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MsLasVegas
Returning Member

Can you claim interest income on the basic version

So I was told you can claim retirement income on basic version. Can you claim interest income also?

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5 Replies

Can you claim interest income on the basic version

Are you using the CD/download Basic version?   You can enter any kind of income.  What you cannot do with online Basic is prepare a state return---unless you upgrade and pay for state software.

**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.**

Can you claim interest income on the basic version

Or....when you used the word "basic" did you really mean the Free Edition?   Some users mix up the terms and it can confuse us.  What software are you using?

 

 

**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.**
MsLasVegas
Returning Member

Can you claim interest income on the basic version

Yes, the free version which I believe is called basic.

Can you claim interest income on the basic version

No---the Free Edition is called the Free Edition.    There is an actual paid version called Basic--which is why I asked.

 

WHY DO I HAVE TO PAY?  I WANT THE FREE EDITION

 

The information that you can enter in Free Edition is pretty limited now.  Thanks to the new tax laws that began for 2018 returns, there are no more simple Form 1040EZ or 1040A's.  Everything goes on a Form 1040 that has three extra "schedules" with it, and if you need any of those schedules, you are not able to use the Free Edition.  Using the standard deduction instead of itemizing does NOT mean you will not need any of those schedules.https://ttlc.intuit.com/questions/4511011-what-happened-to-the-1040a-and-1040ez   If you started in the Free Edition and entered any data that required any of those three schedules, you have to upgrade to a paid version.   The Free Edition cannot be used for self-employment income, investment income, rental income or a student loan interest deduction,

 

https://www.irs.gov/forms-pubs/about-form-1040 

 

 

If you qualify to use it, there is another full-featured free version of the software:

Try Free File: 

You qualify if your income was $39,000 or less, or $72,000 or less if active duty military, or if you qualify for Earned Income Credit

https://ttlc.intuit.com/questions/1900583-what-is-turbotax-free-file-program

 

 

Note:  If you do not qualify to use Free File then you will have to upgrade to Deluxe or higher in the paid versions of the software.   

 Online Deluxe $40  State software $40

 

 

Or—-Use this IRS site for other ways to file for free

 

https://apps.irs.gov/app/freeFile/

 

 

 

 

If your TurboTax fees are higher than expected, you can reduce them by removing add-ons:

 

 

**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.**

Can you claim interest income on the basic version

Or there is an actual BASIC version in the CD/Download Desktop installed program.   Wonder if there is a Basic version in Canada?  But you can enter interest in all versions, even the Free Edition.  

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