Which Version of TurboTax do I really need?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
booch221
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Joined: Sun Sep 14, 2008 11:56 am
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Which Version of TurboTax do I really need?

Postby booch221 » Fri Jan 06, 2017 5:13 pm

Hi,

I've always found the TurboTax Basic CD version good enough for doing my taxes and handling the capital gains and losses from my mutual fund accounts, K-1 worksheets, etc. This year I bought a rental property and will need to do Schedule E, supplemental income and loss from rental real estate. I don't have all my tax information yet, but I did some preliminary work on my taxes and TurboTax Basic took me through the Q&A for Schedule E and calculated the depreciation amount for my rental.

TurboTax keeps prompting me to upgrade to Premier for an additional $60. It promises additional help in maximizing 350+ deductions and credits and says it will help me uncover additional rental property deductions and credits. I wonder if this is true, or is it just a bunch of bells and whistles that won't really provide any real additional benefit?

harikaried
Posts: 1098
Joined: Fri Mar 09, 2012 3:47 pm
Location: Reno, NV

Re: Which Version of TurboTax do I really need?

Postby harikaried » Tue Jan 10, 2017 6:17 pm

I believe all versions of TurboTax CD/Download have the same forms including Schedule E, so the differences in the versions change the guidance/questions (probably related to mortgage, improvements, expenses/travel). Perhaps Premier will ask the right questions to help find you extra deductions related to the rental that you can then do with Basic in future years. If you do end up using Premier and it doesn't find anything extra, it could still give you ideas of how to reduce your taxes in the future.


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