Premier lists mutual funds but most documentation talks about sale. If my only concern is reporting capital gains on my funds, would the Deluxe version suffice?
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If you are using the desktop version of TurboTax (CD/download), then your Deluxe can handle all the forms that Premier can handle. You will not need to upgrade to report any capital gains distributions shown on your 1099-DIV. Your Deluxe Edition should be fine.
It is Online TurboTax where there are some form limitations. Online Deluxe (i.e., website version) cannot prepare a Schedule D for capital gains/losses from sales of stocks/bonds/mutual funds. But even Online Deluxe can handle capital gains distributions reported on a 1099-DIV, Box 2a. So even if you were using Online TurboTax, you would not have to upgrade from Deluxe to Premier solely for capital gains distributions on a 1099-DIV.
If you are using the desktop version of TurboTax (CD/download), then your Deluxe can handle all the forms that Premier can handle. You will not need to upgrade to report any capital gains distributions shown on your 1099-DIV. Your Deluxe Edition should be fine.
It is Online TurboTax where there are some form limitations. Online Deluxe (i.e., website version) cannot prepare a Schedule D for capital gains/losses from sales of stocks/bonds/mutual funds. But even Online Deluxe can handle capital gains distributions reported on a 1099-DIV, Box 2a. So even if you were using Online TurboTax, you would not have to upgrade from Deluxe to Premier solely for capital gains distributions on a 1099-DIV.
Is this still true for TurboTax Deluxe 2019? I've seen some possibly biased answers from TT support like the following:
"Q: Are schedule D and 8949 available?
A: While Deluxe does include schedule D and 8949, we do suggest Premier to get the guided interview questions to ensure information is being accurately entered. If you are comfortable manually entering your information, you can use Deluxe in Forms Mode. While using Forms Mode will not prevent you from e-filing, it does void the TurboTax Accuracy Guarantee. If you override any values that were calculated by TurboTax, this will void the Accuracy Guarantee and you will be unable to e-file. However, you would still be able to print and file your return. see less
By TurboTax Support on December 1, 2019"
Can a fellow consumer (not TT support) confirm that Deluxe will handle Schedule D without requiring us to manually enter the figures in Forms Mode?
Thanks in advance!
YES! Even the Basic Desktop program. It is just a suggestion to upgrade. You don't need to use Forms Mode. Don't know why that answer says that. All the Desktop programs have the same forms. You just get more help and guidance in the higher versions.
Where did you see that? Can you post a link? When I click on the Turbo Tax Support in blue it takes me to Amazon.
Yes, that answer was taken from the Q&A in Amazon. I was trying to find some consumer/user feedback on Amazon but only found this one from TT Support, with regards to the Schedule D.
https://www.amazon.com/ask/questions/asin/B07Y6166JJ/ref=ask_al_saq_ql_hza
Thank you for the quick response. So Deluxe (desktop) will enable me to go thru the interview mode and generate the Schedule D for the capital gains on investments, right?
Yes
I am looking for a way to report a 1099 s
You can type sale of home into the searchbox and then click the "Jump to sale of home link"
Or
Click Federal
Click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
Click on “Show all" (you might need to answer some Yes/No questions first)
Scroll down to“Investment Income”
Click Start on “Stocks, Mutual Funds, Bonds, Other”
So, if I understand correctly, "capital gains distributions" reported in box 2a of a 2020 Form 1099-DIV to not get reported as capital gains for tax purposes.Box 2a entries simply refer to the increase in value from holding the fund? I used TT Home and Biz to import from my brokerage and no entries for sales or capital gains related to sales (or distributions) showed up.
Sorry, my understanding expressed above is incorrect. Capital gains distributions reported in box 2a of a 1099-DIV form are taxable long term gains that TT Home and Biz will transfer to form 8949 after entry.
Unless cap gains exceed $1500?
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