TurboTax 2020 available Nov 4

[02nz]

https://www.amazon.com/TurboTax-Softwar ... 08HSKNTCM/

As before, the software will not be fully functional at first, but useful for those who need to estimate taxes (e.g., to figure out how much Roth conversions to do in 2020).

(I'm not sure if Amazon still gives "slow shipping" credits for Prime as I don't think I've been offered them in a long time, but if you have them, I believe they can be used for software downloads like TurboTax.)

If you don't need it immediately, hold off as there will almost certainly be promos later in November or December.

EDIT: Amazon is running a deal today with a discount and $10 Amazon gift card, e.g., Deluxe for $50: https://www.amazon.com/TurboTax-Softwar ... 08KK8JLT4/

[cadreamer2015]

Thanks, I just saw that on the Amazon site.

[marcopolo]

We should be seeing a long "Fidelity Free Turbo Tax" thread any day now as well....

[nalor511]

We should be seeing a long "Fidelity Free Turbo Tax" thread any day now as well....

Anyone know what the requirements are for Fido free TT these days?

[TravelGeek]

(I'm not sure if Amazon still gives "slow shipping" credits for Prime as I don't think I've been offered them in a long time

They do, occasionally, in my recent experience.

[cowdogman]

Thanks.

I always buy as soon as it comes out (usually, unfortunately, at full price). Doing an early draft of my return almost always highlights some unthought of year-end tax strategies.

[slalom]

I wish the web version wasn’t typically several weeks later.

[CardinalRule]

We should be seeing a long "Fidelity Free Turbo Tax" thread any day now as well....

[aristotelian]

Last couple years they have offered $10 discount plus $10 Amazon gift card on December 28. I'm waiting.

[HueyLD]

Anyone know what the requirements are for Fido free TT these days?

It has always been a mystery. I guess if Fido makes enough money from you, you will get the “free” TT offer.

[pshonore]

Time to remind folks that all editions of TT do all tax forms. There's no reason to buy Premier or Home and Business. Deluxe will handle it unless there are major changes to TT this year. I suspect even Basic might. And if you live in a state like CT, there's no reason to buy the state software and pay TT to efile the state return. You can do your state return at the CT DOR website. CT starts with Federal AGI and only has a few adjustments - they tax SS at a max of 25%, there's a deduction for the CT 529 plan, and you have to add back non CT muni bond interest as well as a few others.

[nalor511]

Time to remind folks that all editions of TT do all tax forms. There's no reason to buy Premier or Home and Business. Deluxe will handle it unless there are major changes to TT this year. I suspect even Basic might. And if you live in a state like CT, there's no reason to buy the state software and pay TT to efile the state return. You can do your state return at the CT DOR website. CT starts with Federal AGI and only has a few adjustments - they tax SS at a max of 25%, there's a deduction for the CT 529 plan, and you have to add back non CT muni bond interest as well as a few others.

This is only true for the download version, HR Block download version does all forms. Online (web) version of TT and HRBlock will upcharge you for additional forms beyond the edition you "pay" for.

[FiveK]

Anyone know what the requirements are for Fido free TT these days?

It has always been a mystery. I guess if Fido makes enough money from you, you will get the “free” TT offer.

Given that it's Halloween Fidelity free Turbotax - Page 15 - Bogleheads.org might rise from the dead in the near future....

[stan1]

Anyone know what the requirements are for Fido free TT these days?

It has always been a mystery. I guess if Fido makes enough money from you, you will get the “free” TT offer.

Given that it's Halloween Fidelity free Turbotax - Page 15 - Bogleheads.org might rise from the dead in the near future....

Waiting for the volunteers to start calling Vanguard to ask for free tax software and then report back how curtly they were told "who do you think this is, Fidelity?"

[hamhocs]

For Premiere download version last year, here were the prices (using the Keepa extension):

Pre-Release - $90
Release - $70
12/27 to 2/15 - $55

Other versions were similar

[SmileyFace]

We should be seeing a long "Fidelity Free Turbo Tax" thread any day now as well....

Along with debates on whether or not Deluxe and Premier are the same.

[abuss368]

Amazing after 30 years they keep finding ways to charge for “upgrades”.

