Will all 'latest' versions (years) of TurboTax be always able to open all prior year TurboTax files, or do I have to keep all prior program versions installed, forever, on my PC?
Yes, you can uninstall your previous years TurboTax software. If you have purchase your software directly from TurboTax, then you would still be able to download your software for up to three years past the year of the software, by signing into MyTurboTax.com.
Save all *.tax20YY files and it would be a good idea to make pdf copies of your past returns just in case you need them to amend or IRS inquiry or audit. Many people at least 3 years saved for that purpose.
From this answer, i am guessing that not only should users archive copies of all their old TurboTax returns (ie, PDFs) but also the working TurboTax documents that generated those tax returns, AND they should keep all their past years' installation CDs so that if they ever need to open a prior year's TurboTax document for the purpose of changing anything, they should reinstall that year's version of TurboTax and only open it with that version. Or maybe keep all years' versions installed, so that the tax tables for each individual year are retained intact. Nothing on the CD packaging explains any of this.
yes. but realize that if you were to upgrade your computer's operating system or even upgrade to a new computer, some of the older years of TT might not work or install. however, most of the time you need only retain the last 3 years of tax records. here's what the IRS says
<a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records">https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records</a>
Wow!! Seriously? What? You guys don't do any regression testing? I don't think I've ever used a professional software app that couldn't open the files made from previous versions of the app. Are you developers drunk?
HUGE FAIL!!!
Totally agree with GoYanks comment. I mean honestly, do I have to worry that Microsoft wants me to upgrade to windows 11 and if I do older versions of TurboTax might not work or new versions can't read my old filings. That is ridiculous. This is serious stuff and TurboTax seems to take it lightly or not their problem even though it's their product that fails to live up to real world tax needs.
I just tried opening older versions of my tax returns in turbotax and it didn't work. This is very unhelpful. Now I have to go to the library and see if I can open my cd where my taxes are saved and print out from there.
If your PC meets the minimum systems requirements, older versions of TurboTax should run and open.
I don't use Windows. I use Mac. That said, I connected a drive to my computer and was able to access the pdf file. I tried opening several previous versions, however I couldn't open anything beyond 2017.
Wow! Super unhelpful. Thanks MichelleLO for telling us to do exactly what we're saying do NOT want to do.
No, you do not have to keep previous years of TurboTax installed on your computer. As long as you have your CD it can be reinstalled. Or, if you purchased it from TurboTax and downloaded it to your computer, it can be downloaded again.
It is important that you keep your .tax20xx data files though. These will be needed in order to access your prior year tax returns.
"AnnetteB Intuit Alumni"
To file my 2022 taxes involving rental properties with depreciation, do I need the Turbo Tax programs for all prior years installed on my new computer or just the 2021 program and the new 2022 program? I do have PDF files but I can't locate my 2020 CD. Still have access to my old computer but only for a short time as I'm retiring soon and was using my work computer to file my taxes all these years.
You only need the 2022 tax program and your 2021 tax return data file. You don’t need the actual 2021 tax application. Your tax data file is usually found in your Documents folder and has a name something like “John Smith 2021.tax2021”.
If you don’t have the 2021 data file, you can still prepare your 2022 return but you will have to manually enter your depreciation information using the 2021 tax return and worksheets, which you should have printed or saved backup copies of.
Make sure that you have a copy of all tax returns you have filed using your work computer. If at a later date, you have to a previous year software, prior to what you have, you should be able to find or access what you might need from Turbo Tax.. but you must have copies of all tax returned filed, just not previous software other than what you have.
Cannot believe how many so-called "Experts" are completely missing the point on this. The user wants to know if they can open any tax year file with a different year version of the software (open 2020 TT return file with TT 2018 software).
The short answer is No. You cannot. The TT developers haven't figured out how the simple feature of "backwards compatibility" works. You're just going to have to store the software and keys for every single effing version of TT you own. Sorry.
@goyanks The license codes began with 2019---earlier years do not have a code. The IRS and TurboTax save returns for seven years. You should save your returns as pdf's so that you can access them from your own hard drive. We see a lot of users who forget to do that and then they forget how to access their multiple online accounts.
