Which version of Turbo Tax Desktop to choose from?

[JAIME-TITOMALONE]

Hello experts,

I need to file some 8621s with my return this year so I am contemplating using Turbo Tax Desktop instead of the online version. I would like to get some feedback with regards to the correct version of TT Desktop to buy: Basic, Premier, Deluxe. I am a resident of Texas so I do not need to complete a State return.

In addition, and related to TT Desktop, I was filling Form 1116 online and saw that whenever your taxes have been paid in foreign currency it is not possible to use the online version of Turbo Tax? Can anyone explain why, and how to overcome this limitation in the Desktop version?

Many thanks in advance,

Jimmy.

[DavidD66]

Neither TurboTax Desktop nor TurboTax Online support Form 8621, so you won't be able to use TurboTax to prepare those.  You can go to IRS Form 8621 and complete the form. You will have to print and mail your return in order to attach Form 8621.

As for TurboTax Online not being able to be e-filed with Form 1116 "whenever your taxes have been paid in foreign currency", Form 1116 requires all amount to be reported in US Dollars except where specified in Part II.  If you are completing Part II, I recommend you use TurboTax Desktop.  Where are you seeing that you cannot e-file?

[JAIME-TITOMALONE]

Thanks for your answer, David.

Based on your reply I see I didn't explain myself correctly. The reason for thinking about using TT Desktop was to be able to input the combined taxes resulting from my multiple 8621s into my tax return. As indicated by a fellow expert of the community, the way of working is the following:

"Go to 1040/1040 SR WKS Go to Schedule 2 Part 2 Line 17Q Here is where you will report the taxes that were generated on Form 8621. Here you will combine the totals from both 8621's".

The alternative that was mentioned was to fill in may 8621s and send them together with my return and a note explaining TT online would not let me input this info.

So, based on this info, if I were to use TT Desktop, which version shoul I acquire?

[DavidD66]

All versions of TurboTax Desktop have the same forms and worksheet availability through Forms Mode.  The differences are between the step-by-step guidance they provide.  None of the versions are going to give you any step-by-step guidance on how to enter information from Form 8621, so it doesn't matter which version you use for that.  You can always start in Basic, and the do an in-program upgrade if you want  additional step-by-step instructions/guidance.