[UpperNwGuy]

Time to remind folks that all editions of TT do all tax forms. There's no reason to buy Premier or Home and Business. Deluxe will handle it unless there are major changes to TT this year. I suspect even Basic might. And if you live in a state like CT, there's no reason to buy the state software and pay TT to efile the state return. You can do your state return at the CT DOR website. CT starts with Federal AGI and only has a few adjustments - they tax SS at a max of 25%, there's a deduction for the CT 529 plan, and you have to add back non CT muni bond interest as well as a few others.

This is only true for the download version, HR Block download version does all forms. Online (web) version of TT and HRBlock will upcharge you for additional forms beyond the edition you "pay" for.

This is correct.

[jajlrajrf]

Time to remind folks that all editions of TT do all tax forms. There's no reason to buy Premier or Home and Business. Deluxe will handle it unless there are major changes to TT this year.

Can you turn up the detail knob here? I've always bought Premier because based on their marketing I assumed I needed it to account for investments. Is this not true?

[pshonore]

Time to remind folks that all editions of TT do all tax forms. There's no reason to buy Premier or Home and Business. Deluxe will handle it unless there are major changes to TT this year.

Can you turn up the detail knob here? I've always bought Premier because based on their marketing I assumed I needed it to account for investments. Is this not true?

For the download/CD version: I've been using TT for probably 20 years (usually Deluxe but also Basic a few times). I have the usual stuff over that time - wages, cap gains, dividends both qualified and nonqual, itemized deductions, non-qualified employee stock options, pensions and SS, RMDs, QCDs as well as K1 forms. Deluxe and Basic have always handled it. I've run my sons return with Self employment income and typical business expenses through it as well. I generally don't use the interview method (which is great if you're new to tax prep) but fill in the forms directly as allowed. Sometimes as a check I'll run through a portion of the interview method to see if I missed anything. The rumor is the advanced versions (Premier, Home and Business) give you more "guidance" whatever that means. If you start with Deluxe, you can always upgrade later if the going gets tough.

[J295]

Time to remind folks that all editions of TT do all tax forms. There's no reason to buy Premier or Home and Business. Deluxe will handle it unless there are major changes to TT this year.

Can you turn up the detail knob here? I've always bought Premier because based on their marketing I assumed I needed it to account for investments. Is this not true?

For the download/CD version: I've been using TT for probably 20 years (usually Deluxe but also Basic a few times). I have the usual stuff over that time - wages, cap gains, dividends both qualified and nonqual, itemized deductions, non-qualified employee stock options, pensions and SS, RMDs, QCDs as well as K1 forms. Deluxe and Basic have always handled it. I've run my sons return with Self employment income and typical business expenses through it as well. I generally don't use the interview method (which is great if you're new to tax prep) but fill in the forms directly as allowed. Sometimes as a check I'll run through a portion of the interview method to see if I missed anything. The rumor is the advanced versions (Premier, Home and Business) give you more "guidance" whatever that means. If you start with Deluxe, you can always upgrade later if the going gets tough.

To be sure, are you saying that Deluxe will handle self-employed income? Or at least that’s what we should try to start with?

In the past we’ve purchased business and done it over the cloud. But we couldn’t run mock calculations once we file the return, so this year I’m going to get the download version. Make sense?

[abuss368]

I learned of a free product here on this website and have it it for a couple years. It works very well.

Consider Free Tax USA

Federal is free and state is $15 or so (if needed). I use it for Federal (which also e-files). For our state I prepare directly on states homepage at no cost.

[Tim_in_GA]

Last couple years they have offered $10 discount plus $10 Amazon gift card on December 28. I'm waiting.

Yep, that’s when I get mine. Setting a reminder on my calendar.

[pshonore]

Time to remind folks that all editions of TT do all tax forms. There's no reason to buy Premier or Home and Business. Deluxe will handle it unless there are major changes to TT this year.

Can you turn up the detail knob here? I've always bought Premier because based on their marketing I assumed I needed it to account for investments. Is this not true?

For the download/CD version: I've been using TT for probably 20 years (usually Deluxe but also Basic a few times). I have the usual stuff over that time - wages, cap gains, dividends both qualified and nonqual, itemized deductions, non-qualified employee stock options, pensions and SS, RMDs, QCDs as well as K1 forms. Deluxe and Basic have always handled it. I've run my sons return with Self employment income and typical business expenses through it as well. I generally don't use the interview method (which is great if you're new to tax prep) but fill in the forms directly as allowed. Sometimes as a check I'll run through a portion of the interview method to see if I missed anything. The rumor is the advanced versions (Premier, Home and Business) give you more "guidance" whatever that means. If you start with Deluxe, you can always upgrade later if the going gets tough.

