Which Version of TurboTax do I really need?

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booch221
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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
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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.

booch221
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Re: Which Version of TurboTax do I really need?

Postby booch221 » Thu Mar 16, 2017 11:25 am

OK, I finished my taxes using both TurboTax Basic and TurboTax Premier to see if there is any difference in how they handle rental property.

TurboTax Premier gave me a refund $25 higher than Basic. Not enough to pay for the higher cost of the software.

In the Q&A the only difference I could see was Premier asked these questions:

Is Your Property in Any of These Designated Areas?
These situations are not common, but they may give you additional deductions. Check any that apply.

This property is located in a Qualified Disaster Area. Learn More
Assets associated with this property are qualified Indian Reservation Property. Learn More
The assets associated with my property that were acquired after May 4, 2007 are qualified Kansas Disaster Zone property. Learn More
The assets associated with my property that were acquired after August 27, 2005 are qualified GO (Gulf Opportunity) Zone property. (This is not common.) Learn More
None of the above
None of these applied to me so I just left them blank and moved on to the next section.


I don't know why I ended up with a $25 difference between the two versions, I went back through to try and see if I made any entry errors, but couldn't find any.

livesoft
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Re: Which Version of TurboTax do I really need?

Postby livesoft » Thu Mar 16, 2017 11:31 am

Thanks for the update and feedback.

Instead of looking for entry errors, can you look at the actual IRS forms for different numbers? You know, the Form 1040, the Schedule B, the Schedule E, etc.
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Peter Foley
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Re: Which Version of TurboTax do I really need?

Postby Peter Foley » Thu Mar 16, 2017 12:58 pm

I agree with livesoft. You might also check the two year summaries for each version.


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