TurboTax Version

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
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dink2win
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Joined: Tue Jan 15, 2019 5:53 pm

TurboTax Version

Post by dink2win »

Hi folks,

If we just have the following, we should be ok with the Deluxe version right? No need to get the Premiere?

- W-2
- 1099INT
- 1099DIV (we did not sell any stocks in 2021, just bought and got 4 rounds of dividends)
- Backdoor Roth (will need to do the form 8606)
Silk McCue
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Re: TurboTax Version

Post by Silk McCue »

Absolutely correct. Deluxe is all you need.

Cheers
sycamore
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Re: TurboTax Version

Post by sycamore »

Deluxe download version.

I think the Deluxe online version won't cut it, yeah?
talzara
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Re: TurboTax Version

Post by talzara »

sycamore wrote: Wed Jan 26, 2022 9:04 pm Deluxe download version.

I think the Deluxe online version won't cut it, yeah?
The Deluxe edition of TurboTax Online includes all the forms that the OP listed, including form 8606: https://turbotax.intuit.com/personal-ta ... #tax-forms

Deluxe Online does not include Schedule D, so you cannot use it if you realized capital gains. However, Deluxe Online can still report capital gains distributions from a 1099-DIV that do not require Schedule D to be filed.

Even when the online version includes all the forms that you need, the installed version has a lot more features. These include: 5 free federal e-files, one included state program with free paper filing, being able to create multiple files to explore different tax treatments, and a fully-featured forms engine.
yobery
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Re: TurboTax Version

Post by yobery »

Always download version. Always. And just for reference HR Block deluxe covers all forms with just the one version, and it's about 30% the price, and I like the interface better personally. I have both this year, and prefer H
michaelingp
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Re: TurboTax Version

Post by michaelingp »

yobery wrote: Thu Jan 27, 2022 2:12 pm Always download version. Always. And just for reference HR Block deluxe covers all forms with just the one version, and it's about 30% the price, and I like the interface better personally. I have both this year, and prefer H
If you switch from Turbotax, will HR Block faithfully import from last year's Turbotax? For example, things like loss carryover and IRA basis.
yobery
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Re: TurboTax Version

Post by yobery »

michaelingp wrote: Thu Jan 27, 2022 6:09 pm
yobery wrote: Thu Jan 27, 2022 2:12 pm Always download version. Always. And just for reference HR Block deluxe covers all forms with just the one version, and it's about 30% the price, and I like the interface better personally. I have both this year, and prefer H
If you switch from Turbotax, will HR Block faithfully import from last year's Turbotax? For example, things like loss carryover and IRA basis.
This was my experience. BUT if it does not do the import correctly, it's really easy to go into the "last year's data" worksheet in HRB and put these items. I found it way more friendly navigation than TT. Always have last year's return handy when beginning this year's return.
jbrown84
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Re: TurboTax Version

Post by jbrown84 »

Deluxe Online does not include Schedule D, so you cannot use it if you realized capital gains. However, Deluxe Online can still report capital gains distributions from a 1099-DIV that do not require Schedule D to be filed.

On my 2021 1099-DIV from Vanguard, I only received capital gain distributions. So it seems I can use the TurboTax Deluxe Download version I have for 2021. However, when I bring up "Forms" in Turbotax, there is a message that the "Capital Asset Sales Worksheet" is "not done". I did download the 1099-DIVs directly from Vanguard. Any thoughts?
Gryphon
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Location: Missouri

Re: TurboTax Version

Post by Gryphon »

If there are changes to the forms late in the year it can take the folks at TurboTax a couple months to incorporate the changes. I'm still waiting for them to finalize a worksheet related to health insurance deductions on my state taxes that Missouri updated in December.
Topic Author
dink2win
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Re: TurboTax Version

Post by dink2win »

jbrown84 wrote: Mon Jan 31, 2022 3:03 pm Deluxe Online does not include Schedule D, so you cannot use it if you realized capital gains. However, Deluxe Online can still report capital gains distributions from a 1099-DIV that do not require Schedule D to be filed.

On my 2021 1099-DIV from Vanguard, I only received capital gain distributions. So it seems I can use the TurboTax Deluxe Download version I have for 2021. However, when I bring up "Forms" in Turbotax, there is a message that the "Capital Asset Sales Worksheet" is "not done". I did download the 1099-DIVs directly from Vanguard. Any thoughts?
Yeah I stopped uploading my brokerage account documents for this reason, Deluxe kept messing up the backdoor Roth and dividends and telling me to upgrade to premiere.

I just only upload W-2 and i manually enter in the other 1099s (interest ones are really easy and a couple years ago there was a glitch with Ally where they only import the first two accounts).
UpperNwGuy
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Re: TurboTax Version

Post by UpperNwGuy »

talzara wrote: Thu Jan 27, 2022 1:05 pm
sycamore wrote: Wed Jan 26, 2022 9:04 pm Deluxe download version.