To be sure, are you saying that Deluxe will handle self-employed income? Or at least that’s what we should try to start with?

In the past we’ve purchased business and done it over the cloud. But we couldn’t run mock calculations once we file the return, so this year I’m going to get the download version. Make sense?

Yes - Deluxe will absolutely produce a Schedule C and any other supporting forms (Depreciation, QBI, SE tax, etc). Hopefully you can use last years online return as input to this years desktop return. My understanding is TT allows that.

[mouth]

I learned of a free product here on this website and have it it for a couple years. It works very well.

Consider Free Tax USA

Federal is free and state is $15 or so (if needed). I use it for Federal (which also e-files). For our state I prepare directly on states homepage at no cost.

^^^ Same. This will be my 4th year and been happy so far.

[abuss368]

I learned of a free product here on this website and have it it for a couple years. It works very well.

Consider Free Tax USA

Federal is free and state is $15 or so (if needed). I use it for Federal (which also e-files). For our state I prepare directly on states homepage at no cost.

^^^ Same. This will be my 4th year and been happy so far.

I have a tax background and evaluated Turbo Tax (and was initially biased there and used previously), H&R Block (which I used as well), and Free Tax USA. All three are excellent and you won’t go wrong with any.

[mouth]

I learned of a free product here on this website and have it it for a couple years. It works very well.

Consider Free Tax USA

Federal is free and state is $15 or so (if needed). I use it for Federal (which also e-files). For our state I prepare directly on states homepage at no cost.

^^^ Same. This will be my 4th year and been happy so far.

I have a tax background and evaluated Turbo Tax (and was initially biased there and used previously), H&R Block (which I used as well), and Free Tax USA. All three are excellent and you won’t go wrong with any.

Well, other than the cost; right?

[nydoc]

The only year my form 8606 was wrong was the year I used H&R. TurboTax deluxe is good.

[sycamore]

...
To be sure, are you saying that Deluxe will handle self-employed income? Or at least that’s what we should try to start with?

In the past we’ve purchased business and done it over the cloud. But we couldn’t run mock calculations once we file the return, so this year I’m going to get the download version. Make sense?

Yes - Deluxe will absolutely produce a Schedule C and any other supporting forms (Depreciation, QBI, SE tax, etc). Hopefully you can use last years online return as input to this years desktop return. My understanding is TT allows that.

Ditto. My spouse has self-employed income and we use the download version of TT Deluxe for Schedule C and related forms.

[1210sda]

Thanks.

I always buy as soon as it comes out (usually, unfortunately, at full price). Doing an early draft of my return almost always highlights some unthought of year-end tax strategies.

I used to do the same thing until I found this tax calculator. I've been playing around with it most of this year. I've compared it to my 2019 TurboTax "What if" worksheet and the results are identical.

So this year I'm doing my year end strategizing witn the tax calculator. Then, I'll buy TTax when prices are right.

mortgagecalculator.org/calcs/1040-calculator.php

Even though it says "mortgage calculator", it's still a tax calculator.

Hope the link works. If not, you might be able to copy and paste.

[cowdogman]

Thanks.

I always buy as soon as it comes out (usually, unfortunately, at full price). Doing an early draft of my return almost always highlights some unthought of year-end tax strategies.

I used to do the same thing until I found this tax calculator. I've been playing around with it most of this year. I've compared it to my 2019 TurboTax "What if" worksheet and the results are identical.

So this year I'm doing my year end strategizing witn the tax calculator. Then, I'll buy TTax when prices are right.

mortgagecalculator.org/calcs/1040-calculator.php

Even though it says "mortgage calculator", it's still a tax calculator.

Hope the link works. If not, you might be able to copy and paste.

I think that would work for a lot of people, but I have two business, i401(k)s, depreciating property, etc. I have an Excel spreadsheet that I have been developing for 20+ years that is highly accurate, but at the end of the day it's what TurboTax says that is dispositive. And I find the question/answer approach conducive to tax planning/strategies. To me it's worth the extra $20 or so to buy TurboTax when it first comes out.

[pshonore]

One other thing comes up when moving to different software. Most good software will track several thing from year to year over multiple years. The most obvious is capital loss carryovers. Other items would be passive loss carryovers (Real estate and MLPs to mention a couple). Another example is depreciation claimed on rental or business property. And who anyone who is collecting a pension to which they contributed (on an after tax basis) can deduct a portion of those contributions from their income until they get back the full amount.

