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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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.
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?
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
RAM
Hard Disk Space
Monitor
Third Party Software
Internet Connection
Printer
Administrative rights required
Mac CD/Download Products
Operating Systems
RAM
Hard Disk Space
Monitor
Internet Connection
Printer
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:
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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