TurboTax Personal Income Tax is a desktop program designed to guide and help users fill out and file income tax returns. The program works like a car GPS that maps out the tax return for users in order to obtain the maximum possible refund. It features mapping icons, flags, and accuracy checks to ensure that users are always on the right track.
TurboTax Personal Income Tax is available in four different editions:
• Basic – This edition is for beginners and first-time users. It is ideal for those with simple tax returns. Users who only have charitable donations and T4 slips can use this edition. It guides users step-by-step throughout the tax filing process. With this edition, users can file tax returns via NETFILE.
• Standard – This edition is suitable for families, couples, and individuals. It is used for per online return. The Standard edition also includes the EasyStep Interview as well as the Deduction Toolbox for finding all possible deductions. It can also import e-tax slips straight into the TurboTax forms, carry forward information from different tax software, and optimize RRSP contributions.
• Premier – The Premier edition is ideal for investors and property owners. It is on a per online return basis. This edition offers the same features included in the Standard edition with added features such as free live tax advice, spousal return, and investment sale income guidance. It is also used for tracking capital losses and gains and assists users in reporting and claiming rental property income/expenses.
• Home & Business – This edition is for consultants and contractors. It features all things included in the Premier edition with added features like finding hidden deductions on businesses, handling self-employment and personal income taxes, Business Expert Interview, and others.