If you have just interest and dividends (Schedule B) you can use any version of Turbo, and tax. However, if you have capital gains /losses reported on a brokerage statement, requiring a Schedule D, you need Turbo. Tax Premier (Online) or any version of Turbo, and tax cd/download.
This free version of Turbo. Tax is a great option for taxpayers whose income is largely from W-2s and savings in the bank. The tax software includes a free filing of your simple federal and state tax returns.
If you only have a W-2 from work and various Form 1099s, you may only need the Turbo. Tax Free Edition.
What are the different types of TurboTax?
There are four main types of Turbo. Tax to choose from. Your choice should correspond with your lifestyle. For instance, if you are a taxpayer with investments in cryptocurrency, there is a clear Turbo. Tax version for you. Are you self-employed? Then don’t pick the option for taxpayers who document all their income with a W-2.
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.
How many tax returns can I file 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.
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.