Filing 2022 taxes

[melissaforpeace315]

I'm trying to decide whether I will need the $119 TurboTax package in order to help me file my 2022 taxes. I just have one job, and do not own/rent any property and have no dependents. However, I do have a taxable brokerage account and have bought stocks throughout the year. I haven't sold any stocks.  Do I still need the $119 Turbotax package, or can I go with the free-file Turbotax option?  

As a side note, does selling any stocks matter/make a difference between the free-file option and the $119 option?

Thank you for your help in advance!

[DoninGA]

Yes, selling stocks would require you to use the Premier online edition at $89.  If you have not sold any stocks in 2022 then you do not need the Premier online edition.

If the only income that you will be reporting on a 2022 tax return is from a W-2 then you can use the Free online edition.

[JohnH1]

If you have a computer you can use TT Deluxe. I don't know why you would need to pay more for a simple transaction like that. It's a ripoff. I have a brokerage account and  a business and I always use TT Deluxe.

[melissaforpeace315]

Thank you! Is it this one? https://turbotax.intuit.com/personal-taxes/online/deluxe.jsp

[VolvoGirl]

@melissaforpeace315   Where did you see $119 version?  The Online Self Employed version is $119.  But you only need Premier for $89.  Well state is an extra $59.  Or you can buy a lower Desktop version like Deluxe.  All the Desktop programs have the same forms. You just get more help and guidance in the higher versions.  And Desktop has more features than the Online version.

[melissaforpeace315]

@DoninGA thank you! Is it this one? https://turbotax.intuit.com/personal-taxes/online/premier.jsp

just to make sure, every year I need to pay the $89 to file my taxes right? or is there something I can download with a flat fee and use/re-use it every year?

[jdavislee]

I concur with the other responder.  I use TT Deluxe and have stock trades that are captured on Schedule D.

Nothing complicated, but also a rental property and it works perfectly.

[VolvoGirl]

@melissaforpeace315   Sorry you have to buy a new program or version each year.  Maybe some years you can use a lower version if you don't have investment income.  Or buy the Desktop CD/Download program.  Deluxe has everything Online Premier has.  

[DoninGA]

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@melissaforpeace315 wrote:

Thank you! Is it this one? https://turbotax.intuit.com/personal-taxes/online/deluxe.jsp

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No, that is the Deluxe online edition and it does not support investment sales.

The Deluxe edition described by @JohnH1 is the desktop CD/Download edition that is software installed on a personal computer using either Windows or a Mac operating system. 

The Deluxe desktop edition also includes one free state program download.  However, there is a state e-file fee where using the online editions there are no e-file fees, federal or state.  But using the online editions there is an additional charge for the state program.

Go to this website for the Deluxe desktop CD/Download edition - https://turbotax.intuit.com/personal-taxes/cd-download/deluxe.jsp

[JohnH1]

Yes but it's cheaper at Costco and Amazon and includes the state at no extra cost. (not counting e-fileing the state)

[melissaforpeace315]

@DoninGA thank you! I haven't sold any stocks but I did get dividends from my existing stocks.  Could I still use the free-file option?  Or is it that because I received dividends via my taxable brokerage account that I need to use one of the  Turbotax packages?

[HeatherPLO]

Situations not covered under Free File: 
-Itemized deductions
-Unemployment income reported on a 1099-G
-Business or 1099-NEC income
-Stock sales
-Rental property income
-Credits, deductions, and income reported on other forms or schedules (for example, income related to crypto transactions)

If we detect that your tax situation requires expanded coverage, we'll prompt you to upgrade to a version that supports the forms you need so we can maximize your tax deductions and ensure you file an accurate return.  For more details on this, please see the Help Article here.

@melissaforpeace315