I think the Deluxe online version won't cut it, yeah?
The Deluxe edition of TurboTax Online includes all the forms that the OP listed, including form 8606: https://turbotax.intuit.com/personal-ta ... #tax-forms

Deluxe Online does not include Schedule D, so you cannot use it if you realized capital gains. However, Deluxe Online can still report capital gains distributions from a 1099-DIV that do not require Schedule D to be filed.

Even when the online version includes all the forms that you need, the installed version has a lot more features. These include: 5 free federal e-files, one included state program with free paper filing, being able to create multiple files to explore different tax treatments, and a fully-featured forms engine.
Does the online version of Deluxe allow you to carry over 2020 capital losses into 2021?
talzara
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Re: TurboTax Version

Post by talzara »

jbrown84 wrote: Mon Jan 31, 2022 3:03 pm Deluxe Online does not include Schedule D, so you cannot use it if you realized capital gains. However, Deluxe Online can still report capital gains distributions from a 1099-DIV that do not require Schedule D to be filed.

On my 2021 1099-DIV from Vanguard, I only received capital gain distributions. So it seems I can use the TurboTax Deluxe Download version I have for 2021. However, when I bring up "Forms" in Turbotax, there is a message that the "Capital Asset Sales Worksheet" is "not done". I did download the 1099-DIVs directly from Vanguard. Any thoughts?
In the future, please use the quote tag when you quote another user. There is a quote button at the top-right of every post.

You can just delete the Capital Asset Sales Worksheet.
talzara
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Re: TurboTax Version

Post by talzara »

UpperNwGuy wrote: Tue Feb 01, 2022 5:54 am Does the online version of Deluxe allow you to carry over 2020 capital losses into 2021?
Capital loss carryovers must be reported on Schedule D, which is not available in TurboTax Deluxe Online.

It's on page 30 of the instructions for Form 1040:
Exception 2. You must file Schedule D but generally don’t have to file Form 8949 if ... your only capital gains and
losses are:
  • Capital gain distributions;
  • A capital loss carryover from 2020;
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
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tennisplyr
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Re: TurboTax Version

Post by tennisplyr »

sycamore wrote: Wed Jan 26, 2022 9:04 pm Deluxe download version.

I think the Deluxe online version won't cut it, yeah?
Stupid question, where do I get download version, been using premier online for years.
“Those who move forward with a happy spirit will find that things always work out.” -Retired 13 years 😀
gtd98765
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Re: TurboTax Version

Post by gtd98765 »

Amazon is an easy place to buy it online. You can also buy the disk version at Costco (if you have a CD drive in your computer). Assume other big merchants sell it online too.
Topic Author
dink2win
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Re: TurboTax Version

Post by dink2win »

tennisplyr wrote: Wed Feb 02, 2022 6:54 am
sycamore wrote: Wed Jan 26, 2022 9:04 pm Deluxe download version.

I think the Deluxe online version won't cut it, yeah?
Stupid question, where do I get download version, been using premier online for years.
Yeah I also buy mine from Amazon (be sure to select the CD version), it comes to your door. If I'm at Costco and happen to see it, I would buy there (what I did last year). They are like the same price 99% of the time.
Topic Author
dink2win
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Re: TurboTax Version

Post by dink2win »

Does anyone know if Deluxe handles the section 199 dividends? Is there any separate treatment? Or would I just enter the total amount of dividends in the 1099 section?
talzara
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Re: TurboTax Version

Post by talzara »

dink2win wrote: Wed Feb 02, 2022 11:58 am Does anyone know if Deluxe handles the section 199 dividends? Is there any separate treatment? Or would I just enter the total amount of dividends in the 1099 section?
TurboTax Deluxe Online has Form 8995, so it can report section 199 dividends. Enter the number in box 5 of the 1099-DIV.

The installed version has every form in every edition, so the installed version of TurboTax Deluxe would also work. Even Basic would work, but you'd have to enter it on the smart worksheets, not the interview.
Topic Author
dink2win
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Re: TurboTax Version

Post by dink2win »

talzara wrote: Wed Feb 02, 2022 1:13 pm The installed version has every form in every edition, so the installed version of TurboTax Deluxe would also work. Even Basic would work, but you'd have to enter it on the smart worksheets, not the interview.
I have the CD version. When you say enter in smart worksheet you mean to select that I will do on my own then click on the 1099-DIV and fill it in, correct?
talzara
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Re: TurboTax Version

Post by talzara »

dink2win wrote: Wed Feb 02, 2022 4:35 pm
talzara wrote: Wed Feb 02, 2022 1:13 pm The installed version has every form in every edition, so the installed version of TurboTax Deluxe would also work. Even Basic would work, but you'd have to enter it on the smart worksheets, not the interview.
I have the CD version. When you say enter in smart worksheet you mean to select that I will do on my own then click on the 1099-DIV and fill it in, correct?
I thought you had Deluxe, not Basic.

