Do I really need Turbotax premier?

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Infomom2
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Do I really need Turbotax premier?

Post by Infomom2 » Sat Feb 11, 2017 4:14 pm

I have been gifted Turbotax in past years, but won't receive that gift this year.

I do not itemize, but did sell stock last year..and probably some foreign stock as well. I am not self-employed.

Do I need TurboTax premier? It seems to say that if you sold stock, you need the premier version? If so,is there another tax product you would recommend? I am not as worried about transferring things..but I even enjoy doing Turbotax and don't want another problem if it would be a lot more complicated.

Thank you!!

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Toons
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Re: Do I really need Turbotax premier?

Post by Toons » Sat Feb 11, 2017 4:24 pm

It looks like you need Premier if you have investment income,,,,,
Personally I would check out TaxAct Online.
Just sayin :happy
https://turbotax.intuit.com/personal-ta ... re/online/
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fund
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Re: Do I really need Turbotax premier?

Post by fund » Sat Feb 11, 2017 4:26 pm

No matter whether it's the online or the download/CD version of TurboTax, if you sold stock, it appears you do need the Premier version.

See here for the comparisons:

https://turbotax.intuit.com/personal-ta ... re/online/

https://turbotax.intuit.com/personal-ta ... e/desktop/

I can't speak to other tax prep software, as I'm familiar with only TT.

Edit to add: see Toons beat me to it! :beer
Last edited by fund on Sat Feb 11, 2017 4:26 pm, edited 1 time in total.

Choy
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Re: Do I really need Turbotax premier?

Post by Choy » Sat Feb 11, 2017 4:26 pm

If you use the online version, you need Premier to file Schedule D (for capital gains/losses).

If you use the download version, Deluxe is all you need. You might even be able to use Basic if you don't need to file state and have no deductions.

Note that the download versions (doesn't matter which version) contain ALL tax forms unless you need to file Corp/LLC business taxes. The difference between versions is purely the amount of help/walk-through they give you for filling out the forms.
Last edited by Choy on Sat Feb 11, 2017 4:29 pm, edited 1 time in total.

fund
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Re: Do I really need Turbotax premier?

Post by fund » Sat Feb 11, 2017 4:29 pm

Maybe I'm mistaken about the download/CD version?

I apologize if so.

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Infomom2
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Re: Do I really need Turbotax premier?

Post by Infomom2 » Sat Feb 11, 2017 4:30 pm

Thanks for the replies! I do need to file state and have deductions, so I could get desktop Deluxe?

Also, any experience with how TT compares with H&R Block Deluxe? It looks like I could use that?

Choy
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Re: Do I really need Turbotax premier?

Post by Choy » Sat Feb 11, 2017 4:32 pm

fund wrote:Maybe I'm mistaken about the download/CD version?

I apologize if so.
Common mistake. Intuit doesn't lie about things, but they phrase everything in such a way that you're encouraged to get the most expensive product.

https://turbotax.intuit.com/personal-ta ... e/desktop/

Click on "view forms" at the bottom of each column and you'll see that all versions contain all forms.

I've used Deluxe to file self-employment income, mortgage deductions, investment dividends, stock sales, etc... over the years with no issue.

Choy
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Re: Do I really need Turbotax premier?

Post by Choy » Sat Feb 11, 2017 4:34 pm

Infomom2 wrote:Thanks for the replies! I do need to file state and have deductions, so I could get desktop Deluxe?

Also, any experience with how TT compares with H&R Block Deluxe? It looks like I could use that?
Yes, you'll need at least Deluxe.

I tried H&R last year (or the year) before. It'll do everything you need, but I prefer the interface and familiarity of TT since I've used it over the years.

mpsz
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Re: Do I really need Turbotax premier?

Post by mpsz » Sat Feb 11, 2017 4:38 pm

If you're going the download/CD route, watch for sales. I got H&R Block Premium + State download for $27 earlier this week. I don't think it includes state E-file... but I owe state taxes, so I'm more than happy to snail mail that.

I'm really happy about finally breaking the cycle of paying TurboTax more than $100 annually. They always seem to raise prices significantly by the time I get all of my tax documents.

fund
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Re: Do I really need Turbotax premier?

