TurboTax 2020 available Nov 4

[phxjcc]

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.

thanks for posting this---was about to click and thought I better check with BH first.

[02nz]

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”...

No it's the same product, the question is whether you prefer a $10 Amazon gift card included at no extra cost, or not.

[Impatience]

I’ll be doing my taxes for $0 on credit karma like I do every year.

[DIYtrixie]

Can TT Deluxe handle tax preparation for an LLC? If not, what version is required?

[MP123]

Can TT Deluxe handle tax preparation for an LLC? If not, what version is required?

How is the LLC taxed?

If it's a sole proprietor (disregarded entity) then TT Deluxe will do the Schedule C.

If it's taxed as a partnership or S-Corp then you need TT Business (not Home and Business) to do the 1065 or 1120S.

[pshonore]

Can TT Deluxe handle tax preparation for an LLC? If not, what version is required?

How is the LLC taxed?

If it's a sole proprietor (disregarded entity) then TT Deluxe will do the Schedule C.

If it's taxed as a partnership or S-Corp then you need TT Business (not Home and Business) to do the 1065 or 1120S.

But Deluxe will handle the K1 produced by TT Business.

[JD58]

While much of the interview process for sections is incomplete.

I worked through creating forms and updating forms from the form carryover from 2019 TurboTax. 1099-R forms have been updated to reflect CARES act RMD changes as well as Covid impacted distributions. Calculations and tax treatment appear to be correct based on my testing.

Also, tax credit section forms will handle CARES act stimulus payments/credits.

Doing this process, I was able to get within $450 of what my spreadsheet said taxes should be for the year. TurboTax had $433 less taxes for the year than my spreadsheet and a projected refund higher than my spreadsheet of $1054.

So if you are comfortable working through the forms rather than the interview process. It can give you some idea on year end tax planning for ROTH conversions and max i401K contributions.

[RustyShackleford]

Is there a discount for Vanguard account holders ?

[stan1]

Is there a discount for Vanguard account holders ?

No, Vanguard is a low cost brokerage and money manager.
Vanguard does not subsidize free (or low cost) perks for their customers.
I prefer it that way.

[ruhigste]

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.

After doing my 2019 taxes in Turbo-Tax, I did them again in Free Tax USA just to see. I learned I had made an error in Turbo-Tax. I had to refile under Turbo-Tax manually. I think I'll try Free Tax first, this year.

[csmath]

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”...

The one with the gift card is "cheaper" if you use the $10 towards something that you would buy anyways!

Usually you can get TurboTax on sale with the gift card at the same time though if you feel like waiting.

[BogleMelon]

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.

After doing my 2019 taxes in Turbo-Tax, I did them again in Free Tax USA just to see. I learned I had made an error in Turbo-Tax. I had to refile under Turbo-Tax manually. I think I'll try Free Tax first, this year.

Was that mistake due to something not clear in TT but clear in Free Tax?

[ruhigste]

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.

After doing my 2019 taxes in Turbo-Tax, I did them again in Free Tax USA just to see. I learned I had made an error in Turbo-Tax. I had to refile under Turbo-Tax manually. I think I'll try Free Tax first, this year.

Was that mistake due to something not clear in TT but clear in Free Tax?

It was not clear to me in TT. It's something you have to enter as an itemization on the Federal return, but it only saves you money on the Wisconsin return. It doesn't save you any money on the Federal return. We didn't file itemized on the Federal return, because there was no advantage in doing so there.

[retired@50]

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).

Does anyone know when Turbo Tax will get the updates to allow for 1099-R forms and stock/mutual fund trades?

We're getting awfully close to year end.

Regards,

[BroIceCream]

The suspense is killing me. Only a week left until my curiosity is satisfied after a year of waiting...
...when will the annual "Free Fidelity Turbotax" thread be restarted?!?!?!

[moneyzone]

Planning to use tax software for the first time this year.
I see TT deluxe download version can take care of 5 fed returns with efile and one state return without efile. 5 Fed returns here means it can take care of 5 individual fed filing and efile? i will need two returns, 1 MFJ and one for minor child’s unearned income.

also, one state return means preparing multiple state returns for one state or only one state return(one set of forms) ?

[lstone19]

Planning to use tax software for the first time this year.
I see TT deluxe download version can take care of 5 fed returns with efile and one state return without efile. 5 Fed returns here means it can take care of 5 individual fed filing and efile? i will need two returns, 1 MFJ and one for minor child’s unearned income.

also, one state return means preparing multiple state returns for one state or only one state return(one set of forms) ?

For federal, you can prepare an unlimited number of federal returns but only e-file five of them. I tend to a do a number of draft/test returns early in the season before doing the real one filing and those do not get in the way of the ones I e-file (in other words, if you start on a return, make a mistake, and decided it's better to just start over, you have not wasted one of your five federal returns that you can e-file). You can also install the software on up to five computers. I do not know if the five e-file limit is per installation or are somehow tracked across the various computers you install it on.

