Will TurboTax Delux handle fund/stock sales?

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BlueEars
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Will TurboTax Delux handle fund/stock sales?

Post by BlueEars » Sun Jan 04, 2009 9:32 am

Costco is having a sale on TurboTax starting tomorrow. I've seen a lot of postings at Amazon with several negative comments.

Just wondering if the Deluxe version will still do a simple Schedule D without having to purchase Premium? I have just some mutual fund distributions and sales, and a stock sale.
Last edited by BlueEars on Sun Jan 04, 2009 9:48 am, edited 1 time in total.

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paulob
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Post by paulob » Sun Jan 04, 2009 9:41 am

The major software products like Turbotax and Taxcut will prepare Sch D. The premium products give you more guidance if you have rental property, etc.

The reviews I saw at Amazon focused on having to pay extra for multiple returns. Turbotax reversed their position on this so I would give it a green light.

Disclosure: I use Taxcut but have used Turbotax in years past.
Paul

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BlueEars
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Post by BlueEars » Sun Jan 04, 2009 9:47 am

Paul thanks, hope others agree. There was one review on the Amazon site that claimed you could not do Schedule D with Deluxe. I've used TurboTax for years. Don't really want to switch although I resent the pricing games (which are not directly a subject of this thread).

livesoft
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Post by livesoft » Sun Jan 04, 2009 9:50 am

Les, since you've used TT for years, look at your last year's TT and see how it can do schedule D. I can't imagine that even the very basic versions of any tax software cannot do Sch D.

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Post by Laura » Sun Jan 04, 2009 9:50 am

Les,

You could check the intuit TurboTax website or the back of the box. They usually have a chart comparing all the different versions so you can select the one that works best for you.

Laura
The views presented are my own and not necessarily those of the Department of State or the U.S. Government.

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DaveTH
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Post by DaveTH » Sun Jan 04, 2009 10:00 am

Just wondering if the Deluxe version will still do a simple Schedule D without having to purchase Premium? I have just some mutual fund distributions and sales, and a stock sale.
You don't need either Deluxe or Premium for a Schedule D. It is included in the Basic version.

smackfu
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Post by smackfu » Sun Jan 04, 2009 12:05 pm

I have 2008 Deluxe already. It will do it.

Honestly, I'm not even sure if they can leave off a major thing like that and call it "tax prep software".

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BlueEars
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Post by BlueEars » Sun Jan 04, 2009 12:13 pm

Smackfu, thanks. I thought the remark on Amazon sounded unlikely so it's good to hear the opposite from a user.

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Post by stan1 » Sun Jan 04, 2009 1:59 pm

Intuit is trying to upsell people to Deluxe or Premier. Not needed for Schedule D.

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Post by Carls » Wed Jan 07, 2009 10:58 pm

Can someone describe what advantages Premium actually has over Deluxe Turbotax? The flap copy on the box and on the Intuit site make it sound like there's some real additional info provided for Sched D in the Premium version. Can that version actually help with basis calculations? If so, would someone please describe how it works?

IMWTK. Thanks.

Carls

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Post by tfb » Wed Jan 07, 2009 11:26 pm

Carls wrote:Can someone describe what advantages Premium actually has over Deluxe Turbotax? The flap copy on the box and on the Intuit site make it sound like there's some real additional info provided for Sched D in the Premium version. Can that version actually help with basis calculations? If so, would someone please describe how it works?

IMWTK. Thanks.

Carls
Usually just more "handholding" with interim questions and entries. I find them more confusing than helpful.
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Post by hansp » Thu Jan 08, 2009 1:19 pm

From the description, http://turbotax.intuit.com/personal-tax ... ompare.jsp it looks like the only Schedule D advantage to Premier is that it can figure out your cost basis for stocks, if you don't know it yourself. I've been using Deluxe for years, and it has done ESPP, Stock Options, and all of my other Schedule D type transactions, as well as handling AMT issues without any problems. I agree that their "extra help" questions often confuse things more than they really help.

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Post by smackfu » Thu Jan 08, 2009 2:03 pm

That doesn't seem very impressive. If you know the date you purchased the shares, wouldn't you know the cost too?

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Post by huskerblue » Thu Jan 08, 2009 10:12 pm

A little time saving trick I have used for many years----if you use Quicken or MMoney, print your capital gain/loss report from the program. In Turbotax or Taxcut, enter the bought and sold dates as "VAR", the program will print in "various" on the Schedule D automatically.

Take the totals for all the sales and all the basis numbers and add the sum total to the form too.

In the asset description, type "see attached" and add the printout from Quicken behind the Schedule D page. Voila, piece of cake. I've done this for years and I have worked in accounting shops (many years ago) where this technique has been used.

I have never e-filed so I have no idea whether this works for that system but as far as I can tell, you can send the gain/loss report in the packet with your W-2's, et al.

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Post by paulob » Fri Jan 09, 2009 6:46 am

huskerblue wrote: In the asset description, type "see attached" and add the printout from Quicken behind the Schedule D page. Voila, piece of cake. I've done this for years and I have worked in accounting shops (many years ago) where this technique has been used.