Post by fund » Sat Feb 11, 2017 4:40 pm

Thanks, Choy. I didn't realize to click there. I saw the little green dots signifying the features. That must be why they phrase it as "additional help":

Additional Help for investment sales such as stocks, bonds, royalties, mutual funds and employee stock plans.

I read it entirely differently! As in, this is an add-on that you don't get with the lower level product. I suppose the additional help is more interview-style questions or something similar to help guide one through the process.

Thanks again, Choy, and sorry again, Infomom2, for the initial misinformation.

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Infomom2
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Re: Do I really need Turbotax premier?

Post by Infomom2 » Sat Feb 11, 2017 4:49 pm

I have always been confused about if I can use TT deluxe desktop, so glad to know it seems that I can!\

Thanks everyone!

flyingaway
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Re: Do I really need Turbotax premier?

Post by flyingaway » Sat Feb 11, 2017 5:06 pm

mpsz wrote:If you're going the download/CD route, watch for sales. I got H&R Block Premium + State download for $27 earlier this week. I don't think it includes state E-file... but I owe state taxes, so I'm more than happy to snail mail that.

I'm really happy about finally breaking the cycle of paying TurboTax more than $100 annually. They always seem to raise prices significantly by the time I get all of my tax documents.
Where did you get this?

Last year and before, H&R Deluxe included State download (not file). But this year, H&R Deluxe does NOT include State download, I will need to buy a Premier version, I think. Is that correct?

mpsz
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Re: Do I really need Turbotax premier?

Post by mpsz » Sat Feb 11, 2017 5:14 pm

flyingaway wrote: Where did you get this?

Last year and before, H&R Deluxe included State download (not file). But this year, H&R Deluxe does NOT include State download, I will need to buy a Premier version, I think. Is that correct?
Amazon, but the sale ended earlier this week. I've seen it on sale a few times earlier this year at other stores.

Deluxe includes state, or at least the Amazon version does: https://www.amazon.com/dp/B01MDO3TEG/

pshonore
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Re: Do I really need Turbotax premier?

Post by pshonore » Sat Feb 11, 2017 5:33 pm

I guess Intuit has really confused people. All CD/Download versions of Turbo Tax including Basic, WILL PROCESS ALL FORMS. That includes Schedule A (itemized deductions), Schedule D (stock sales), Schedule E (rental properties), Schedule C (Sole proprietor business), etc.

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Infomom2
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Re: Do I really need Turbotax premier?

Post by Infomom2 » Sat Feb 11, 2017 5:40 pm

pshonore wrote:I guess Intuit has really confused people. All CD/Download versions of Turbo Tax including Basic, WILL PROCESS ALL FORMS. That includes Schedule A (itemized deductions), Schedule D (stock sales), Schedule E (rental properties), Schedule C (Sole proprietor business), etc.
But the deluxe and premier version have more tools that are recommended if you have some of these things, correct? Or does it really not matter? The only thing I need out of all you listed is the stock sales.

pshonore
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Re: Do I really need Turbotax premier?

Post by pshonore » Sat Feb 11, 2017 6:42 pm

Infomom2 wrote:
pshonore wrote:I guess Intuit has really confused people. All CD/Download versions of Turbo Tax including Basic, WILL PROCESS ALL FORMS. That includes Schedule A (itemized deductions), Schedule D (stock sales), Schedule E (rental properties), Schedule C (Sole proprietor business), etc.
But the deluxe and premier version have more tools that are recommended if you have some of these things, correct? Or does it really not matter? The only thing I need out of all you listed is the stock sales.
It probably depends how experienced you are. All versions allow you to fill in the forms or go through question and answer. They all allow you to download 1099 forms from a broker. I just use the 1099B Worksheet in Turbo Tax to enter sale data from the 1099B supplied by a broker

fundseeker
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Re: Do I really need Turbotax premier?

Post by fundseeker » Sat Feb 11, 2017 11:29 pm

I wasn't sure we needed Premier, but I didn't want to deal with any hassles while doing our taxes. Plus, Office Depot matched Amazon's price, so it was only about $54 dollars on CD. They require that the product be sold and shipped by Amazon to match the Amazon price.

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Re: Do I really need Turbotax premier?

Post by SittingOnTheFence » Sun Feb 12, 2017 1:23 am

I use Premier because I have rental property. Premier handles the depreciation and AMT calculations without a lot of hassle. If I didn't have rental property I'd use Deluxe.

