I want to make certain that some version of Turbotax can handle our 2020 tax situation before I purchase.
It's actually not complicated at all since my wife and I are newly retired, with not much income last year, due in part to COVID-19. However, there are a few foreign-related items that I fear could cause problems with doing things with tax software.
In a nutshell, here's what we are dealing with for 2020 (figures are rounded):
Foreign Pension #1 (wife): US$ 5,000
Foreign Pension #2 (husband): US$ 600
Self Employment #1 after expenses: US$ 1,300
Self Employment #2 after expenses: US$ 800
US Social Security: US$ 4,000
Bank Interest (US and foreign): US$ 100
US Dividends: US$ 4,250
US Cap Gains Distributions: US$ 12,250
less 2019 overpay/estimated tax: ( - US$ 1,750 )
less 2019 Foreign Tax Credit: ( - US$ 750 ) General Limit
less 2019 Foreign Tax Credit: ( - US$ 10 ) Passive
And that's it.
As I wrote, above, I want to make certain that some version of Turbotax can handle our 2020 tax situation, including the foreign pension income, before I purchase. Also, which Turbotax product would be best so there are no problems dealing with our situation? Please let me know. Thank you.
