It depends on whether you want to use Online TurboTax or desktop TurboTax (CD/download). And it may depend on what other forms you need in your return.
In the Online version, a Schedule E for rental property income/expenses can only be prepared in Premier or Home and Business. So Online Deluxe cannot handle Schedule E.
In the desktop versions, however, all of the editions can prepare all the usual forms. They differ mainly in the amount of help and guidance. The desktop version of Deluxe can handle the Schedule E, but Premier offers a bit more help and guidance with rental property.
So you first need to decide between Online or desktop. The Online version can prepare 1 Federal return, and any state returns are an extra fee. As I said above, some Online editions have form limitations. Online Deluxe cannot handle Sched. C, D, E, F, or report a K-1. Online Premier cannot prepare Sched. C or F.
The desktop version can prepare multiple Federal returns, but is limited to 5 free Federal efiles; additional Federal returns can be printed and mailed. Some of the desktop editions include a state program. Desktop Deluxe comes in 2 versions--one that is Federal only, and one that is a combo Federal and State. When purchased from TurboTax, desktop Deluxe is the combo Fed and State version. If purchased elsewhere, one has to be careful which Deluxe it is. The Basic Edition does not have a state program and cannot import from ItsDeductible.
Even though a state program is included in most desktop editions, there is a 24.99 state efile fee (sometimes it is discounted to 19.99 in early filing season). There is no efile fee for NY state, and there is no efile fee if a state return is printed and mailed.
