TurboTax Free Edition 2010 – Prepare and E-File Your Tax Return Online for Free!

TurboTax Free Edition 2010 is TurboTax’s most basic tax prep software and will work perfectly well for most taxpayers who are filing a simple tax return. This edition is completely free for federal tax return preparation, and also includes free e-filing. The TurboTax Free Edition is very easy to use and guides you through a series of questions in simple language. The TurboTax Free Edition also provides access to technical support via phone, live chat, email, and TurboTax’s knowledge base.

TurboTax Free Edition includes the following impressive list of IRS forms: (You may want to skip ahead to reading the rest of the article, without reading this lengthy list, unless you are looking for a particular form.)

  • 1040EZ
  • 1040A
  • 1040
  • Schedule A Itemized Deductions
  • Schedule B Interest and Dividends
  • Schedule EIC Earned Income Credit
  • Schedule R Credit for Elderly or Disabled
  • Schedule 1 Interest and Ordinary Dividends for Form 1040A Filers
  • Schedule 2 Child & Dependent Care Expenses
  • Schedule 3 Credit for Elderly or Disabled
  • 1040X Amended Tax Return
  • 1116 Foreign Tax Credit
  • 1310 Statement of Person Claiming Refund
  • 2106/EZ Employee Business Expenses
  • 2120 Multiple Support Declaration
  • 2210/2210AI Underpayment of Tax/Annualized Income
  • 2210F Underpayment of Estimated Tax by Farmers
  • 2439 Notice to Shareholder of Undistributed Long-Term Capital Gains
  • 2441 Child & Dependent Care Expenses
  • 3903 Moving Expenses
  • 4137 Tax on Unreported Tips
  • 4506 Request for Copy of Tax Form
  • 4684 Casualties & Theft
  • 4852 Substitute W-2 or 1099-R
  • 4868 Extension of Time to File
  • 4952 Investment Interest Expense Deduction
  • 4972 Tax on Lump-Sum Distributions
  • 5329 Additional Taxes on Retirement Plans
  • 5405 First-Time Homebuyer Credit
  • 5695 Residential Energy Credits
  • 6251 Alternative Minimum Tax

  • 8283 Non-cash Charitable Contributions
  • 8332 Release of Claim to Exemption
  • 8379 Injured Spouse Claim and Allocation
  • 8396 Mortgage Interest Credit
  • 8453 E-File Transmittal
  • 8606 Nondeductible IRAs
  • 8615 Tax for Children Under Age 14
  • 8801 Credit for Prior Year Minimum Tax
  • 8812 Additional Child Tax Credit
  • 8815 Exclusion of Interest from Series EE & I Bonds
  • 8822 Change of Address
  • 8839 Qualified Adoption Expenses
  • 8853 Archer MSAs and Long-Term Care Insurance Contracts
  • 8857 Innocent Spouse Relief
  • 8859 DC First-Time Homebuyer Credit
  • 8862 Info to Claim EIC After Disallowance
  • 8863 Education Credits
  • 8880 Credit for Qualified Retirement Savings Contributions
  • 8885 Health Coverage Tax Credit
  • 8889 Health Savings Account
  • 8891 Canadian Retirement Plans
  • 8910 Alternative Motor Vehicle Credit
  • 8915 Hurricane Retirement Plan Distributions
  • 8917 Tuition and Fees Deduction
  • 8919 Uncollected Social Security and Medicare Tax on Wages
  • 8930 Qualified Disaster Recovery Assistance Retirement Plan Distributions and Repayments
  • 9465 Installment Agreement Request
  • SS-4 Application for Employer ID Number
  • Form TD F 90-22.1 Report of Foreign Bank Accounts

However, TurboTax Free Edition2010 does not include access to the following common tax forms and schedules: Schedules C (self-employment), Schedule D (capital gains), Schedule E (rental property and income reported via Schedules K-1), and Schedule F (farm income). Therefore, if you have any investment income from stocks or rental property, or if you have any income from self-employment, farm or K-1’s, you will need to upgrade to TurboTax Deluxen 2010.

Also, this free tax prep product cannot import 1099s or W-2s. To get this feature, you would to need to upgrade to Turbo Tax Deluxe 2010. Although certainly not necessary, the import feature can be a real time saver if you have mutliple W-2’s or 1099’s.

Another potential disadvantage for some situations is that TurboTax Free Edition 2010 is only available as a Web-based software application. If you would prefer to download the software to your computer, TurboTax Deluxe 2010 or Premier2010 provide the option of either purchasing the software disc or immediately downloading the software online. The TurboTax online download option is actually a few dollars cheaper than ordering the software disc from Amazon. The online tax software download option also provides the conveniences of immediate access to the software, rather than waiting for the software to be shipped or spending the time and gas to go shopping at a retail location.

Finally, although the federal return is free when using TurboTax Free Edition 2010, the state return costs $27.95. So for many taxpayers who must file a state tax return, the slightly more expensive TurboTax Deluxe 2010 may actually provide a better value than TurboTax Free Edition 2010.

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