1. Do i need to install TurboTax Premier on my computer to be able to use it? Or can I put in a code and be able to keep using turbotax Online with this product?
2. Turbotax premier says that I can file 5 Federal e-files. Does this mean that I can do 5 federal e-file for 5 different tax years? Or can I use Turbotax premier indefinitely?
3. It also mentions that I can do 1 state e-file. If I use the e-file for this year, what is the cost of state e-file for each subsequent year?
4. I understand that tax codes change from year to year. Is turbotax updated on a yearly basis so if I use this product in future it will correctly do the taxes?
1. Yes, you will need to install TurboTax Premier on your computer. The CD version is a separate program from the online. See instructions below on how you can move your work from the online program to the desktop.
2. It is 5 Federal e-filed returns for this year only. So, you can prepare and e-file 5 tax returns with the software - i.e. if you are preparing returns for your children or parents, etc. You cannot use the same program for next year. You will need to purchase a new program.
3. The state e-file is actually not included. It is the state preparation that is included. There is a separate charge for actually e-filing the state (you can print and mail your state return for free though). This differs from the online program, which charges a separate fee for both federal and state preparations, but includes e-file. Again, you will need to purchase a new program for next year, so you will get another state preparation next year.
4. Yes, TurboTax is updated every year, but the entire program is update, which is why it requires a new purchase of the software every year.
- Log into your TurboTax Online Account and select Take Me to My Return (you must click this before proceeding or you won’t get the Tools menu)
- In the blue banner at the top, click on My Account and select Tools from the dropdown menu
- In the small box that populates, click on Save your 2016 return to your Computer (try to save to an easy-to-find location such as My Documents or Desktop)
- This will download a .tax2016 file to your computer - make note of where that file is saved to on your computer
- Sign out of TurboTax Online and, if you haven't done so already, install TurboTax 2016 CD/Download and install any updates. Windows | Mac
Important: If you Online return already contains one or more states, you must install those states in your desktop program also; otherwise, you will receive errors when you attempt to open your return. You can install states by going to: for Windows, the menu item Online (next to help) > Download State and, for Mac, the menu item TurboTax (next to your Apple Icon) > Download State.
- Once installed, choose File > Open Tax Return.
- Browse to where you saved the .tax2016 file in step 3, select it, and then click Open.
- Choose File > Save.
(Optional) Once you are satisfied that your online returns transferred over properly, you can clear your Online return. Note: This will remove your data online, so I would recommend waiting until you have at least filed your return before clearing any online data, but the choice is yours.