If you used the CD/download you do not need the actual software on your hard drive if you saved the return as a pdf. You can open a pdf without the software. If you are trying to open a tax file, then yes, you need the specific software for the specific tax year.
SAVE YOUR TAX RETURN !
EVERY year before mid-October you should save a copy of your tax return as a pdf and print a copy of it for your records. That way you will not be searching online frantically when you need it for a lender, FAFSA forms, your next tax return, etc.
https://ttlc.intuit.com/questions/1900937-why-should-i-save-a-pdf-copy-of-my-return
No, I did not want to know that.. What I want to know is if all those years of doing it in Turbo Tax have to be kept on my computer..
I have all previous versions used, and their "keys". I also have all versions backed up and saved. I just want to know if I need to have all of them taking up room on my computer...
@Smoki Please read more thoroughly. If you have saved your returns as pdfs you do not need the software hogging up room on your hard drive if you want to uninstall it. You only need the software if you think you will want to open a tax file and make changes. You can view and print returns saved as pdfs if you have a pdf viewer like Adobe.
Since you only have three years to amend for a better refund, you could at least get rid of the software older than 2019----IF you have saved the files as pdfs.
And if he forgot save the PDFs or his hard drive gets accidentally hit by a meteor (but the .tax2021 file miraculously survived because it is stored on backup drive)? He's what? Effed? The whole point of software dev (and IT in general) is to avoid disasters by planning for them as part of the software build. That includes backwards compatibility and regression testing. Otherwise. what are we paying $75 for? It sure isn't for the pretty fonts.
You asked if it is necessary to keep the software on your hard drive. Keep it or do not keep it--up to you. Print paper copies for your records---or do not print them.
"What if he forgot to save them.....what if a meteor strikes.....etc. etc. etc......"
If you used desktop software downloaded/installed from a CD to your own computer, then the tax files are stored locally on your own hard drive or any backup device you used like a flash drive. They are not stored online. If you cannot recover them due to a hard drive failure, etc. you can get a free transcript from the IRS or for a fee of $43, an actual copy of your tax return.
https://www.irs.gov/individuals/get-transcript
https://www.irs.gov/pub/irs-pdf/f4506.pdf
You want backward capability---not a bad idea. Just giving you the reality as it is right now and trying to answer the question as to whether keeping the software on your computer for years is absolutely necessary.
What if I purchased online software through Costco. Is that considered purchasing from TurboTax?
Thanks for your answer, even though, it implied a lot more.. All I asked was if the prior years had to be kept online. I was just verifying.
I always print my return and actually keep a backup copy as well.
You didn't have to "talk down" to anyone when giving an answer as you tend to do often.
It depends, you may want to keep the most recent 3 years of software incase you need to amend at the very least. If not you may need to download software again, and go through the trouble of looking up license codes. Having the software on your computer allows for amendments at the very least. Always save a copy, which it sounds like you do on your backups, so you can import last year tax return onto the current year tax return. But having the software from previous years is not truly necessary, but can help if needing to amend.
The following questions should be applied to each record as you decide whether to keep a document or throw it away. Having the software allows you to amend up to the past three years of return depending on date filed/paid.
@melwil
Nobody can make tax programs backward compatible. Each year is completely separate. The tax laws and rules and forms change too much each year.
And for people trying to open the .tax file in the same year program (one person above was trying), After you get the program reinstalled the first thing to do before you open your tax return is to update the program and install any state programs you had. Then open your file. So you first might need to start a fake return to be able to download the state program (go to File-New Tax Return).
Then go to FILE -Open and find your return.
Mac user here, installed TurboTax on my 2018 Mac Mini from CDs for 2021 and 2022 returns. TurboTax 2022 will not directly open my old .tax2021 file; instead, it asks if I want to transfer the data in order to start a 2022 tax return. I have deleted the TurboTax 2021 app to save hard drive space and will probably do the same for 2022 once I get my refunds, but I am definitely keeping both years' CDs given the IRS 3-year deadline on keeping records.