Choy
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Re: Do I really need Turbotax premier?

Post by Choy » Sun Feb 12, 2017 1:40 am

Infomom2 wrote: But the deluxe and premier version have more tools that are recommended if you have some of these things, correct? Or does it really not matter? The only thing I need out of all you listed is the stock sales.
In Deluxe, it asks you 1) Did you sell any stocks? 2) Enter info from your 1099-B or import from brokerage. It's pretty straight forward in that regard. Whether you feel you need more guidance than that is up to you. Premier has more bells and whistles to walk you through that stuff, in the end they both produce the same Schedule D for you to file.

You mentioned that you've used TT in the past from your employer. Have you used higher versions or just Deluxe? You can always open your old program and see what it's like to enter this type of information.

chw
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Re: Do I really need Turbotax premier?

Post by chw » Sun Feb 12, 2017 6:37 am

Sounds like you could get by with Deluxe CD version. I use Premier, as I'm able to upload most of my data directly to the software thereby saving me time, and possible input errors. I'm able to Import bank 1099, brokerage 1099, Lending Club 1099 :D , and W-2ss. The way I look at it, for th $10 or so difference in cost, if Premier saves me any amount of time in review, and computations, it's worth it.

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Infomom2
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Re: Do I really need Turbotax premier?

Post by Infomom2 » Sun Feb 12, 2017 10:16 am

Thanks for the continued replies!
Choy wrote:
Infomom2 wrote: But the deluxe and premier version have more tools that are recommended if you have some of these things, correct? Or does it really not matter? The only thing I need out of all you listed is the stock sales.
In Deluxe, it asks you 1) Did you sell any stocks? 2) Enter info from your 1099-B or import from brokerage. It's pretty straight forward in that regard. Whether you feel you need more guidance than that is up to you. Premier has more bells and whistles to walk you through that stuff, in the end they both produce the same Schedule D for you to file.

You mentioned that you've used TT in the past from your employer. Have you used higher versions or just Deluxe? You can always open your old program and see what it's like to enter this type of information.
I have always used Deluxe in the past. Yes, I guess I can just open that and give it a go. There have been no changes with Deluxe? I have not had any problem in the past, but this year I have sold more stocks as I ditched the financial advisor that cost me a ton of money. I guess I was concerned because I wondered if I was missing something as well...but I have had no problem entering what I needed to enter in the past.

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Infomom2
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Re: Do I really need Turbotax premier?

Post by Infomom2 » Sun Feb 26, 2017 12:00 am

OP here again. So, I didn't expect to be gifted the TT Deluxe again, but I was. I have entered everything (well still waiting for 1099 from the brokerage I left this year, but entered Vanguard's), and have not had problems. I know this sounds silly, but am I missing out on something that would benefit me with Premier's bells and whistles? (I have investments and have sold stocks this year). II have read all answers, so don't feel I'm not listening to you, I just don't feel knowledgeable about this. It doesn't seem I can "try" Premier without paying the extra $30, so I won't know what I'm missing unless I pay it or someone here can reassure me even if it feels repetitive. According to the comparisions, this is the only thing I wonder about
"Additional Help for investment sales such as stocks, bonds, royalties, mutual funds and employee stock plan". Would this help me in some way? TT says they "recommend" Premier, but it is not necessary.
Thanks!

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FiveK
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Re: Do I really need Turbotax premier?

Post by FiveK » Sun Feb 26, 2017 12:52 am

Infomom2 wrote:I have entered everything ... and have not had problems. I know this sounds silly, but am I missing out on something that would benefit me with Premier's bells and whistles?
Given your first sentence, the answer to the second is "unlikely". One can't prove a negative, but I'll repeat that it is unlikely you are missing something.

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wander
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Re: Do I really need Turbotax premier?

Post by wander » Sun Feb 26, 2017 7:48 am

No, you do not need TT Premier version. It gives you same forms as Deluxe does.

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Re: Do I really need Turbotax premier?

Post by gmc4h232 » Sun Feb 26, 2017 7:57 am

You dont need premier - unless it is 2015 (2014 Tax year) again and TT tried to pull a fast one by removing selected schedules and just wound up pissing all its users off....I use deluxe all the time for stock sales. They do prompt you to upgrade when you tell them you have stock sales, but that's just a money grab attempt from Intuit. Just select no thanks. TT Deluxe will import 1099-Bs with sale info all day long.

