What is TurboTax?
TurboTax is a software originally developed by Chipsoft, which was later renamed to Intuit; as of 2012 it is the most widely used tax preparation software in the United States, in which its only competitor is TaxCut. Initially, the TurboTax software was available only for Windows based computers, and a Mac version (then called MacinTax) was developed by another company. Intuit later acquired this developer and renamed MacinTax as TurboTax for Mac. TurboTax includes different versions, such as TurboTax Deluxe, TurboTax Premiere, among others, but all of these feature the ability to help and guide users to compute their income tax returns (ITR) in an easy, step by step process. TurboTax also includes the capability to buy audit defense services through its partnership with Tax Resources Inc.
The American IRS (Internal Revenue Service) coordinates with TurboTax to release the federal version of the software at the last quarter of the year, typically at the closing months, while the state software between January and February of each year. These new versions are approved by the IRS just as the latter finishes its revisions and policies on tax forms, and Intuit cannot release them without the approval of the IRS.
File types supported by TurboTax
Our users primarily use TurboTax to open these file types:
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