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Right Quicken / Turbotax version ?
Old 02-01-2011, 06:20 AM   #1
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Right Quicken / Turbotax version ?

Every year I forget and dread understanding the different Quicken and Turbotax versions - always debate between Deluxe, Premiere, and Home/Business.

Have Premier today. I don't really use "investment management" tools. Wife has small consulting side business. No rental property.

What do you use ? Any great deals of late ?

Thanks !
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Old 02-01-2011, 07:30 AM   #2
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I use TT deluxe because it comes with a state tax return. It is always prompting me to upgrade for no good reason. I have a consulting business, investments, K-1s, no rentals. Deluxe for sure covers all my stuff. We used to do our tax returns by hand for many years, so we are very familiar with tax returns.

The software is mostly for ease of use and automatic calculations without having to go back with an eraser. I also use it for "What if?" scenarios throughout the year. It does not provide any insights or extra deductions to folks who read the IRS instructions and publications. I imagine there are fewer and fewer of us around though.

I think if you bought TT basic that it would always prompt you to upgrade as well, so why not try it and see what happens?

I believe all versions of TT have problems with the foreign tax credit above $600.
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Old 02-01-2011, 07:36 AM   #3
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You want the tax year 2010 version.
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Old 02-01-2011, 07:37 AM   #4
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TT basic, which was free back in Dec. and Quicken Basic. We itemize every other year, and use Quicken for basic spending tracking.
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Old 02-01-2011, 07:37 AM   #5
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You want the tax year 2010 version.
But aren't we in 2011?
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Old 02-01-2011, 08:38 AM   #6
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TurboTax Premier Federal + e-File + State 2010, Windows, physical media in hand (my preference versus downloading) $67.49 total cost.

I don't qualify for the deeply discounted version at VG.
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Old 02-01-2011, 10:25 AM   #7
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turbotax premier federal + e-file + state 2010, windows, physical media in hand (my preference versus downloading) $67.49 total cost.

I don't qualify for the deeply discounted version at vg.
$40 @ costco
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Old 02-01-2011, 10:34 AM   #8
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For taxes: TT Deluxe (qualify for the freebie version at VG).

Use another program instead of Quicken for my budgeting and spending tracking.
Use a spreadsheet for my checkbook balancing.
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Old 02-01-2011, 10:58 AM   #9
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$40 @ costco
No Costco near me.
Did this price include the state return and e-file?
Was it Premier TT?
Shrink wrapped version (with installation CD or just license for download online)?
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Old 02-01-2011, 11:04 AM   #10
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I always use TT Deluxe, and it easily handles everything (including all investments, K-1s, Schedule C, etc.) for me. A couple of years ago, I finally gave in to all the nagging prompts and upgraded to the Premier version. A complete waste of money. Deluxe does the job nicely.

This year I decided to spend a little extra, and I'll do the whole thing twice, using TT Deluxe and TaxAct in parallel, so I can compare the two.
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Old 02-01-2011, 11:06 AM   #11
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But aren't we in 2011?
When you file you are filing for the previous year's taxes which just finished. In this case, for tax year 2010 as only one month in Tax Year 2011 has gone by.

When I print out my taxes and file them away, or put data on my computer I aways label them by Tax Year. In my mind, that's the easiest way to think of it.
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Old 02-01-2011, 12:26 PM   #12
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I use Premier because it handles MLPs well, including sales. In 2008 I tried Deluxe but wound up upgrading, because I couldn't figure out how to handle parnership sales. So now I just buy Premier.

In WA, I do not need state.

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Old 02-01-2011, 12:40 PM   #13
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I used Premier TT as it covers capital gains and losses, plus free State.
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Old 02-01-2011, 12:55 PM   #14
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Deluxe covers cap gains & losses very nicely. You can get State bundled in, but I would not call it "free".

I've bought software from Costco by mail order (but the software I bought was not TT).

BTW, NY state tax returns get free e-file. NY does not allow places like TT to charge for e-file.
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Old 02-01-2011, 01:10 PM   #15
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Deluxe covers cap gains & losses very nicely. You can get State bundled in, but I would not call it "free".

I've bought software from Costco by mail order (but the software I bought was not TT).

BTW, NY state tax returns get free e-file. NY does not allow places like TT to charge for e-file.
Maybe the reason TT told me I needed Premier was for the foreign income, IRA Rollovers, Roth Conversions and Roth re-characterizations. As a VG customer it was only $9.95.

As usual I prepared the State return using TT and then mailed it in rather than pay $19.95 for e-file.
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Old 02-01-2011, 01:18 PM   #16
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I use Home and Business to handle some self employment income. Download from Amazon. My foggy understanding is that any version (maybe not Basic?) has all the forms any of the others have. The difference is in the guidance and other tools provided. So if you can do it all yourself, you should be able to use Deluxe or maybe basic.
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Old 02-01-2011, 01:21 PM   #17
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I use Home and Business to handle some self employment income. Download from Amazon. My foggy understanding is that any version (maybe not Basic?) has all the forms any of the others have. The difference is in the guidance and other tools provided. So if you can do it all yourself, you should be able to use Deluxe or maybe basic.
I checked back and last year (2009) I used TT Basic so I think you are correct.
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Old 02-01-2011, 03:09 PM   #18
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I checked back and last year (2009) I used TT Basic so I think you are correct.
I use TurboTax basic too, and so far it has been fine for my needs.

Since Louisiana's state tax form is just a page or two long that you can do online in about ten minutes, and to a great extent relies on numbers from the federal tax form, I don't use TT for my state taxes.
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Old 02-01-2011, 07:08 PM   #19
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Since Louisiana's state tax form is just a page or two long that you can do online in about ten minutes, and to a great extent relies on numbers from the federal tax form, I don't use TT for my state taxes.
I discovered that I'm going to be paying Louisiana taxes for a very long time even though I don't live there any more. One of my pensions (non-qualified) comes from from a Louisiana company and I have to file an LA non-resident tax form. That's a real bummer that I didn't expect
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Old 02-01-2011, 07:42 PM   #20
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I discovered that I'm going to be paying Louisiana taxes for a very long time even though I don't live there any more. One of my pensions (non-qualified) comes from from a Louisiana company and I have to file an LA non-resident tax form. That's a real bummer that I didn't expect
How aggravating. I would not have expected that either.
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