Covering things here. CD vs Online, and the form 4562.
What do people suggest, CD version downloaded or On-Line.
This is my personal opinion. If this is your first year using TurboTax, use the CD/Download version that you physically install on your Windows or MAC computer. For a first time user the online version isn't anywhere close to what I would call "user friendly".
The CD version gives you significantly more versatility. For example, with the online version, Forms Mode is not available until "AFTER" you have paid your filing fees. Once you pay, your option to start over from scratch is gone for good.
With the CD version, if you need to switch from "interview mode" to "forms mode", one simple click lets you go back and forth - and you will probably do this quite a bit as a first time user of TurboTax.
With the CD version, if you need to start over from scratch (and I'm sure you will, more than once) you simply delete the .tax2022 file located in the Documents/TurboTax directory. Then when you start the program it's "as if" you just installed it for the first time.
With the online version, you pay for each individual tax return that you file. Both federal and state.
With the CD version, you pay for the program "one" "time" and you can complete and file as many federal returns as needed. However, the IRS (not TurboTax) says you can only e-file a maximum of 5 returns. After that, you have to print, sign and mail the return to the IRS.
With the CD version for state returns, some flavors include "on free state". But you have to pay to e-file that state, and any additional state returns. You can choose to print, sign and mail the state return and you won't be charged the filing fee for that - but you will still have to purhcase the state module for each state after your "one free state".
Form 4562
For each rental property you own, there are two form 4562's and both of them print in landscape format. One is titled "Depreciation and Amortization Report" and the other is "Alternative Minimum Tax Report". Most likely, the first one will be the only one you need. But have the AMT report handy in case the program asks you for any AMT values.
The 4562's will have all the data you need for you to enter your rental property assets in the Assets/Depreciation section of the program. Without the 4562, you may find it rather difficult to get things set up correctly. Not necessarily impossible...... just difficult.
