@ Asnman wrote:
I hope you don't mind a couple follow up questions:
1) If I import my *.tax2019 file, will that populate a lot of the inputs for the online version, similar to how it does for the CD version (e.g., names, addresses, bank accounts, employer, etc.)?
2) Do you know if the online version will retain and continue to carry forward the historical IRA contributions like the CD-based version does?
I'm a fellow user and don't work for TurboTax. But I've been a volunteer helper in the forum for a long time.
1) Yes, transferring the *.tax2019 data file into Online TurboTax works the same way as far as the transferred info goes, so it should populate the items you mentioned for 2020. Check it carefully to be sure everything transferred over.
As I mentioned previously, as you work on the return if you have items that Online Deluxe can't handle, it would ask you to upgrade, such as Schedule D, E, or F; or Sched C with expenses, or enter a K-1, etc.
2) Historical IRA contributions, any basis (if applicable), etc. "should" transfer from the 2019 data file into 2020 and then next year into 2021--IF you use the same Online account year after year. But after filing the 2020 return, I'd still make a backup--just in case-- to include those IRA worksheets and others, because that's just me. 😁 I wouldn't want to have to rely completely on the TurboTax "Cloud" where there could be unexpected server crashes and data loss, although rare, could conceivably happen in a worst-case scenario. I would hope TurboTax has a lot of its own backup and redundancy, too. See my next paragraph below:
After efiling, the PDF that can be obtained at the Tax Home is mainly just the basic return "as filed." I also recommend that after efiling and the IRS has accepted the efile, filers download a full PDF of their return including all the summary pages and worksheets (we can tell you the maneuvers to get it.) The full PDF should include all the worksheets, such as carryover worksheets as well as the IRA Contributions Worksheet, IRA Information Worksheet, IRA Deduction Worksheet, Roth IRA Worksheet, etc. for your records. This makes for easy viewing throughout the year and is a backup of everything--just in case. And filers can even download and archive the actual *.tax2020 data file if they wish. But you must take care with both types of files (PDFs and data files) to store them safely and securely. They not only have your tax info and personal ID info, but can also have bank account numbers, etc. So guard against computer theft, hacking, etc.
