TurboTax Launches its Tax Year 2022 Products and Services
TurboTax Live Full Service tax experts can now fully prepare, finish, and file taxes in one meeting
TurboTax Online delivers new and enhanced experiences for crypto investors, creators, and self-employed individuals
With TurboTax Live Full Service, tax filers can hand off their taxes to our network of thousands of tax experts with an average 12 years of tax preparation experience and who also specialize in self-employed, investment, and incorporated small business taxes, so they can be confident nothing is overlooked or left behind. Customers are matched and can work with the right tax expert in real time -- no more wait and wonder that taxpayers often experience when they take their taxes to someone who doesn’t share status updates and delays filing. They can then review everything with their dedicated expert before the tax expert signs and files for them.
“Today's technology means we're always connected, so the idea of taking the time away from work, family, or free time to travel to a tax store is antiquated and unnecessary when TurboTax Live is available anytime, anywhere, on any device,” said
New in TurboTax Live Full Service this year:
Welcome Callto Get Started: Taking the pain and confusion out of gathering documents and data. A quick call helps taxpayers easily organize their documents, start loading them into their secure tax hub, and get matched to a dedicated tax expert.
- Full Hand Off and Taxes Done in One Session: Filers can hand their taxes off to a tax expert and be done in one meeting. Get all their questions answered in real time and review everything before filing. No waiting, no wondering, just taxes done right.
- Specialized Self-Employed, Investor, and Small Business Tax Experts: From the start, self-employed, incorporated small business owners, and investors will be matched with specialized tax experts experienced in their situation, who can optimize their tax savings and provide year-round guidance and savings strategies.
- Stay with the Same Trusted Expert: With Full Service, taxpayers get matched with an expert they get to know and trust, who can help them make the best decisions based on their situation. Customers can even request to have the same tax expert do their taxes again next year.
In addition, Full Service will expand to better serve the growing Hispanic population this year. Starting in
TurboTax will also expand to corporate small business returns with the launch of TurboTax Live Full Service Business Tax in
Today, TurboTax is also launching its TurboTax Online and TurboTax Live Assisted products. Customers will see enhanced guidance and technological advances for crypto investments, stocks, self-employed and 1099-K income, giving customers confidence their taxes are done right regardless of their tax situation.
For those who want help along the way, TurboTax Live Assisted gives customers access to experts to help them complete their taxes, fix any mistakes, and explain what's next. They can also get an expert final review of their taxes before they file.
Investor: With the growth in investors and market volatility, TurboTax is focused on helping investors easily and accurately report their investment gains and losses.
Some of the new product features for investors include:
- Easy Import of Crypto Information from Digital Asset Exchanges and Wallets: In addition to automatic import of up to 10,000 stock transactions and up to 20,000 crypto transactions at once, crypto investorsnow can save time with the ability to import information from digital asset exchanges and wallets to automatically calculate capital gains and losses.
- Guidance to Help Turn Investment Losses to Tax Wins: TurboTax will help surface and guide customers to use any unrealized capital losses they may have from prior years, improving their tax outcome and lowering taxes owed.
- Accurate Import of Cost Basis with Intelligent Tax Optimization: Intelligent Tax Optimization takes the work out of tracking down missing and accurate cost basis values and assures accurate reporting of capital gains and losses by importing customers’ cost basis directly from financial institutions and crypto exchanges into the correct forms.
Self-Employed: With the rise of self-employed workers and new creative ways to earn an income, TurboTax Self-Employed uses advanced import capabilities and artificial intelligence to guide customers through their self-employed taxes and Form 1099-K changes.
Some of the new features for self-employed include:
- Snap and autofill for Forms 1099-K and 1099-NEC: Creators, Online Sellers, Rideshare Drivers and other self-employed taxpayers get a jumpstart on their taxes and eliminate work by not only being able to snap a photo of their Form 1099-NEC, but now Form 1099-K. They can verify their data and their information will be pulled into the correct forms.
TurboTax Expense Monitor: Allows self-employed customers to track their self-employed expenses year-round reducing the time spent preparing taxes at tax-time and to ensure they get every dollar they deserve. TurboTax Expense Monitor will be available the week of
January 9, 2023.
Streamlined Schedule C: There are more unique self-employed businesses than ever before, and self-employed people shouldn't have to navigate multiple screens that aren’t relevant to them. Customers will be guided through an experience that adapts to their situation, providing fewer screens and questions so they only see what is relevant to them and can finish faster. Streamlined Schedule C will have limited availability January and February with full availability beginning
1099-K Income Recipients: Millions of people, from self-employed to hobbyist, will receive Form 1099-K (Payment Card and Third Party Transactions form) for the first time and may not understand how the income reported on that form impacts their taxes. All TurboTax products will include:
- Snap and autofill for Form 1099-K: Taxpayers who receive Form 1099-K get a jumpstart on their taxes and eliminate work and worry about a new tax form. They can snap a photo of their Form 1099-K, verify their data, and their information is pulled into the correct form accurately reporting their income.
- Special Guidance for Form 1099-K: Whether an occasional online seller or self-employed business owner, taxpayers get specific guidance to help them understand how 1099-K income impacts their taxes and accurately report their 1099-K income.
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