Changes in TurboTax ?

[utrecht]

Anyone know if there have been any big changes in TurboTax this year. Ive never used anything but TurboTax Basic, but by reading the box it appears that this year you need to use at least the Deluxe version if you are itemizing deductions and the Premier version if you have stock trades and capital gains / losses? This cant be, can it?

 

[LOL!]

You can do Schedule A (itemize) and Schedule D (stock trades, cap gains/losses) with the Basic version. I bought Deluxe version because I need a state tax return as well which is below Premier and it does everything.

 

[jwkde]

i use Premier because of investments, but looking a turbotax's website, it shows these forms (and more) included in the basic edition so I think you can itemize deductions.

TurboTax Basic Includes These Tax Forms

#content dt {width: 220px;border-top: 1px dotted #ccc;clear:left}html .TB_bodycontent dt {width: 250px;border-top: 1px dotted #ccc;clear:left}#content dd {width: 400px;border-top: 1px dotted #ccc}html .TB_bodycontent dd {width: 320px;border-top: 1px dotted #ccc}h2 {clear:left}TurboTax takes the worry out of deciding which forms you need to file. Just answer simple questions and TurboTax fills out the right forms for you.
Most Commonly-Filed IRS Tax Forms and Schedules

Form 1040Individual Income Tax Return Schedule AItemized Deductions Form 1040AIndividual Income Tax Return Schedule BInterest and Dividend Income Schedule D/D-1Capital Gains and Losses/Additional Capital Gains and Losses Form 1040EZIncome Tax Return for Single and Joint Filers With No Dependents Schedule C/EZProfit (or Loss) from Business/Net Profit from Business Schedule EICEarned Income Credit Schedule ESupplemental Income and Loss Schedule SESelf-Employment Tax Other Tax Forms and Schedules

 

[braumeister]

I always use Deluxe and it meets all my needs nicely. I have loads of investments, some relatively complex, as well as a Schedule C, and I have never needed to pay the extra for Premium. Once (only once) I needed a form not included, and it took just a few seconds to download it from the IRS site. A few minutes looking through the IRS pubs, or sometimes a little googling, will tell me whatever I need to know. Premium is a waste of money, IMHO, but the Deluxe certainly makes the job easier and more pleasant than the Basic.

 

[W2R]

I guess I am lucky - - I have never used TurboTax Premier or Deluxe. TT Basic has always handled everything. Besides, it offers to let you pay for and download the more advanced software if you need it (and helps you to determine if you do need it).

My state (Louisiana) has such simple tax forms and online tax website of its own, that so far buying Deluxe for the state returns would have been redundant.

 

[haha]

In '08 I bought Deluxe, but was unable to figure out how to do MLP loss sales. Acting on advice from an MLP forum, I upgraded to Premium and it worked fine. It may be that Deluxe, or even Basic would have done what I wanted, but I tried for several hours and that is when I became willing to spend a few bucks to upgrade.

This year I just went with Premium, and likely will forevermore.

Ha

 

[mickeyd]

Now that I've gone lean and mean, the TT basic is all I need to get that annual chore over with ASAP and get back to my main duty~ relaxinggggg.

 

[easysurfer]

I use Deluxe. I might be able to use Basic but I choose to have the included State download with Deluxe and efile them both instead of doing each separately.

Reminds me ... I still gotta do my taxes for this year

 

[utrecht]

My brother needs to be able to calculate depreciation on his car and a few other things like that. Anyone know if Basic will do this?

 

[easysurfer]

I already made my first change using Turbotax this year. Since 2009 was my first full year of retirement, in the occupation box of the personal info, I put "Retired"

 

[ziggy29]

The Basic product contains most of the most common forms, including Schedule A. In reality if you are itemizing only basic stuff on Schedule A you should be OK with the basic product. If you have some of the more arcane or uncommon tax credits and deductions that require uncommonly used forms, you might need an upgrade -- but most don't. One thing for some folks to keep in mind is that the basic product doesn't include state. (I normally would be fine with the basic product since there's no state income tax here, but since I also prepare my mom's taxes in Oregon, I get the Deluxe product and download the Oregon forms.)

And also, with the Deluxe version I was able to use Schedule D for capital gains and losses, including a trade that represented the exercise of non-qualified stock options in 2009.