If you are filing the tax return for the S-Corp. (1120S) you will need Turbo, and tax business. You can visit the following link to purchase the program: Turbo, and tax business. If you simply have a K-1 from the S-Corp (plus the 1099 and W-2), you will need Turbo. Tax Premier (either Online or CD/Download).
The next thing we wondered was, can I use a more expensive version of TurboTax?
In all the questions and answers below, you can always use a more expensive version of Turbo, and tax. We list the cheapest version you’ll need. For example, if you sold stock, you’ll need Turbo. Tax Premier or better, which only includes Turbo. Tax Home & Business. So, which Turbo. Tax do you need? What can all versions do? Do you only have Form-1099s?
While we were writing we ran into the query “Can I use the free version of TurboTax for stock sales?”.
, the turbo Tax online Free edition is used for fairly simple tax return and supports IRS Forms 1040EZ and 1040A. A tax return with stock sales would not be able to use the Free edition since to report those sales you need the full Form 1040, Schedule D and Form 8949.
The deluxe version is only about support . Their free version includes much of what is included in Turbo. Tax Premier (investments, rental income) and Home & Business ( 1099 income and expenses). You can see our full review of Free, tax USA for more.
Which turbotax should I use if I sold a home?
You will need the online Turbo. Tax Premier or Self-Employed edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return. Or enter sale of home in the Search box located in the upper right of the program screen.
You will need the Turbo. Tax Premier or Home and Business online edition to report the sale. Make sure that you indicate that you want the sale of the home reported on your tax return.
Another frequent question is “Can I use TurboTax Deluxe If I just bought a house?”.
(All data will automatically transfer to your new upgraded version) If you do not have to report the sale of your home (because you are claiming the home gain exclusion), you will be able to use Turbo. Tax Deluxe to report any Schedule A deductions related to your home purchase.
What version of TurboTax do I need to report a rental property?
Rental Properties are reported on Form 4797. Use Premier Edition for any of these sales. May 31, 2019 10:05 PM I sold a house this year. What version of Turbotax do I need? What type of house was it?
When we were researching we ran into the query “Where do I enter the sale of my home in TurboTax?”.
Where to enter the sale of your home (if required ) in Turbo. Tax: While inside the software and working on your return, type sale of home in the Search at the top of the screen (you may see a magnifying glass there). There will be a popup that says Jump to sale of home. Select that to get to the general area.
Any of the tax year 2015 desktop CD/Download editions can be used to report the sale. You will need the Turbo. Tax Premier or Home and Business online edition to report the sale. Make sure that you indicate that you want the sale of the home reported on your tax return.
Do I have to report a home sale on my taxes?
If the home was sold while you were single, you may qualify for a home sale exclusion if you lived in it 2 of the last 5 years. If your home sale must be reported, then you can report your share of the sales price and expenses.
How much does it cost to file taxes with Turbo Tax?
TURBOTAX ONLINE/MOBILE Try for Free/Pay When You File: Turbo. Tax online and mobile pricing is based on your tax situation and varies by product. $0 federal (for simple tax returns) + $0 state + $0 to file offer only available with Turbo. Tax Free Edition; offer may change or end at any time without notice.