I have used H&R Block for Windows for many years. While it worked well, one serious limitation was that it could not import Investment data from Chase Financial Services. This made no sense to me not my Chase financial advisor, so I just manually input the data myself. I'm ready to give TurboTax a try, but I'm concered about your product's ability to pull in the carry-over data from previous years. In addition to "normal" carry-over losses from stocks and funds, I have a defaulted personal loan (that I made to another person) that has been carrying over for several years, writing-off something like $1500 per year against a ~$75,000 loss.
Can you assure me that this information will get imported from previous year files? What is the process?
Here is the process to import data from last year's return.
Almost certainly prior year losses will not carry over when importing a pdf of your tax return. You will need to manually adjust those losses to make sure that they are correct for 2024. The system will ask several questions about prior year data to assist you.
If you buy the Windows Desktop program you can transfer from the actual HR Block file. For the Mac Desktop program and the Online browser version you can only transfer from the pdf which is very limited to only personal info and AGI. If everything doesn’t transfer you can manually enter the carryovers. It’s not hard.
Open the section on Transferring from Turbo Tax Desktop for Windows, HR Block or TaxAct.
You can buy Turbo Tax at several stores like Costco, Sam’s, etc. Where can I buy Turbo Tax Desktop program?
You can buy the Desktop Download program directly from Turbo Tax here,
https://turbotax.intuit.com/personal-taxes/cd-download/
2024 Desktop System Requirements