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Infomom2
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Re: Do I really need Turbotax premier?

Post by Infomom2 » Sun Feb 26, 2017 11:13 am

Thanks so much for the replies! I am officially reassured!

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Re: Do I really need Turbotax premier?

Post by pshonore » Sun Feb 26, 2017 12:24 pm

Using Premier is like buying an MF with a 1.5% expense ratio; using Deluxe or Basic is like buying an index fund.

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TurboTax Deluxe or Premier

Post by Ecorp » Sat Mar 03, 2018 11:52 am

[Thread merged into here, see below. --admin LadyGeek]

Hello,

I did not sell any stock this year. I dont own rental property. I do have dividend payouts from a couple accounts. Do I still need to use Premier or can I downgrade to Deluxe?

Thanks

retiredjg
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Re: TurboTax Deluxe or Premier

Post by retiredjg » Sat Mar 03, 2018 12:02 pm

I would think that Deluxe should work. If it turns out to be inadequate, they will "let" you upgrade. :happy

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Re: TurboTax Deluxe or Premier

Post by PinotGris » Sat Mar 03, 2018 12:14 pm

Ecorp wrote:
Sat Mar 03, 2018 11:52 am
Hello,

I did not sell any stock this year. I dont own rental property. I do have dividend payouts from a couple accounts. Do I still need to use Premier or can I downgrade to Deluxe?

Thanks
We have all that, except rental property, and always use Deluxe. You will be fine.

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Re: TurboTax Deluxe or Premier

Post by Ecorp » Sat Mar 03, 2018 1:53 pm

Thank you everyone

MnD
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Re: TurboTax Deluxe or Premier

Post by MnD » Sat Mar 03, 2018 2:48 pm

Deluxe (disk version) works just fine for investments including buying/selling shares of stocks and mutual funds and investment income. Downloads data directly from most brokerages so you don't even have to enter anything. The way they advertise Premier as "needed" for anything investment related is very deceptive.

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Re: TurboTax Deluxe or Premier

Post by pshonore » Sat Mar 03, 2018 3:33 pm

Basic will also work (doesn't usually come with State if that's a concern)

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wander
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Re: TurboTax Deluxe or Premier

Post by wander » Sat Mar 03, 2018 4:18 pm

TurboTax Deluxe is sufficient for you.

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Re: TurboTax Deluxe or Premier

Post by abuss368 » Sat Mar 03, 2018 5:39 pm

I would expect Deluxe to work just fine and save you a few bucks. Tax preparation may be even easier next year.
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Re: TurboTax Deluxe or Premier

Post by TheDDC » Sat Mar 03, 2018 5:42 pm

Is Deluxe sufficient for sole proprietorship business income?

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Re: TurboTax Deluxe or Premier

Post by abuss368 » Sat Mar 03, 2018 5:56 pm

I always liked using Turbo Tax. It worked well with Quicken.
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Re: TurboTax Deluxe or Premier

Post by tennisplyr » Sat Mar 03, 2018 6:10 pm

MnD wrote:
Sat Mar 03, 2018 2:48 pm
Deluxe (disk version) works just fine for investments including buying/selling shares of stocks and mutual funds and investment income. Downloads data directly from most brokerages so you don't even have to enter anything. The way they advertise Premier as "needed" for anything investment related is very deceptive.
I agree, they fooled me into believing I "needed" premier for a few years and wasted money. Switching to Deluxe this year.
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Re: TurboTax Deluxe or Premier

Post by MarkS » Sat Mar 03, 2018 6:18 pm

TheDDC wrote:
Sat Mar 03, 2018 5:42 pm
Is Deluxe sufficient for sole proprietorship business income?

-TheDDC
My wife and I each have Schedule C income and Deluxe handles both fine.

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Re: Do I really need Turbotax premier?

Post by jrbdmb » Fri Mar 23, 2018 9:20 pm

mpsz wrote:
Sat Feb 11, 2017 4:38 pm
If you're going the download/CD route, watch for sales. I got H&R Block Premium + State download for $27 earlier this week. I don't think it includes state E-file... but I owe state taxes, so I'm more than happy to snail mail that.

