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BillE
Returning Member

Which TurboTax product should I use this year?

I have used the Home and Business version of TurboTax the last several years.  I have retired and no longer have a business.  What version of TurboTax should I use this year and will my information from last year download to the different version I will use this year?

Note:  I closed the business in October of 2017.

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1 Reply
Carl
Level 15

Which TurboTax product should I use this year?

That can be tricky. First, if you did not correctly and completely report the sale, closure of your business on the 2017 tax return, then as far as the IRS (and the TTX program) is concerned, you will still in business for 2018. The IRS will be expecting a SCH C from you, and the program will basically "insist" on importing your SCH C data from 2017, even if you indicate you did not have a business in 2018. The TTX program would basically insist on shoving the upgrade down your throat, like it or not.

First, see if you qualify for TurboTax Free or the freedom edition. You probably don't, but it's best to find out for a fact so that if you can do your taxes for free, why pay, right?

So first check out the requirements for the TurboTax Free File Program at https://ttlc.intuit.com/questions/1900583-what-is-turbotax-free-file-program

Then check out requirement for the freedom edition at https://turbotax.intuit.com/taxfreedom/ but note that "at this time" the requirements for that have not been posted. Hopefully they'll be out by the end of next week.

Now for the online version of TurboTax if that's what you prefer, go to https://turbotax.intuit.com/personal-taxes/online/ and at the very bottom of that page select the "Learn More" link beneath each version column to see what that version does. You can also select the "forms included" link at the bottom of each "version" page to see what tax forms that particular version includes.

 

If the CD/Desktop version is your preference, then go to https://turbotax.intuit.com/personal-taxes/cd-download/ and at the bottom of each version column there's a "learn more" link as well as a "view forms" link to see what forms are included.

With the desktop version all from Deluxe and up have all the same forms for the most part. It's just that the higher versions offer more "help" in the help files, is all.

So I would suggest the CD/Desktop version of Deluxe. That way, if for some reason the program "insist" on importing your 2017 SCH C data, it won't force an upgrade down your throat. Then we can review the imported data to see what may (or may not) have been overlooked on the 2017 return for closing your business.

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