Do i have to install new software for 2016 or is there an update i can use

Each version of Turbotax is a free-standing application customized for the specific tax year .

You cannot run an update to roll 2015 TurboTax to a 2016 version

Links to CD\Download and Online versions are below:

CD/Download: https://turbotax.intuit.com/personal-taxes/cd-download/

Online: https://turbotax.intuit.com/personal-taxes/online/

Thank you for your quick response.  Just to be clear, I will have separate Turbo Tax programs installed on my computer for every year I use the software.  IE...TT2015...TT2016...etc....  Thank you for understanding my confusion.

essentially yes. This will greatly facilitate opening, editing or even amending each years returns. While the Desktop version does prompt you to save your return locally and you can import the information from your previous years return into this years, manipulation of individual returns to finish or amend a filing will require that years returns as the forms involved are specific to that year.

got it....thanks again

anytime, write back if you need anything else.