For state, your first state download is included. You can pay to download additional states. All federal returns can then also prepare state returns for those states (the state return is integrated into the same computer data file as your federal return - you do not and cannot prepare a state return independent of the federal return). Any federal return that is e-filed can also have the state return e-filed (maybe even without e-filing the federal - there are state requirements that factor in so it varies depending on the state - I do not pay to do state e-filing as my state has its own free e-file portal so long as I don't mind taking the finished state forms TT can print and typing them into the state portal which takes me all of ten minutes).

So for your two returns - one MFJ and one minor child, well within the limits and all you will need to pay additional is to e-file the states.

Complicating the state return fees, note that the e-file fee is per return but the fee to download additional states is per installation. So if you had a complex situation where you were preparing two returns with three states in each, you'd pay two additional state download fees but then six state e-file fees.

[Cox3497]

So I've read all the posts about Deluxe having the same forms available as Premier with perhaps a little less hand-holding accounting for the cost difference. This will be the first year I'm preparing my own taxes that I will need to file 2 Form 8606's due to backdoor Roth IRA contributions for both my wife and myself.

Can someone please confirm that Deluxe has the capability to complete the 8606? Aside from this, I have a relatively simple return that really doesn't justify the additional expense, based off of feedback from the membership here. Thanks for any insight!

[Gus Chiggins]

So I've read all the posts about Deluxe having the same forms available as Premier with perhaps a little less hand-holding accounting for the cost difference. This will be the first year I'm preparing my own taxes that I will need to file 2 Form 8606's due to backdoor Roth IRA contributions for both my wife and myself.

Can someone please confirm that Deluxe has the capability to complete the 8606? Aside from this, I have a relatively simple return that really doesn't justify the additional expense, based off of feedback from the membership here. Thanks for any insight!

I used the TT Deluxe download version last year and was able to complete the two 8606s for our backdoor Roth contributions without any issues. The TT questionnaire as it relates to backdoor Roth contributions can be a little tricky but there are online tutorials out there that help walk you through it.

[Cox3497]

Thanks for the info, Gus! I see the wiki has some info to help with inputing the data into TT. I will be sure to reference that. I appreciate your insight.

[ubermax]

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.

I file our CT return using TT Deluxe online version and don't mind paying the relatively small additional fee , if any , for the convenience of having much of the information transferred from the Federal data - can't remember if one state return is included at no extra charge - every year though it seems like I have to fiddle around with both returns to get that Muni bond interest to reflect correctly on the State return .

[TravelGeek]

The suspense is killing me. Only a week left until my curiosity is satisfied after a year of waiting...
...when will the annual "Free Fidelity Turbotax" thread be restarted?!?!?!

Hope you survived one night - it started less than 12 hours after your post

viewtopic.php?f=2&t=294389&start=713

[aj76er]

Just downloaded the free Premier version. Thanks for posting.

[Rajsx]

What advantage does the CD VERSION of Turbo Tax Deluxe or Premier have over the DOWN LOADABLE version ??

[FiveK]

What advantage does the CD VERSION of Turbo Tax Deluxe or Premier have over the DOWN LOADABLE version ??

Nothing specific to TurboTax - those two versions are identical, as opposed to the online version of TurboTax.

Otherwise, it's mostly personal preference as to whether one prefers to feed disks into a CD drive, or click a Download button.

[lstone19]

What advantage does the CD VERSION of Turbo Tax Deluxe or Premier have over the DOWN LOADABLE version ??

Download and CD are just two different distribution methods for the same product. Once the initial program is installed, updates (required for it to be usable) are downloaded.

[moneyzone]

Planning to use tax software for the first time this year.
I see TT deluxe download version can take care of 5 fed returns with efile and one state return without efile. 5 Fed returns here means it can take care of 5 individual fed filing and efile? i will need two returns, 1 MFJ and one for minor child’s unearned income.

also, one state return means preparing multiple state returns for one state or only one state return(one set of forms) ?

For federal, you can prepare an unlimited number of federal returns but only e-file five of them. I tend to a do a number of draft/test returns early in the season before doing the real one filing and those do not get in the way of the ones I e-file (in other words, if you start on a return, make a mistake, and decided it's better to just start over, you have not wasted one of your five federal returns that you can e-file). You can also install the software on up to five computers. I do not know if the five e-file limit is per installation or are somehow tracked across the various computers you install it on.

For state, your first state download is included. You can pay to download additional states. All federal returns can then also prepare state returns for those states (the state return is integrated into the same computer data file as your federal return - you do not and cannot prepare a state return independent of the federal return). Any federal return that is e-filed can also have the state return e-filed (maybe even without e-filing the federal - there are state requirements that factor in so it varies depending on the state - I do not pay to do state e-filing as my state has its own free e-file portal so long as I don't mind taking the finished state forms TT can print and typing them into the state portal which takes me all of ten minutes).

So for your two returns - one MFJ and one minor child, well within the limits and all you will need to pay additional is to e-file the states.

