which turbotax version do i need
For most people, the right TurboTax version depends on how simple or complex your income is: very simple W‑2 returns can often use the free/basic option, while investments, rental property, or self‑employment usually require a higher‑tier version.
Core idea: match version to situation
Think of TurboTax like “tiers” that unlock more forms and guidance as your tax life gets more complex.
- Very simple return : W‑2 income only, standard deduction, maybe common credits (like earned income or child tax credit) → typically the Free/Basic online product can work.
- Own a home or want to itemize : Mortgage interest, sizable charitable donations, state/local taxes, etc. → usually need Deluxe‑level products, which are built for itemized deductions.
- Investments or rental property : Stocks, mutual funds, crypto, ESPPs, K‑1s, or rental income often point you to Premier/Premium‑style versions that better handle investment and property forms.
- Self‑employed / side hustle : Freelancers, contractors (1099‑NEC), gig work, sole proprietors with Schedule C typically need a self‑employment‑focused product (now often branded “Premium” or similar) because it supports business income, expenses, and industry‑specific deductions.
TurboTax’s own comparison page lets you step through your situation and suggests a version based on your income types and deductions, so walking through that tool is usually the fastest way to confirm what you need.
Quick mini‑table: typical needs vs. version
| Your situation | Typical TurboTax tier |
|---|---|
| Only W‑2 income, no itemizing | Free / Basic online. | [6][3]
| Itemizing deductions (mortgage interest, big donations, etc.) | Deluxe‑type products. | [6][3]
| Investments (stocks, funds, some crypto), maybe K‑1 | Premier / investment‑focused tier. | [1][6]
| Self‑employed, 1099‑NEC, Schedule C, side business | Premium / Self‑Employed tier. | [7][1]
| Want a tax pro to review or do it for you | “Assist” or “Full Service” options layered on top of above tiers. | [9][3]
How people on forums decide
Many forum users say that if you only have wages and maybe a house, Deluxe is often enough, even when you own some basic investments, while more complex investments push them to Premier. Others recommend skipping TurboTax entirely and using lower‑cost alternatives if your return is straightforward, just to avoid paying for higher tiers you might not fully need.
“Deluxe version will suffice… It has both forms and interview mode for investments and other things you mention.” – a common type of comment in tax forums when people ask which version to buy.
Simple decision checklist
Run through these questions and pick the highest level you hit:
- Do you have any self‑employment, freelance, gig, or side‑business income (1099‑NEC or Schedule C)?
- Yes → look at a self‑employed / Premium‑style product.
- Do you have rental properties, a lot of stock/crypto trades, or K‑1s?
- Yes → usually need Premier/Premium investment support.
- Do you plan to itemize (mortgage interest, major donations, big state/local taxes)?
- Yes → Deluxe‑type product is usually enough if no self‑employment or rentals.
- None of the above and only W‑2s plus maybe some simple interest?
- Free / Basic is usually all you need.
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TL;DR: Match TurboTax to your most complex income: Free for simple W‑2, Deluxe for itemizing, Premier/Premium for investments and rentals, and self‑employed/Premium tiers for any business or gig work.
Information gathered from public forums or data available on the internet and portrayed here.
