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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.
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