If you "change horses in the middle of the stream", don't forget to plan for and know how to get those numbers into the new software. In most cases, that data will be buried in a worksheet in the previous software.

[cowdogman]

One other thing comes up when moving to different software. Most good software will track several thing from year to year over multiple years. The most obvious is capital loss carryovers. Other items would be passive loss carryovers (Real estate and MLPs to mention a couple). Another example is depreciation claimed on rental or business property. And who anyone who is collecting a pension to which they contributed (on an after tax basis) can deduct a portion of those contributions from their income until they get back the full amount.

If you "change horses in the middle of the stream", don't forget to plan for and know how to get those numbers into the new software. In most cases, that data will be buried in a worksheet in the previous software.

+1

Also, after-tax contributions to IRAs from previous years.

[grabiner]

One other thing comes up when moving to different software. Most good software will track several thing from year to year over multiple years. The most obvious is capital loss carryovers. Other items would be passive loss carryovers (Real estate and MLPs to mention a couple). Another example is depreciation claimed on rental or business property. And who anyone who is collecting a pension to which they contributed (on an after tax basis) can deduct a portion of those contributions from their income until they get back the full amount.

If you "change horses in the middle of the stream", don't forget to plan for and know how to get those numbers into the new software. In most cases, that data will be buried in a worksheet in the previous software.

I encountered this when I switched from TurboTax to TaxAct. TaxAct can import data from a PDF produced for filing, but not from a PDF produced by TurboTax with all the supporting worksheets, which is what TurboTax does by default.

[CyclingDuo]

https://www.amazon.com/TurboTax-Softwar ... 08HSKNTCM/

As before, the software will not be fully functional at first, but useful for those who need to estimate taxes (e.g., to figure out how much Roth conversions to do in 2020).

(I'm not sure if Amazon still gives "slow shipping" credits for Prime as I don't think I've been offered them in a long time, but if you have them, I believe they can be used for software downloads like TurboTax.)

If you don't need it immediately, hold off as there will almost certainly be promos later in November or December.

Way too early to be talking about this since we all just filed on July 15th, a mere 3 1/2 months ago.



CyclingDuo

[MikeG62]

We should be seeing a long "Fidelity Free Turbo Tax" thread any day now as well....

LOL, no doubt.

[tomd37]

pshonore and others,
Mid-80s older gent seeking explanation of terms used in this post and its responses. Please explain the terms "CD" and "Download" versions. My understanding is that CD means I would get a physical disc to put into my desktop tower to load the program onto my desktop. I guess it would have some code associated with it that would be unique to me as purchaser. Not sure what the download method would mean and can you explain more please. Are there benefits of one over the other especially if I were to run into issues getting it onto my desktop?

For the past 18 years I have had my returns prepared in the VITA/TCE programs, but with this pandemic I may not go back to them because of possible exposure issues. I am pretty well versed in taxes and would need only the Deluxe version of Turbo-Tax. I figure my taxes out by hand and my only real concern would be the different tax rate calculation on capital gains associated with the sale of one taxable fund. Fully into the 22% marginal tax bracket for all but capital gains which I believe are at a lesser tax rate depending amount of gains with our MFJ filing status.

Thanks in advance for any helpful comments.

[CyclingDuo]

pshonore and others,
Mid-80s older gent seeking explanation of terms used in this post and its responses. Please explain the terms "CD" and "Download" versions. My understanding is that CD means I would get a physical disc to put into my desktop tower to load the program onto my desktop. I guess it would have some code associated with it that would be unique to me as purchaser. Not sure what the download method would mean and can you explain more please. Are there benefits of one over the other especially if I were to run into issues getting it onto my desktop?

Thanks in advance for any helpful comments.

Yes, CD (compact disc) version would be on the disc that you manually install on your computer. The downloaded version is a file you download through the internet and install on your computer (my preferred method since I no longer use a CD/DVD drive). There are usually quite a few updates from initial installation as the months go by, so I prefer to wait closer to tax due date time so that the latest updates have been installed on my computer (TT checks for updates each time you open it).

TT also has an online version where the software itself is not actually installed on your computer, but you do your taxes 'online' via the Intuit Corporation servers.

