing has been featured in the following publications: Forbes, Military.com, US News & World Report, Yahoo Finance, Reserve & National Guard Magazine (print and online editions), Military Influencer Magazine, Cash Money Life, The Military Guide, USAA, Go Banking Rates, and many other publications.

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