I'm really happy about finally breaking the cycle of paying TurboTax more than $100 annually. They always seem to raise prices significantly by the time I get all of my tax documents.
I've used TurboTax Deluxe for quite a few years, no issue with mutual funds / stock sales / capital gains / etc. And I'm sure I've never paid more than $60, usually less ($40-ish this year).

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Re: Do I really need Turbotax premier?

Post by Angelus359 » Sat Mar 24, 2018 8:49 am

I don't my taxes on credit karma and it cost me nothing.
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Re: TurboTax Deluxe or Premier

Post by StraightEdge » Tue Mar 27, 2018 5:19 pm

So what about for online versions? Will Deluxe still work if you have stocks and investments? I'm not sure if our 3rd party handler "sells" them routinely for my wife or not but assuming she does?

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Re: Do I really need Turbotax premier?

Post by StraightEdge » Tue Mar 27, 2018 5:21 pm

Is this discussion only for the desktop version? So does this mean you can use Deluxe online version for stocks, investments, etc.? I recently got married and my wife has stocks that is managed by a bank adviser...so I'm not sure if she routinely "sells stocks" or what is does? So can I still use Deluxe online or do I need Premier online?

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Re: Do I really need Turbotax premier?

Post by LadyGeek » Tue Mar 27, 2018 6:12 pm

I merged Ecorp's thread into an earlier discussion.

jagsfan05, Welcome! (I spotted the duplicate discussion by your bump of both threads.)
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Re: Do I really need Turbotax premier?

Post by mhadden1 » Tue Mar 27, 2018 8:06 pm

I stopped using TurboTax because I found that it cost too much for the functionality I needed.

Other tax software products are much cheaper and in my opinion, a better value. Most will import last year's pdf as a quick start. YMMV

Our income was down for 2017 - but I did have capital gains from mutual fund sales. I was able to use FreeTaxUSA to file for free. :moneybag
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Re: Do I really need Turbotax premier?

Post by tooluser » Tue Mar 27, 2018 8:27 pm

You don't need it.

But I am lazy and get it (desktop version) anyway. It imports and formats the data nicely so that it's quite easy to determine what your trades were and verify whether any of the information is incorrect. Clearer than the brokerage statements, I think. It has probably saved me a few hours of work on two occasions in the past several years, when my transactions were in the dozens instead of onesie twosies. I still check the forms before filing.

I am also lazy enough to have Turbotax sent to my house each year at list price but with free shipping. I know that the product works for me. One less decision to make, and at least one fewer shopping excursion. I'm willing to pay for that.
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Re: Do I really need Turbotax premier?

Post by JBTX » Wed Mar 28, 2018 12:26 am

I’ve always gotten a cd or download version. I usually get the level that is recommended even though I know technically you don’t need it. I’ve always used TurboTax and don’t want to switch to save $20 or $30 per year. I’m not sure why anybody pays $100 - I usually find TT home and business cheaper than that and if self employed I deduct it as a business expense.

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Re: Do I really need Turbotax premier?

Post by lazydavid » Wed Mar 28, 2018 5:19 am

mpsz wrote:
Sat Feb 11, 2017 4:38 pm
I'm really happy about finally breaking the cycle of paying TurboTax more than $100 annually. They always seem to raise prices significantly by the time I get all of my tax documents.
You know that you're allowed to buy tax software when it's on sale, and don't have to wait until you have all your documents, right? I often buy mine on Black Friday.

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Re: Do I really need Turbotax premier?

Post by Spedward » Wed Mar 28, 2018 7:38 am

I have pretty complicated taxes (nasty K-1, investments, rental properties, Backdoor ROTHs, mult state, etc) and I never get the premier.

That being said, I don’t think the walk through or webbest version would work, but if you understand and can navigate the forms (and you should), the cheap version works fine. You have to use the desktop version though.

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Re: Do I really need Turbotax premier?

Post by stocknoob4111 » Sun Feb 10, 2019 4:46 pm

I have the following situations:
1099-INT and DIV (I know this should be covered by Deluxe)
Tax Loss Harvesting (sales of investments)
Backdoor Roth (1099-R)
401k Roll-in (although I don't think anything special is needed for this)
HSA contributions and distributions (1099-SA)

Is the above covered in the TT Deluxe CD version?

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