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As 2022's tax deadline approaches, choosing the right tax software can help you get your taxes done quickly and accurately.

TurboTax is a good fit if you're looking for access to live expert assistance and an easy-to-follow interface and don't mind paying to make your experience better.

Below, CNBC Select breaks down TurboTax's tax software and services to help you decide if it's the right service to help you do your taxes this year.

Costs may vary depending on the plan selected - see breakdown by plan in the description below

For simple tax returns only. Not all taxpayers qualify. See if you qualify.

Terms apply, see below for our methodology.

Cost breakdown by plan:

*Click here for TurboTax offer details and disclosures

**A simple tax return is Form 1040 only.

Whether or not TurboTax is the right fit for you largely depends on your budget and service needs. Here are the pros and cons of TurboTax's services overall:

There are several advantages to choosing one of TurboTax's tax filing software, from live support to simple uploading interfaces. Here's what you should know if you're considering using a TurboTax product for your taxes in 2023.

TurboTax uses a question-and-answer format to collect all the important information it needs. It's intuitive and simple, guiding you through the process in a way that's easy to follow.

If you're feeling uncertain about doing your taxes, TurboTax's live support features can help you make sure you're on the right track. There are two levels of assistance: Live Assisted and Full Service.

For Live Assisted programs, you'll have access to an expert and the option for a tax expert to review your return before you file it. With TurboTax Live Assisted Basic, these features are free for those with simple tax returns, if your taxes are filed by March 31. However, if you need to itemize deductions or if you earned freelance income you'll need to select a paid package to make sure you get the support you need. These options start at $129, and get more expensive depending on the level of service you want.

For TurboTax's Full Service products, you'll get matched with a tax expert who will handle the entire process once you upload your documents. However, these packages start at $209 for simple tax returns and go up to $399 for self-employed taxpayers.

If you've received your W-2 or other tax forms digitally, you won't need to worry about manually entering your information. TurboTax makes it simple to upload your documents to their site. Not only does that reduce the amount of time it takes to do your taxes, but also can help to eliminate potential human error and typos.

TurboTax also holds a record of those documents for reference throughout the year, and can upload your previous year's tax returns if you use the service again next year.

When you use TurboTax, you'll receive several guarantees that your taxes are done right and you're getting the maximum refund possible. Here are the guarantees TurboTax offers:

TurboTax does have its downsides. Here's what you should know before starting your taxes with TurboTax.

TurboTax has free versions available for those with simple returns. For everyone else like those who have sold investments, earned freelance income, or have rental property income TurboTax costs money.

For most plans, the price you see listed for federal returns doesn't include the state tax return you may need to file.

Cost: Free, if you qualify

If you have a simple tax return, meaning that you just have W-2 income to report and are taking standard deductions, TurboTax's free version could be the right fit for you. The free version includes free federal and state filing.

Those with simple tax returns can also file for free using TurboTax's Live Assisted Basic, but only if you file by March 31.

Here are the situations covered by TurboTax's free versions:

If you have any of the following, TurboTax's free versions might not be an option:

In these situations, you may need to choose a paid TurboTax plan.

Cost: $59, with state taxes an additional $59 each

TurboTax Deluxe is the step up from the free edition, with the ability to process different types of tax documents. It's a good fit for those who need to itemize their deductions.

Here are the additional situations covered in the Deluxe version:

Cost: $89, with state taxes an additional $59 each

TurboTax Premier includes all of the things in TurboTax Deluxe, but can also cover additional tax situations including:

Cost: $119, with state taxes an additional $59 each

For freelancers, contractors and self-employed people, TurboTax requires this package to file. This version is for you if you have any of the following types of income or expenses:

This package also includes everything in TurboTax Premier, so those independent contractors who own a home or sold investments can also include that on their taxes without paying for another version of TurboTax.

Cost: $0, with state taxes included if you qualify and file before March 31, 2023

TurboTax Live Assisted Basic includes all of the things found in TurboTax Free and works for the same simple tax situations, including those with W-2 income and a few other tax forms to report.

But this version stands out with its extra support. TurboTax Live Assisted Basic includes the added help of unlimited expert assistance and a final review by a tax expert.

It's worth noting that TurboTax Live Assisted Basic has the same limitations as TurboTax free those with investment income, freelance or gig work income, or who need to itemize deductions will need to look at the more expensive versions of this option.

Generally, this product is $89. However, it's possible to get it for free if you file by March 31.