Unlike other tax software, TurboTax hides most of the 1099-DIV by default. You should check the checkbox that says you have data on more than 4 boxes on your 1099-DIV. Then the software will show you another interview screen that includes box 5.
Hoosier CPA
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Re: TurboTax Version

Post by Hoosier CPA »

talzara wrote: Tue Feb 01, 2022 12:44 pm
UpperNwGuy wrote: Tue Feb 01, 2022 5:54 am Does the online version of Deluxe allow you to carry over 2020 capital losses into 2021?
Capital loss carryovers must be reported on Schedule D, which is not available in TurboTax Deluxe Online.

It's on page 30 of the instructions for Form 1040:
Exception 2. You must file Schedule D but generally don’t have to file Form 8949 if ... your only capital gains and
losses are:
  • Capital gain distributions;
  • A capital loss carryover from 2020;
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
do you know if capital loss carryovers can be entered into the turbotax deluxe download version? I have some loss carryovers and I picked up the deluxe box at costco. Hate to pay more just for that.

FYI on that - if you buy the disk from costco (I assume the same from amazon, etc.), you can either use that or download. You don't need to disk drive.
talzara
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Re: TurboTax Version

Post by talzara »

Hoosier CPA wrote: Thu Feb 03, 2022 1:35 pm
talzara wrote: Tue Feb 01, 2022 12:44 pm Capital loss carryovers must be reported on Schedule D, which is not available in TurboTax Deluxe Online.
do you know if capital loss carryovers can be entered into the turbotax deluxe download version? I have some loss carryovers and I picked up the deluxe box at costco. Hate to pay more just for that.
The installed version of TurboTax has every form in every edition, including Schedule D.

The installed version of TurboTax Deluxe also includes the capital gains interview, so you don't have to enter it directly on the form.
Topic Author
dink2win
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Re: TurboTax Version

Post by dink2win »

talzara wrote: Thu Feb 03, 2022 1:10 pm I thought you had Deluxe, not Basic.

Unlike other tax software, TurboTax hides most of the 1099-DIV by default. You should check the checkbox that says you have data on more than 4 boxes on your 1099-DIV. Then the software will show you another interview screen that includes box 5.
Sorry yes, I have the Deluxe CD version. Just finished the returns and the Fed and State accepted it. So now its just the waiting game to see when the refunds come in. Dividends were pretty easy, worked like you said. Only tricky part was the backdoor Roth but the website link to showed exactly what to do.

Thanks all!
doobiedoo
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Re: TurboTax Version

Post by doobiedoo »

I use the TurboTax Deluxe version [downloaded from Costco.com this year]. It works fine for me and I have:

1099-INT,
1099-DIV,
1099-B [from stock sales],
1099-MISC [from house rental],
1099-R [from Roth conversion],
K-1 [from 1041 trust]
SSA-1099 [from Social Security].
Topic Author
dink2win
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Re: TurboTax Version

Post by dink2win »

At what point would one have to upgrade to Premier?
sycamore
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Re: TurboTax Version

Post by sycamore »

dink2win wrote: Fri Feb 11, 2022 3:34 pm At what point would one have to upgrade to Premier?

When you want one of the features that's not available in Basic or Deluxe?

https://turbotax.intuit.com/personal-ta ... e/desktop/ lists four bullets in Premier that aren't in Deluxe:

- Understand your tax history and get tips to help maximize next year’s tax refund
- Additional Help for investment sales such as stocks, bonds, royalties, mutual funds and employee stock plans
- Extra guidance for rental property income, expenses, and refinancing
- Retirement tax help and our IRA tool helps you get more money back this year and when you retire
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SmileyFace
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Re: TurboTax Version

Post by SmileyFace »

dink2win wrote: Fri Feb 11, 2022 3:34 pm At what point would one have to upgrade to Premier?
I use Premier Download every year. Maybe Deluxe "has all the forms" but I can also get all the forms for free if I want to - the forms aren't why I pay for TT. To me, the point to TurboTax, is to go through the interview and have TT do most of the work. Backdoor Roth is a perfect example - every year a number of posts pop up here where folks used TT and screwed up 8606 for backdoor - when I have asked they say they used Deluxe. With Premier - I have never had a problem. Some may say its the same or just enter the forms correctly - I don't care - the extra $15 isn't worth the risk for me not buying the product that is intended for my use cases.
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