I have never e-filed so I have no idea whether this works for that system but as far as I can tell, you can send the gain/loss report in the packet with your W-2's, et al.
I can verify that I have seen even the largest firms use this method. However, my experience was from several years ago, I assume it is still accepted today. It is truly a great time saver.

However, I would not suggest going this route if you efile, it results in an incomplete return as no attachment has been submitted.
Paul

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Post by hansp » Fri Jan 09, 2009 9:12 am

Most big brokerages and mutual fund companies now will let you download sale information directly into turbotax. Some will even divide up the short and long term portions of the sale. You can still put in "various" in the acquisition date. I've done this for the past 5 years or so and e-filed. It takes a little time to check each transaction, but you are saved the pain of manually entering all of the information

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Post by smackfu » Fri Jan 09, 2009 12:27 pm

huskerblue wrote:A little time saving trick I have used for many years----if you use Quicken or MMoney, print your capital gain/loss report from the program.
You can also just pull the data from Quicken directly into Turbotax, and it will print the Schedule D-1 for additional pages if you have a lot of transactions.

The weird thing is that it doesn't seem to encourage you to import it at any point? But there is an import menu item.

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Post by paulob » Fri Jan 09, 2009 12:47 pm

smackfu wrote: You can also just pull the data from Quicken directly into Turbotax, and it will print the Schedule D-1 for additional pages if you have a lot of transactions.

The weird thing is that it doesn't seem to encourage you to import it at any point? But there is an import menu item.
I am a Taxcut user, but in that program your are prompted for the import at the beginning of the interview process. I only use the import from Quicken for Sch D as I prefer to imput the other data manually.
Paul

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Post by Alistair » Fri Jan 09, 2009 3:30 pm

Do any of you old Turbotax hands know how it handles foreign income? I.e. do you enter the equivalent dollar amount or the foreign amount with an exchange rate perhaps?

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Post by smackfu » Tue Jan 20, 2009 6:26 pm

OK, I just battled with TurboTax regarding one stupid wash sale I had, and I was not very happy. (My mistake was that I sold out of a fund while I had a monthly buy order going. So part of the sale was bought back within 30 days.)

Anyways, Vanguard tells you the disallowed amount is $X on the 1099-B. But TurboTax wants you to give the disallowed number of *shares*. This makes no sense to me, since you end up entering wash sales as a line item with the disallowed amount that says "Wash Sale". I don't see what shares have to do with it. I honestly couldn't figure out how to get the numbers to work out, so I just put in a Wash Sale item manually, and I hope it stays with the right transaction.

I think Vanguard's guided investment entry is actually harder than just filling in a Schedule D.

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Post by sscritic » Wed Jan 21, 2009 11:49 am

Celebrity endorsement for Turbo Tax!
Under questioning before the Senate Finance committee, Treasury Secretary Tim Geithner was asked how he prepared his own taxes.

Sen. Chuck Grassley (R-Iowa) asked: "Did you use tax software to prepare your taxes?"

Geithner: "Yes, I did."

Grassley: "Which brand of tax software?"

Geithner: "I will answer that, but I want to say I take full responsibility....It was TurboTax."
http://voices.washingtonpost.com/econom ... id=topnews

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paulob
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Post by paulob » Wed Jan 21, 2009 11:57 am

sscritic wrote:Celebrity endorsement for Turbo Tax!
Under questioning before the Senate Finance committee, Treasury Secretary Tim Geithner was asked how he prepared his own taxes.

Sen. Chuck Grassley (R-Iowa) asked: "Did you use tax software to prepare your taxes?"

Geithner: "Yes, I did."

Grassley: "Which brand of tax software?"

Geithner: "I will answer that, but I want to say I take full responsibility....It was TurboTax."
http://voices.washingtonpost.com/econom ... id=topnews
Well, obviously not a paid endorsement. Kinda like have a knife retailer employing OJ as a spokesman.
Paul

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Post by laffsf » Fri Feb 06, 2009 1:56 am

I bought TurboTax Deluxe 2008 this year, and I just paid the $30 to upgrade to Premiere.

Non-employer stock sales were easy enough to enter, but it wasn't obvious to me how to enter ESPP, NQSO, and RSU sales through my employer. The tax basis on these isn't super obvious or spelled out, so it was worth $30 to be sure about the answers.

Next year I'll just buy TurboTax Premiere.

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Post by grabiner » Fri Feb 06, 2009 11:33 pm

smackfu wrote:
huskerblue wrote:A little time saving trick I have used for many years----if you use Quicken or MMoney, print your capital gain/loss report from the program.
You can also just pull the data from Quicken directly into Turbotax, and it will print the Schedule D-1 for additional pages if you have a lot of transactions.

The weird thing is that it doesn't seem to encourage you to import it at any point? But there is an import menu item.
TurboTax did ask me to import, and I have lots of lines on my Schedule D and Schedule D-1 because I harvested a lot of losses in three different funds, so it saved a lot of typing.

The import isn't perfect; TurboTax entered the name I use for the account (I keep each mutual fund in a separate Quicken account), rather than the correct security name, and it didn't list the number of shares, which the IRS requests on Schedule D. That is, it said "Vanguard Total Stock" and I would like it to say "123.456 shares Vanguard Total Stock Market Admiral" or "123.456 shares VTSAX".
Wiki David Grabiner

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