You should be able to use Free or Basic Live. Here is a listing of forms for each version. If you are using desktop, you will need Deluxe .
For the online editions of Turbo. Tax for reporting only dividends on form 1099-DIV and interest on Form 1099-INT, you can use either the Deluxe or Premier Edition. For a Schedule K-1 you would have to use the Premier or Home and Business edition. If you have any capital gains or losses that need to be reported on Schedule D, then you would have to use the Premier edition.
What is the difference between TurboTax and TurboTax Premier?
Like all Turbo. Tax software, Premier aims to give customers the biggest tax break possible., turbo Tax Premier searches for more than 450 tax deductions and credits to find qualifying tax breaks.
You should be thinking “Can I use the free version of TurboTax for stock sales?”
Some think that, 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.
What version of TurboTax do I need to file a return?
For a personal return, assuming you will need to report a K-1 you receive from the S-corp, and if you plan to use Online Turbo. Tax, you will need Premier or higher (Self-Employed Edition) . If you don’t need a Schedule C or F for any self-employed business or farm, then in an online product Premier would be fine.
A question we ran across in our research was “How many tax returns are filed with TurboTax each year?”.
Last year, more than 195 million tax returns and other tax forms were filed electronically; 14 million of those tax returns were filed with a version of Turbo, and tax. The tax software aims to simplify the tax filing process and find customers big tax breaks they otherwise would’t find on their own.
Another thing we wondered was, can I file more than one tax return with TurboTax?
This is actually an IRS rule, not a Turbo, and tax one. The IRS only allows you to prepare and electronically file up to five federal and (related) state tax returns. You can, however, prepare an unlimited number of returns and print them out to mail in. When you buy Turbo. Tax, you’re allowed to install it on any computer you own.
Should you hire a tax professional or TurboTax?
While some people with very complex or unique situations may feel more comfortable with the direct assistance of a tax professional, the majority of tax situations are easily covered by Turbo, and tax., turbo Tax offers online and desktop versions of its software, with different prices depending on your tax filing needs.
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.