Hi again, VolvoGirl... Sorry to bother you, but I'm wondering if you can help me resolve conflicting information.
You make it clear that the 2019 Deluxe CD/Download will import all 1099 tax data. I assume this means the program will also fill out the appropriate forms using that data (1040, Schedule D, Form 8606, Interest, Dividends, etc. OK. Great. Thank you.
Here's my problem. I posed the same question to another Turbo Tax expert who says differently:
MY QUESTION: The TurboTax website says the Deluxe version allows the user to "Automatically import 1099 tax form data from participating financial institutions." Isn't the Deluxe version of TurboTax doing the same thing that the Premier version does? (See here.)
HIS ANSWER: "Yes, all versions of TurboTax can import 1099 data from your financial institution. Note, however, that investments such as stocks or bonds are reported on 1099-B. You need TurboTax Premier or higher to complete the forms related to investments."
This implies to me that TurboTax Deluxe HAS the data, but won't let you USE it. So I rephrased the question to the same person:
MY QUESTION: Since all versions of TurboTax can import 1099 financial institution data, and brokerage transactions are reported on 1099-B, why would I need the Premier version for my mutual fund investments? (See here.)
HIS ANSWER: "Forms 1099 are used to report all types of financial transactions, such as dividends, interest, and miscellaneous. All versions of TurboTax can download all of these. However, if you have investments such as stocks or bonds, reported on 1099-B, then you need the Premier version to complete the appropriate forms and report the transactions."
Sorry, VolvoGirl, but can you see what I'm missing? It appears that his answer is again saying that (1) either Deluxe imports the 1099-B brokerage data but doesn't use it, OR (2) it does NOT import it because 1099-B data is not included with all the other 1099 data (like 1099-DIV, 1099-INT, 1099-R, 1099-MISC).
If both versions import the same data, and both have the same forms, what exactly is it that Premier does (and Deluxe doesn't) to report mutual fund transactions reported on 1099-B?
Can you help me resolve what appear to be conflicting answers between two TT experts?
Again, I very much appreciate your time, and I thank you. This is driving me crazy, and the TT product web pages are of absolutely no help.
