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BobMeuser
Returning Member

I’m retired and no longer am self emplyed

I have officially retired and no longer have any income (or expenses) from my one-man handyman business.  I have always had to use the most expensive TurboTax program (TurboTax for Business).  For 2021, I will only have investment income (dividends, interest, and capital gains) as well as my Social Security income.   When I go online next February or March to do my 2021 tax return, will the TurboTax program automatically know to use the “less expensive” program since I no longer have my business?

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4 Replies

I’m retired and no longer am self emplyed

TurboTax for Business is strictly a CD/download software program for C-corps, S-corps, multimember LLC's and partnerships.   Have you been using that----- or have you been using online Self-Employed?

 

 

No it will not automatically know----it will probably try to start you off in Self-Employed since that is what you used in past years.  So if you want to downgrade do it right away before you start putting in any data that you will have to clear out if you want to start over in a lower version.   And....if you are interested.....any version of the CD/download can handle any sort of income including self-employment income.

 

It sounds like you will want Deluxe or Premier next year if you use online.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
BobMeuser
Returning Member

I’m retired and no longer am self emplyed

Thanks for your response.  Every year I get tons of emails from TurboTax wanting me to fill in my information for my tax return.  So I always just do it “on line.”   Sounds like you are suggesting to me that I go buy a separate CD of one of the less expensive versions of Turbo tax.   Problem is…..neither my iPad nor my laptop will take a CD!!   So now what?

I’m retired and no longer am self emplyed

You are correct----you cannot use desktop software on a mobile device like an iPad.    You can use the downloaded desktop software on some laptops if the laptop meets the system requirements.   

 

Or if you want to use online, then just make sure you downgrade right away to Deluxe or Premier.

 

 

Here are the system requirements for the 2020 CD/download----does your laptop meet these?

 

2020 Desktop TurboTax 

 

Minimum requirements for your computer

Below are the minimum requirements for TurboTax Federal 2020 software. Product activation required via Internet. Download option requires free online Intuit account.

Windows® CD/Download Products

Operating Systems

  • Windows 8 or later (Windows 7 not supported)

RAM

  • 2 GB or more recommended

Hard Disk Space

  • 1 GB for TurboTax (plus up to 4.5 GB for Microsoft .NET 4.5.2 if not already installed)

Monitor

  • 1024x768 or higher recommended

Third Party Software

  • Microsoft .NET 4.5.2 (included with TurboTax Installer)

Internet Connection

  • 1 Mbps modem (Broadband connection highly recommended). Required for product activation, software updates and optional online features

Printer

  • Any Windows-compatible inkjet or laser printer

 

Administrative rights required

 

 

 

Mac CD/Download Products

Operating Systems

  • macOS Mojave 10.14 or later

RAM

  • 2 GB or more recommended

Hard Disk Space

  • 1 GB for TurboTax

Monitor

  • 1024x768 or higher recommended

Internet Connection

  • 1 Mbps modem (Broadband connection highly recommended). Required for product activation, software updates and optional online features

Printer

  • Any Macintosh-compatible inkjet or laser printer
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
TaxT2021
Employee Tax Expert

I’m retired and no longer am self emplyed

Hi Bob,

 

Congratulations on your retirement.  Have a ball!

 

If you have no self-employment income to report for 2021 and will not require the Self-Employed version of TurboTax Live here are the specifics:

  1. The program will not automatically know that you are no longer self-employed
  2. When you log in you will see this page:
    1. That's a big head start toward getting your maximum refund!

      Don't worry—we'll help you update anything that's changed.
    2. Then you will see this screen:
      1. Tell us about you – we’ll recommend the right tax solution

Once those questions are addressed you can set the program up to those attributes that fit you!

 

Thank you for using this forum.

 

All the best!

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