Browse Definitions:
Definition

TurboTax

Contributor(s): Matthew Haughn

TurboTax is tax preparation software for the United States and Canadian tax returns. The software offers a user-friendly interface for processing and electronic filing of tax returns for individuals and businesses.

TurboTax allows free processing and e-filing of non-commercial federal tax returns up to $28,500 gross income in the U.S. For the 2016 tax year, free processing was available for taxpayers who made less than $33,000 for civilians or $64,000 for those in active military service. For those who make more than those limits but less than $100,000, TurboTax is free under the company’s AbsoluteZero program for individuals who:

  • Own neither a home nor a rental property.
  • Did not sell investments in the tax year.
  • Are not business owners and do not have 1099 income.
  • Are not reporting major medical expenses.

TurboTax updates their software annually for accuracy relevant to tax form revisions. Along with processing taxes, the company offers a maximum return guarantee on paid versions and a guarantee of 100% accuracy of calculations for all versions. TurboTax is CRA-certified for NETFILE in Canada and partnered with the IRS in the Free File Alliance to provide free e-file in the U.S. Audit defense is also an available option, where users can have an expert defend their return. TurboTax is offered in free and paid versions for Windows and Mac and as a mobile app for smartphones and tablets.

Originally developed by Michael A. Chipman, then chairman of Chipsoft, TurboTax is one of the most popular tax applications in the U.S. and the number one tax application in Canada. TurboTax was acquired by Intuit in 1992.

This was last updated in August 2017

Continue Reading About TurboTax

Start the conversation

Send me notifications when other members comment.

By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

Powered by:

SearchCompliance

  • pure risk (absolute risk)

    Pure risk, also called absolute risk, is a category of threat that is beyond human control and has only one possible outcome if ...

  • risk assessment

    Risk assessment is the identification of hazards that could negatively impact an organization's ability to conduct business.

  • audit program (audit plan)

    An audit program, also called an audit plan, is an action plan that documents what procedures an auditor will follow to validate ...

SearchSecurity

  • insider threat

    Insider threat is a generic term for a threat to an organization's security or data that comes from within.

  • ransomware

    Ransomware is a subset of malware in which the data on a victim's computer is locked, typically by encryption, and payment is ...

  • hacker

    A hacker is an individual who uses computer, networking or other skills to overcome a technical problem.

SearchHealthIT

SearchDisasterRecovery

  • business continuity and disaster recovery (BCDR)

    Business continuity and disaster recovery (BCDR) are closely related practices that describe an organization's preparation for ...

  • business continuity plan (BCP)

    A business continuity plan (BCP) is a document that consists of the critical information an organization needs to continue ...

  • call tree

    A call tree -- sometimes referred to as a phone tree -- is a telecommunications chain for notifying specific individuals of an ...

SearchStorage

SearchSolidStateStorage

  • 3D XPoint

    3D XPoint is memory storage technology jointly developed by Intel and Micron Technology Inc.

  • RRAM or ReRAM (resistive RAM)

    RRAM or ReRAM (resistive random access memory) is a form of nonvolatile storage that operates by changing the resistance of a ...

  • JEDEC

    JEDEC is a global industry group that develops open standards for microelectronics.

SearchCloudStorage

  • Google Cloud Storage

    Google Cloud Storage is an enterprise public cloud storage platform that can house large unstructured data sets.

  • RESTful API

    A RESTful application program interface breaks down a transaction to create a series of small modules, each of which addresses an...

  • cloud storage infrastructure

    Cloud storage infrastructure is the hardware and software framework that supports the computing requirements of a private or ...

Close