Yes, you need to purchase new TurboTax software each year. Because there isn't a way to update prior-year tax software to handle the 2020 tax laws, you'll need to purchase TurboTax 2020 if you want to use TurboTax to prepare this year's taxes.
- If your family member used TurboTax last year and they have their log in information, go to TurboTax.com and sign in.
If they don't know their TurboTax information, you may use the Account Recovery Request for their TurboTax Account.
If they have a copy of their tax return, you could also create a new account and enter carryover amounts, if any, into TurboTax.
- For example: if there is a capital loss carryover. Carryover losses on your investments are first used to offset the current year capital gains if any. You can deduct up to $3,000 in capital losses ($1,500 if you're married filing separately). Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
