Just a few years ago, there was no tax software available for preparing your digital K1 visa application. The anti-American tax software makers at the IRS would not let your good green-card application electronic submission process work.
It’s back and and today we talk about the tax software that we suggest to use whenever we prepare a K1 visa. We will review these programs and let you know what we like and why we like them. We also provide some information on some products that are not necessarily related to e-filing, but rather help with the planning process before you file your K1 visa application.
H&R Block Free
Typically, you have a “simple tax return” if all of your income is from your job (rather than from interest, dividends or other sources), and you claim the standard deduction instead of itemize.
If that sounds like you, you may not need tax software built for crazy-complicated tax situations. And when it comes to tax prep software that can do simple returns at a reasonable price without sacrificing user-friendliness, we think H&R Block Free stands out from the crowd.
| FREE EDITION $0 (federal) | $0 (state)What H&R Block Free can do: 1040 and schedules 1 & 3, income from wages (W-2), income from bank interest (1099-INT) and dividends (1099-DIV), student loan interest (1098-E).What it can’t do: Itemized deductions (Schedule A), deductions and expenses from freelance or self-employed work (Schedule C), HSA distributions (1099-SA). |
| GET STARTED WITH H&R BLOCK(or read our review) |
Like the free tax software from most of its competitors, H&R Block Free lets you file Form 1040. But H&R Block’s free version also lets you file schedules 1 and 3, which is a big bonus because many taxpayers need to file those forms to report things such as business income, alimony, certain retirement contributions, the credit for dependent care expenses, the Lifetime Learning Credit or the Saver’s Credit. You may need to upgrade if you don’t know how much to claim for those things and want the software to calculate it for you.
Also, if you plan to itemize deductions, were a landlord, freelanced or ran a small business or had any other situations going on, you’ll probably need to upgrade to one of H&R Block’s paid packages.
H&R Block’s interface is visually simple, straightforward and easy to use, and it steps up to explain concepts as you go. Skipping around to specific spots can be a little tricky, but a banner across the top keeps track of where you stand in the filing process.
TurboTax
With its intuitive design and experience and variety of support options, TurboTax is in many ways the standard for the do-it-yourself tax-prep industry.
| EASE OF USE Prices: $60 to $120, plus state costs.What we like: TurboTax’s software feels like an interview with a tax preparer who knows just what to ask and how best to guide you.What makes it easy to use? — Interview-style Q&A experience.— Wide range of functionality and tools makes entering information easy.— Help is easy to access, and explanations are clear and authoritative. |
| GET STARTED WITH TURBOTAX(or read our review) |
TurboTax’s interface is like a chat with a tax preparer. You can skip around if you need to, and a banner running along the side keeps track of where you stand in the process and flags areas you still need to complete. Embedded links throughout the process offer tips, explainers and other resources. And help buttons can connect you to the searchable knowledge base, on-screen help and more.
Notable handy features include import capabilities that let you switch to TurboTax from another provider, auto-import certain tax documents, a donation calculator and the ability to access and work on your return across devices. All of this comes at a price, and similar offerings from competitors this year may provide a better value.
TaxAct
Best for Small BusinessesGET STARTEDOur PartnerPROS
- Get your maximum refund, backed with $100,000 accuracy guarantee
- Navigate your tax return easily using TaxAct Bookmarks
CONS
- State returns are pricey
| Services | Free | Deluxe | Premium | Self Employed |
| Federal | $0 | $47.95 | $71.95 | $94.95 |
| State | $39.95 (per state) | $54.95 (per state) | $54.95 (per state) | $54.95 (per state) |
Visitors to the TaxAct website are greeted with a user-friendly, multiple-choice dashboard that quickly funnels you towards one of four options: one free and three paid, ranging from $29.95 to $64.95. You don’t have to be in the most expensive tier to access filing options for a variety of income types, including royalties, K-1 (partnership) income, or investment and real estate income, along with forms for holders of foreign bank and other financial accounts.
If you’re a military member, TaxAct offers a free package for federal and state filing for all active-duty service people via the TaxAct military landing page. The offer will be applied once you enter your eligible Employer ID Number during filing.
TaxAct offers a fairly robust calculator you can access under the Tax Tools tab. If you’re reasonably well-versed in the terminology, you can play around with the tool to get a ballpark idea of your estimated taxes without committing to anything. TaxAct ensures that you’ll get your maximum refund, the company offers up to a $100,000 guarantee.
Why we chose TaxAct:
TaxAct is worth considering if you have different income streams, are an entrepreneur, contractor or self-employed. The Self-employed tier covers freelance income (including 1099-NEC), farm and business income, and depreciation calculations, plus circumstances covered in the Premier tier. Its product offerings are also straightforward and you won’t be bombarded with pitches for a refund anticipation loan.
TaxSlayer
- PRICE:$44.95 + $39.95 per state (Premium Plan)
- SUPPORT:Phone, email, chat
- ACCURACY GUARANTEE: Money-back (plus penalties and interest)
SIGN UP NOWWhy We Chose It
We picked TaxSlayer as the best value tax software due to its affordable pricing with a 100% accuracy guarantee.Pros & ConsPros
- Affordably-priced
- Low state filing fees
- 100% accuracy guarantee
Cons
- Less intuitive interface than competitors’
- Few additional tax support options
Overview
TaxSlayer offers a simple interface like most of the providers we reviewed. Users just start by entering their tax situation (or importing last year’s tax return), enter their income, or import a W-2, and the software gets to work finding the best deductions. On-screen explanations aren’t as comprehensive as that of TaxSlayer’s competitors, but users can access phone and email tech support.
Unlike other providers, TaxSlayer offers limited options to access accountants or professionals who can review a tax return. Nonetheless, the company offers a 100% accuracy guarantee and reimburses its customers for any federal or state penalties and interest charges. TaxSlayer also states that if their customers don’t receive the maximum refund they are entitled to, they will refund the applicable fees.
Read our full TaxSlayer review
| TAXSLAYER PLANS | |||
|---|---|---|---|
| SIMPLE FREE PLAN | CLASSIC PLAN | PREMIUM PLAN | SELF-EMPLOYED PLAN |
| FREE | $24.95 + $39.95 per state filed | $44.95 + $39.95 per state filed | $54.95 + $39.95 per state filed |
| Prepare, print, and e-file | All Simple Free Plan features | All Classic Plan features | All Premium Plan features |
| Includes W-2 income | Includes all credits like Earned Income Tax Credit and Child Tax Credit | IRS Audit Assistance for three full years | Guidance with 1099 income |
| Student loan interest and education expenses | Includes all deductions and adjustments to income | Ask a tax pro | Maximize Schedule C work expense deductions |
| Free phone and email support | Includes all income types – no form or schedule restrictions | Priority phone and email & chat support | Quarterly estimated tax payment reminders |
| W-2 import and PDF upload | Live chat | Personalized guide to self-employed taxes | |
| Unlimited assistance | Year-round tax and income tips |
Conclusion
Though, there are a lot of tax software products that exist these days, to help you simplify preparing your K1s, I have narrowed it down to a few. I personally use and love the products below which will help you prepare a great K1 for your foreign investor or investor from time to time. More so, companies can get so much more from them compared to other tax products. The only downside is they must have access to a software program called K1Prep to use them. Most taxpayers can’t get access these days since the cost is prohibitive. But if you are one that needs this product, I highly recommend trying them out.