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Learning, Sharing, and Teaching => Taxes => Topic started by: italianant on February 02, 2019, 08:11:51 PM

Title: Turbotax Deluxe or Premier?
Post by: italianant on February 02, 2019, 08:11:51 PM
I've always used TaxSlayer but they did not catch that I had ineligible Roth contributions (as we file MFS for student loan purposes). I decided I'm going to try TurboTax because it will also save us money since we need to file two separate ones. I have 2 questions for those who have used TurboTax:

1. They state there are 5 Free Federal e-files. Includes One State Download Does that mean we cannot download and mail more than once? We will obviously need to file 2 times (although same state).

2. Deluxe or Premier version? We always do standard deductions, but we have mortgage interest. This year we did a backdoor Roth, and we had to take money out of our Roth due to the 2017 ineligible contributions (pay a 6% penalty for this). We also took our 2018 contributions which we used to fund a backdoor Roth. I've done forms for the dividends for our joint mutual funds, but nothing else relating to our investments. I've heard that you can input your Vanguard retirement account login/password and that it would copy that information into TurboTax. Is that true for either version?
Title: Re: Turbotax Deluxe or Premier?
Post by: MustacheAndaHalf on February 02, 2019, 09:02:07 PM
You can use the same State Download twice.  If you paid taxes in 2 states, then it wouldn't be enough.

Have you plugged the situation TaxSlayer failed to catch into TurboTax?  To see if it catches it?

If your investments are significant, then Premier might make sense.  On their website TurboTax says "Investments and rental property" should use Premier.  Do you have form 1099-B showing the proceeds from selling mutual funds?

Before you provide your login and password to tax software, I recommend you temporary change it to something the tax software will use.  Then let the tax software download your financial information... then change it back.  That way the tax software only has a valid password for a limited amount of time.  Then if somehow the tax software leaks your password later, it won't impact you since it's a password you're no longer using.
Title: Re: Turbotax Deluxe or Premier?
Post by: italianant on February 05, 2019, 07:50:54 PM
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You can use the same State Download twice.  If you paid taxes in 2 states, then it wouldn't be enough.
Thanks! Just one state for us!

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Have you plugged the situation TaxSlayer failed to catch into TurboTax?  To see if it catches it?
I have not yet because I haven't purchased the software yet due to not knowing what version to purchase.

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If your investments are significant, then Premier might make sense.  On their website TurboTax says "Investments and rental property" should use Premier.  Do you have form 1099-B showing the proceeds from selling mutual funds?

I have a 1099-F and next to the money that we pulled out for the ineligible contributions from 2017 it says "Taxable amount not
determined"

Under a 1099-DIV I have minor taxable funds (less than $200). That's about it-- everything else is not taxable from what I can see.