CyclingDuo

[BolderBoy]

And if you live in a state like CT, there's no reason to buy the state software and pay TT to efile the state return. You can do your state return at the CT DOR website. CT starts with Federal AGI and only has a few adjustments...

I'll second this advice with respect to CO returns. Easy to do them on the DOR website and CO starts with the Federal TI amount (so even easier than CT's).

[lstone19]

If you don't need it immediately, hold off as there will almost certainly be promos later in November or December.

Or today. Prices already reduced at Amazon.

[02nz]

If you don't need it immediately, hold off as there will almost certainly be promos later in November or December.

Or today. Prices already reduced at Amazon.

Looks like a one-day deal with a $10 Amazon gift card (annoyingly, this means I can't use my Amazon gift card balance for the purchase). Here's the link for the Deluxe version, which is probably the best bet for most: https://smile.amazon.com/TurboTax-Softw ... B08KK8JLT4

[pshonore]

If you don't need it immediately, hold off as there will almost certainly be promos later in November or December.

Or today. Prices already reduced at Amazon.

$39.99 for Deluxe (with no state). Not bad but probably cheaper if one waits for Black Friday.

[02nz]

If you don't need it immediately, hold off as there will almost certainly be promos later in November or December.

Or today. Prices already reduced at Amazon.

$39.99 for Deluxe (with no state). Not bad but probably cheaper if one waits for Black Friday.

The Deluxe + State (but no e-file for state) version I linked above is $10 more but includes a $10 Amazon gift card. That's the right buy for most people.

ETA: There's a Deluxe (no state) for $40 that does also have a $10 Amazon gift card.

[TravelGeek]

The Deluxe + State (but no e-file for state) version I linked above is $10 more but includes a $10 Amazon gift card. That's the right buy for most people.

I think I will buy this and stop worrying about when the optimal price will be available.

Also, as a benefit for y’all this will “guarantee” that Fidelity will make a free copy available to everyone else with at least $10 in funds at Fido.

[mrc]

If you don't need it immediately, hold off as there will almost certainly be promos later in November or December.

Or today. Prices already reduced at Amazon.

$39.99 for Deluxe (with no state). Not bad but probably cheaper if one waits for Black Friday.

The Deluxe + State (but no e-file for state) version I linked above is $10 more but includes a $10 Amazon gift card. That's the right buy for most people.

Watch out though, that Amazon special is for PC only. I can't find a Mac analog.

[02nz]

If you don't need it immediately, hold off as there will almost certainly be promos later in November or December.

Or today. Prices already reduced at Amazon.

$39.99 for Deluxe (with no state). Not bad but probably cheaper if one waits for Black Friday.

The Deluxe + State (but no e-file for state) version I linked above is $10 more but includes a $10 Amazon gift card. That's the right buy for most people.

Watch out though, that Amazon special is for PC only. I can't find a Mac analog.

There are buttons where you can choose the platform. If you click on "Mac Download" it'll show you that version, same price and $10 GC included. Or use this direct link: https://smile.amazon.com/TurboTax-Softw ... B08KJQ1MW1

[lstone19]

Watch out though, that Amazon special is for PC only. I can't find a Mac analog.

It's available for Macintoshes but you may need to get to it indirectly. Select the PC download version, then you can change it to Mac Download.

The only one that does not seem to have a Mac version available is the "Home & Business + State + $10 gift card".

[mrc]

Watch out though, that Amazon special is for PC only. I can't find a Mac analog.

It's available for Macintoshes but you may need to get to it indirectly. Select the PC download version, then you can change it to Mac Download.

The only one that does not seem to have a Mac version available is the "Home & Business + State + $10 gift card".

Found it. Thanks to you both!

[JD58]

I've downloaded the TT software from Amazon, like every year, with my Bing rewards credit, making it for all intends free. But as is usual, getting it this early it is really a broken piece of software.

- Schedule C business section incomplete and not handling depreciation correctly yet.
- 1099-R section incomplete and forms not retaining data correctly.
- No forms available yet, as expected this early, regarding treatments of withdrawals from CARE Act (i.e., 3 years to pay taxes on COVID distribution, PPP, etc.)
- Deduction section incomplete
- education section incomplete

The list goes on.

This is standard for most tax software this early in the tax season.

I will still rely on my spreadsheet to do my tax planning for Roth conversions at year end.

[deanmoriarty]

Is there any difference between the $69.99 premier version and the $69.99 premier version with $10 Amazon gift card? They both seem to be available under “editions”...