What version of TurboTax I will need?

Forum|Forum|5 years ago
February 4, 2021
4 replies
10 views

This year I have a very simple tax – will be taking standard deduction (vs. itemized deduction). However, I do have a capital gain from a stock sale. What version of TurboTax I will need?

Thanks

Best answer by bluedeb

Free Edition does not handle Capital Gains.

Which TurboTax do I need for capital gains?

Which TurboTax package do I need for schedule D capital gains and losses? TurboTax Premier or above for online versions.

Can I use TurboTax Deluxe for capital gains?

If you've already purchased the desktop version of TurboTax Deluxe, here are your options: Make sure you really need to upgrade. You can still use Deluxe to report income from interest, dividends and mutual fund capital gains distributions. You can also use it to report miscellaneous income from a 1099-MISC.

HelenC12

Level 15

If you'd like to do your taxes online, start with our TurboTax Free Edition and if your tax situation requires an upgrade, we’ll let you know. Generally, if you have stock trades that are reported on form 1099-B and you're using TurboTax Online, you'll need to use the Premier or higher version.

See TurboTax Premier and TurboTax Live Premier

If you want to use the TurboTax CD\Download version, you may use Basic, Deluxe, Premier or Home & Business. Remember, the higher the version, the more support you'll get.

Form 1099-B (Proceeds from Broker and Barter Exchange Transactions) reports the sale of stocks, bonds, mutual funds, and other securities.

Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.

You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.

Related Information:

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bluedeb

Answer

Alumni - Champ

Free Edition does not handle Capital Gains.

Which TurboTax do I need for capital gains?

Which TurboTax package do I need for schedule D capital gains and losses? TurboTax Premier or above for online versions.

Can I use TurboTax Deluxe for capital gains?

ex86_2Author

Level 2

Thanks for all responses. I should have been clearer in my question. I actually do not want a free version. I just wanted to know which purchased version I need to handle the capital gain (along with interest and dividend earned) with no itemized deductions. It sounds like Deluxe version will do.

Thanks again

bluedeb

Alumni - Champ

@ex86_2 The Deluxe version will work if you are using the Desktop version. If you are going to use the Online version, you would need Premier.

ex86_2Author

Level 2

Thanks again - will use the desk top version then

bannorlee

Level 2

I am the executor of my uncle's estate. What version do I need. The version I used for my taxes won't handle it.

Irene2805

Level 15

Form 1041, U.S. Income Tax Return for Estates and Trusts, is required if the estate generates more than $600 in annual gross income. For more information, please see this IRS article: Deceased Taxpayers – Filing the Estate Income Tax Return, Form 1041

For an estate/trust return (1041) you will need TurboTax Business. You can visit the following link to purchase the program: TurboTax Business.

TurboTax will take you through an interview to prepare the business return, similar to the personal (1040) products.

As part of preparing the 1041 return, TurboTax will prepare K-1 forms for each beneficiary. You will need to enter the information from the K-1 into your personal 1040 return.