Hi. If I only have capital gains from having mutual funds, do I have to upgrade from Deluxe to Premiere?

[abeesguerra]

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?

[mesquitebean]

Please clarify a couple of things.   Are you referring to "capital gains distributions" from the mutual funds reported to you on a 1099-DIV, Box 2a, as opposed to realized capital gains/losses from sales/exchanges of the fund shares?

Or are you simply referring to the increase in value merely from holding the funds?  i.e., non-realized capital gains?  If it's just the increase in value that you are referring to, then that is not reported until you actually make a sale (or exchange), or the mutual fund releases a "capital gains distribution."

And what product are you using--the desktop software or online TurboTax (website)?  By your name above, it says "Deluxe for Mac".  The desktop version of TurboTax (CD/download) can handle all the usual forms without limitations.    So desktop Deluxe and Premier both prepare the same forms and can handle the same situations.

[abeesguerra]

Thank you for your response.  Yes, I'm referring to TurboTax Deluxe for Mac.  I only have 1099-DIV to report and didn't know if the Deluxe edition would suffice.

[mesquitebean · Accepted solution]

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.

[neworchid]

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!

[VolvoGirl]

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. 

[VolvoGirl]

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.

[neworchid]

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?  

[VolvoGirl]

Yes

[c40n37]

I am looking for a way to report a 1099 s

[KrisD15]

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” 

1. The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
2. Since you did not receive a 1099-B, answer “no” to the 1099-B question
3. Choose type of investment you sold - select everything else
4. Some basic information:
   1. Description –  Usually the address of the property sold
   2. Sales Proceeds – Your proportionate share of the net proceeds from the sale (your portion of 1099-S amount received for the property)
   3. Date Sold – Date you sold the property (on 1099-S)

[docnev550]

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.

[docnev550]

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.

[azzlo]

Unless cap gains exceed $1500?

[HeatherPLO]

You are posting on an old thread that may have outdated information.  Please repost your question here and we will be happy to assist you further.  

@azzlo