Cost: $129, with state taxes an additional $64 each

If you have more tax forms and more situations and want live, expert advice and assistance, TurboTax Live Assisted Deluxe might be the right move for you, including:

Notably, this software won't cover the following situations:

Like TurboTax Live Assisted Basic, this software also offers a final review from a tax expert. For those with more complicated tax situations, you'll need to consider TurboTax Live Assisted Premier or TurboTax Live Assisted Self-Employed.

Cost: $179, with state taxes an additional $64 each

TurboTax Live Premier covers the same situations as TurboTax Live Assisted Basic and TurboTax Live Assisted Deluxe, while also including :

Like the other Live Assisted products, TurboTax Live Assisted Premier hooks you up with expert help and assistance while you work through the program, and it also has a tax expert review everything before filing.

Cost: $209, with state taxes an additional $64 each

Independent contractors or freelancers who want some help with their taxes have to pay more than $200 to get assistance from TurboTax, not including the cost of state taxes.

TurboTax Live Assisted Self-Employed includes the situations found in TurboTax Live Assisted Premier, and offers assistance from an expert throughout the process as well as a final review. You know you need this package if your taxes include:

Cost: $209, with state taxes an additional $54 each

If you want someone else to do your taxes, TurboTax Live Full Service Basic could help you get your taxes done, and get year-round tax advice. The basic service will only work for those with simple taxes, like W-2 income, earned income and child tax credits, and student loan interest. All other situations will require you to upgrade.

When you start this program, you'll be assigned a dedicated tax expert and then meet them on a welcome call. From there, you'll upload your documents, and the expert will take care of the rest.

Cost: $259, with state taxes an additional $64 each

Like TurboTax Live Full Service Basic, this program can help you get your taxes done by simply uploading your documents. It also provides one-on-one tax advice throughout the year, and tax prep services by an expert.

This service includes the same situations as those included in TurboTax Live Assisted Deluxe, including:

Similar to the other Deluxe options, this version won't cover complicated tax situations such as self-employment, contractor or investment income.

Cost: $369, with state taxes an additional $64 each

If you earn rental income or have crypto transactions and want full-service tax filing, this is the right package for you. But, at over $360, it's one of the more expensive packages that TurboTax offers, and state taxes will add even more to that price tag.

These situations are covered by TurboTax Live Full Service Premier:

However, those who have freelance or contractor income still won't be covered by this package.

Cost: $399, with state taxes an additional $64 each

Those with self-employment or contractor income who want their taxes done with full service will pay almost $400 for this service. And state taxes will bring an additional charge.

For those in this situation, having a live expert could be an advantage. And, the year-round tax advice may be helpful to those who need to work on taxes quarterly.

TurboTax stacks up well against its competition but is also a bit more expensive. Here's what you need to know about how Turbotax compares to other tax software products on the market.

The biggest difference between H&R Block and TurboTax is the price in many instances, H&R Block is the cheaper option. Both H&R Block and TurboTax allow you to use apps on your phone or tablet to file taxes. Both also offer a free version to those who have a simple tax situation.

Costs may vary depending on the plan selected

Yes (for simple returns only)

Terms apply, see below for our methodology.

Here's where TurboTax has an edge over H&R Block:

Here's what you need to know before going with TurboTax over H&R Block:

TaxSlayer and TurboTax are close competitors, but as with H&R Block, the main difference is in the pricing. Both offer free versions, though TurboTax's free system is more robust and offers more credits. TaxSlayer and TurboTax also both offer free filing for military members.

Costs may vary depending on the plan selected

Terms apply, see below for our methodology.

Here's how TurboTax stands out over TaxSlayer:

Here's where TaxSlayer stands out:

2023 taxes are due April 18, 2023. If your taxes won't be done by this date, you'll need to file an extension with the IRS. However, the agency has offered an automatic extension until May 15 to qualifying storm victims in Alabama, California and Georgia.

To get the biggest possible tax refund, do the following:

You get what you pay for with TurboTax while the company offers an easy-to-use experience and simple tools, it can be expensive for those who want (or need) to use the more advanced versions. Still, the convenience TurboTax provides and the stress it can take out of tax season make it worthy of serious consideration when you're ready to file.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staffs alone, and have not been reviewed, approved or otherwise endorsed by any third party.

Link:
TurboTax's software is easy and well-designed but could be expensive for complex tax situations - CNBC