TurboTax is one of the top services for tax filing. Its free service brings the same expertise that has built a reputation in the industry. For those with W-2s and other simple taxes, like students, you can file your taxes for 2024 easily and quickly.
Free federal income tax and state tax returns are available, and TurboTax Free Edition supports many commonly filed forms and schedules like unemployment. The free edition is primarily designed for filers with simple returns only (Form 1040), including those with W-2s with dependents or student loan interest.
TurboTax Free Edition is designed for taxpayers filing simple returns only with limited credits (Form 1040), including those who receive W-2s with dependents or student loan interest. According to TurboTax, only 37% of all customers qualify for the Free Edition.
If eligible, this free version will allow you to claim the standard deduction, earned income tax credit, student loan interest deduction, some capital gains and losses, and the child tax credit, but nothing more intricate or complicated. (The Federal Trade Commission recently ordered that TurboTax’s parent company Intuit can no longer market its services as “free” without disclosing details about who qualifies.)
Suppose you are ineligible to file for free with TurboTax. In that case, you may want to see if you can file for free through another option, such as IRS Free File, H&R Block Free Edition, or FreeTaxUSA for federal filing.