TurboTax Free Edition – 2014 (Pants Optional)

by jennifer g on November 6, 2013

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turbotax logoTurboTax Free Version: Do you have a simple tax return, and enjoy sticking it to The Man? Well, then the free version of TurboTax may be right for you. Just click below to learn more:

free edition turbotax‘Cause I’m as free as a bird now And this bird, you can not change… Lynyrd Skynyrd

Good song, but ironically, most rock stars wouldn’t be eligible for Turbo Tax’s Free Edition, so who should use it?

Basically, it’s for people with simple tax returns, who don’t have many deductions; like renters and students. If you’re not sure, check out the Basic Edition too.

For those who do choose to download the free version, remember this: to file your federal tax return is free, but your state tax return is not free.

free_tax_guySo, if you’re reading this article from your private yacht, hitting golf balls into the ocean, you can stop reading now and just go look for a coupon for another TurboTax edition.

The gratuitous (aka “free, gratis, complimentary, costless”) version may not be for you if:

  • You’ve sold stocks this year (capital gains)
  • Have a monthly mortgage, or plan to deduct anything houre-related
  • Have made tax-deductible donations to charity

For the rest of with simple tax returns, like renters and students, this may be a great option. Read on to see if you’re eligible for the free version.

From the TurboTax online site, here’s an outline of people who qualify for the free version:

  1. turbotax_find_deductionsGood for new TurboTax users with1040EZ / 1040A tax returns
  2. You generally fill out a 1040EZ form and you don’t think anything in your life has changed that would warrant using a different form.
  3. You are filing as a single person or married but filing jointly with no dependents to claim in any situation.
  4. Your total taxable income is less than $100,000.00 and its sources are only from one of the following: employment, scholarships, grants and the Alaska Permanent Fund.
  5. Your investments haven’t earned more than $1,500.00 during the tax year.
  6. Active duty military and reservists. There’s a separate page for you that’s also free here.

Turbotax Free Version: 2014 + Free Federal eFile

One of the great things about TurboTax is that once you start the free version, the software can detect if you’re on the right path. It will ask you to upgrade to a fee-based version if it feels you need a more detailed form or that you might be missing out on some tax deductions. It does this through asking a series of questions and depending on your answers, will advise which form to use.

Be aware that if you choose the free version and decide to file your state tax at the same time (which is what most people do), you will be charged a fee. Only your federal tax return is part of the free version.

Here’s a helpful video about how to file a 1040EZ form for free:

Also, the free version doesn’t include phone support, so if you have a lot of questions, you might want to spring for another version, as your taxes might not be as easy as you thought. Compare the best free tax software here.

Gone are the days when you needed a second degree in taxation in order to file your taxes. With companies like TurboTax, no prior tax knowledge is necessary. And the icing on the cake is your taxes can be done and filed within an hour. Less if you keep your tax forms in a spot where you can find them easily.

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