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1hoseb2
New Member

I have a capital loss carryforward of $2,394. Any idea how much tax I'll save by upgrading from Deluxe to Premier? Is it worth the extra $90? Fee cover state return?

 
3 Replies
HelenC12
Expert Alumni

I have a capital loss carryforward of $2,394. Any idea how much tax I'll save by upgrading from Deluxe to Premier? Is it worth the extra $90? Fee cover state return?

The difference between TurboTax Online Deluxe versus Premier is not $90. As of today, it's only $30. No, the fee does not cover the state return. 

 

You can quickly figure out what the tax saving is using the IRS tax tables. You know what your current taxable income and taxes are. Deduct your loss of $2,394 from your taxable income. Look up you new taxable income based on your filing status. Compare the old income tax amount with your new income tax amount. 

 

Note: Remember to do the same for your state income tax return.

 

If your Adjusted Gross Income is $36,000 or less, you may qualify for the IRS Free File Program delivered by TurboTax .

  • It's geared towards lower-income filers, regardless of tax return complexity, and is only offered through the IRS Free File Alliance (FFA) program. No upgrades are available.

To see if you qualify, click on What is the IRS Free File Program delivered by TurboTax?

 

If you qualify, see How do I switch to IRS Free File Program delivered by TurboTax?

 

Source: TurboTax FAQ

 

 

 

 

 

 

 

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1hoseb2
New Member

I have a capital loss carryforward of $2,394. Any idea how much tax I'll save by upgrading from Deluxe to Premier? Is it worth the extra $90? Fee cover state return?

Thank you Helen C12,

 

In retrospect, my question deserved a "duh".

This was my first time using TurboTax, and after several hours of working to get the program to produce the correct responses, I was looking for some relief.  

The extra $800 the capital loss carry forward produced was just what I was looking for.

fanfare
Level 15

I have a capital loss carryforward of $2,394. Any idea how much tax I'll save by upgrading from Deluxe to Premier? Is it worth the extra $90? Fee cover state return?

yes, Deluxe does everything Premium does your return won't change.

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