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My 1099-B is imported. Refund dropped $100. If I pay for upgrade and all is correct, then I lose more $? Should I upgrade to make sure my investment sales are correct?

It seems like my imported 1099-B was accurate. I lost about the same amount as I gained. So my refund getting deducted by $100 then adding an additional $60 to make sure all the information is correct, doesn't seem feasible to me. My real question is, Is it a must that I Review my imported 1099 B, and upgrade?
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My 1099-B is imported. Refund dropped $100. If I pay for upgrade and all is correct, then I lose more $? Should I upgrade to make sure my investment sales are correct?

turbotax Deluxe handles 1099-B the same as premier.

Upgrade does nothing but hand over more money to Intuit.

My 1099-B is imported. Refund dropped $100. If I pay for upgrade and all is correct, then I lose more $? Should I upgrade to make sure my investment sales are correct?

Review the entire return carefully before you file ... adding more income can reduce some credits.  

 

You can peek at only  the Federal form 1040 (and Sch 1-3) and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

                                                          

                                                          

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

                    

To pay the TurboTax online account fees by credit card, without completing the 2020 return at this time, click on Tax Tools >>> Tools  and then Print Center.  Then click on Print, save or preview this year's return.  On the next page, to pay by credit card, click Continue.  On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button.  The next screen will ask for all your credit card information so you can pay for the account.

 

My 1099-B is imported. Refund dropped $100. If I pay for upgrade and all is correct, then I lose more $? Should I upgrade to make sure my investment sales are correct?

I don't quite understand the question.

 

You must file an accurate tax return, if you leave the 1099-B off, the IRS will send you a letter assessing tax and penalties.

 

If the 1099-B shows you have taxable income (dividends, capital gains) that will increase your tax owed, and will decrease your expected refund as a result.  If you don't understand the income you earned in your broker account, you should contact the broker and ask them to walk you through it.

 

Turbotax Online is structured so that you must upgrade to the Premier version to include a 1099-B.  If you want to use Turbotax Online, and you want to file an accurate tax return, you must upgrade to Premier and pay the upgrade cost.

 

(You can use the IRS Freefile version of Turbotax if your income is less than $39,000, this is completely free even if you need a 1099-B, but it's a different web site.)

 

If you use the Desktop version of Turbotax (installed on your own computer using a CD or download that you can purchase from a store or an online retailer like Staples or Amazon) then you can use the Deluxe version and don't have to upgrade to Premier to import a 1099-B. 

My 1099-B is imported. Refund dropped $100. If I pay for upgrade and all is correct, then I lose more $? Should I upgrade to make sure my investment sales are correct?


@fanfare wrote:

turbotax Deluxe handles 1099-B the same as premier.

Upgrade does nothing but hand over more money to Intuit.


If using Turbotax Online, the user must upgrade to Premier to include income from a 1099-B.

 

It is only the Desktop version where Deluxe can handle all situations without upgrading. (The upgraded versions provide additional help and walk-throughs and may represent value-added for some taxpayers, even though it does not represent value added for experts.)

My 1099-B is imported. Refund dropped $100. If I pay for upgrade and all is correct, then I lose more $? Should I upgrade to make sure my investment sales are correct?

Turbotax takes no responsibility for the accuracy of anything imported.  it's up to the taxpayer to review those items for accuracy and completeness. For example, you move securities from broker A to B. B does not have your tax basis so its 1099-B for the sale of those securities might show cost as Zero. 

 

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