Complicating the state return fees, note that the e-file fee is per return but the fee to download additional states is per installation. So if you had a complex situation where you were preparing two returns with three states in each, you'd pay two additional state download fees but then six state e-file fees.

So to understand clearly, with TT deluxe download version. I will be able to prepare 2 fed return and 2 state return(same state), and efile for both fed returns. correct?

[lstone19]

So to understand clearly, with TT deluxe download version. I will be able to prepare 2 fed return and 2 state return(same state), and efile for both fed returns. correct?

Yes

[BogleMelon]

Planning to use tax software for the first time this year.
I see TT deluxe download version can take care of 5 fed returns with efile and one state return without efile. 5 Fed returns here means it can take care of 5 individual fed filing and efile? i will need two returns, 1 MFJ and one for minor child’s unearned income.

also, one state return means preparing multiple state returns for one state or only one state return(one set of forms) ?

For federal, you can prepare an unlimited number of federal returns but only e-file five of them. I tend to a do a number of draft/test returns early in the season before doing the real one filing and those do not get in the way of the ones I e-file (in other words, if you start on a return, make a mistake, and decided it's better to just start over, you have not wasted one of your five federal returns that you can e-file). You can also install the software on up to five computers. I do not know if the five e-file limit is per installation or are somehow tracked across the various computers you install it on.

For state, your first state download is included. You can pay to download additional states. All federal returns can then also prepare state returns for those states (the state return is integrated into the same computer data file as your federal return - you do not and cannot prepare a state return independent of the federal return). Any federal return that is e-filed can also have the state return e-filed (maybe even without e-filing the federal - there are state requirements that factor in so it varies depending on the state - I do not pay to do state e-filing as my state has its own free e-file portal so long as I don't mind taking the finished state forms TT can print and typing them into the state portal which takes me all of ten minutes).

So for your two returns - one MFJ and one minor child, well within the limits and all you will need to pay additional is to e-file the states.

Complicating the state return fees, note that the e-file fee is per return but the fee to download additional states is per installation. So if you had a complex situation where you were preparing two returns with three states in each, you'd pay two additional state download fees but then six state e-file fees.

So to understand clearly, with TT deluxe download version. I will be able to prepare 2 fed return and 2 state return(same state), and efile for both fed returns. correct?

Yes, but you would have to pay extra to e-file the state. Otherwise, you can prepare it, print and mail it (or use your state portal if they allow this to fill in the state tax form using TT generated numbers)

[mindbogle]

FYI - received software update this morning for Home & Business which includes 1099-R forms.

[02nz]

Today only, Amazon has a promo on various versions of TT, e.g., Deluxe + State and including $10 Amazon GC for $40: https://www.amazon.com/gp/product/B08KK8JLT4

(Already mentioned in another thread, but a PSA for those following this one.)

[Agent86]

Regarding when IRS Forms will be enabled in TurboTax, there is a published update schedule.

Here is the link, in their FAQ: https://care-cdn.prodsupportsite.a.intu ... idual.html

--Agent86

[stvyreb]

Is there a discount for Vanguard account holders ?

No, Vanguard is a low cost brokerage and money manager.
Vanguard does not subsidize free (or low cost) perks for their customers.
I prefer it that way.

not so long ago, VG flagship had an online version for no-cost, I assume that is no more, never like using online versions, though I know some think its better as its backed up in the cloud automagically..

[sycamore]

...
not so long ago, VG flagship had an online version for no-cost, I assume that is no more...

Correct, the TT perk is no more, at least at Vanguard.

[anon3838]

Looks like discounted TT is available to Fidelity customers right now, but what I don't understand is how to get the discount if TT does not charge for the use of their software until it's time to file the return.

Does anybody know how this works? I think I missed out on this perk last year.

https://www.fidelity.com/tax-informatio ... t/overview

[BroIceCream]

Looks like discounted TT is available to Fidelity customers right now, but what I don't understand is how to get the discount if TT does not charge for the use of their software until it's time to file the return.
https://www.fidelity.com/tax-informatio ... t/overview

I don't know if it happens every year, but two years ago I noticed the TT prices slightly increase as we approached April (even increase on the Fidelity TT site).
I use the online version. I lock in my price by "starting the return" even before I get my financial documents (filling out the family info), and then go to the tools section and "pay" (without filing). This locks in the price (whether free or discounted). Then I don't have to worry about price creep on the efile, state, or other costs.

[anon_investor]

Looks like discounted TT is available to Fidelity customers right now, but what I don't understand is how to get the discount if TT does not charge for the use of their software until it's time to file the return.
https://www.fidelity.com/tax-informatio ... t/overview

I don't know if it happens every year, but two years ago I noticed the TT prices slightly increase as we approached April (even increase on the Fidelity TT site).
I use the online version. I lock in my price by "starting the return" even before I get my financial documents (filling out the family info), and then go to the tools section and "pay" (without filing). This locks in the price (whether free or discounted). Then I don't have to worry about price creep on the efile, state, or other costs.

I always find that the disc/download version is the best deal. Once I have it, they can't raise the price on me.