turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cemsr
New Member

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

For the online editions of TurboTax for reporting only dividends on form 1099-DIV and interest on Form 1099-INT, you can use either the Deluxe or Premier Edition.  For a Schedule K-1 you would have to use the Premier or Home and Business edition.  If you have any capital gains or losses that need to be reported on Schedule D, then you would have to use the Premier edition.

For the desktop editions, you can use any of the 2013 editions for TurboTax for what you want to enter.

View solution in original post

15 Replies

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

For the online editions of TurboTax for reporting only dividends on form 1099-DIV and interest on Form 1099-INT, you can use either the Deluxe or Premier Edition.  For a Schedule K-1 you would have to use the Premier or Home and Business edition.  If you have any capital gains or losses that need to be reported on Schedule D, then you would have to use the Premier edition.

For the desktop editions, you can use any of the 2013 editions for TurboTax for what you want to enter.

columbus
New Member

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

I can't get Turbotax Deluxe to enter a K-1. I says I have to upgrade to Premier. Last year I was able to use Deluxe to enter the K-1.

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

Not supported, see my answer below  and yes the 2013 product capabilities changed considerably.
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67


NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3

- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
columbus
New Member

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

It may be time to look at the competing software. I had to purchase Turbotax Business for my S Corp now I have to buy an upgraded product to handle the K-1.

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

Well it is your choice of course.  You may want to investigate the ease of use and reliability of competitive products, and no, I am neither an employee or shareholder of Intuit.
<a href="http://www.youtube.com/user/ScruffyCurmudgeon" rel="nofollow" target="_blank">http://www.youtube.com/user/ScruffyCurmudgeon</a>  my ill-tempered rant about "the other guys!"
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67


NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3

- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

columbus - Since you are already using the desktop Business edition, why not just purchase the Basic or Deluxe edition of the desktop program.  The desktop programs include all the forms and schedules for 2013, unlike the online editions.

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

Deluxe?  Basic?  Home&Business? Premium? -   Online v. Desktop

The good news is that you start at a lesser cost level and if you feel the need for more support, you can upgrade mid-stream at any point before filing.  You cannot downgrade without calling TurboTax product support and requesting a downgrade.

In any case, strongly think about using the Desktop software!

WHICH PRODUCT FOR PERSONAL FORM 1040:  [UPDATED FOR 2013]

PRICING INFORMATION NEAR BOTTOM OF ARTICLE

-------------------------------------------------------------------

The less costly Personal tax products (including Basic  and Deluxe, ) will serve the needs of most Federal filers.  

However, if you need Schedule D for Capital Gains & Losses you need at least the Premier version if using ONLINE - DESKTOP support Schedule D in all priced versions.

DELUXE IS LIMITED: IF you choose ONLINE it will not provide Schedules C, or D,  E, F, J or you must report Trust or Partnership or  other income from a received Schedule K-1 , then you must purchase Home & Business.   The exception on Schedule C is that if all you need is Schedule C-EZ you could use the less expensive versions.

PREMIER IS LIMITED: If you choose ONLINE it will not provide Schedules C,  F, J  then you must purchase Home & Business.   The exception on Schedule C is that if all you need is Schedule C-EZ you could use the less expensive versions.

Note, in all fairness, all four versions [not including FREE version] will produce the most commonly needed IRS forms.  For Form 1040 and Schedules A and B, there is no functional deficiency in the lower priced versions.

More pricing discussion below, but here is the basic summary and pricing form Intuit:

Note discount pricing in effect on 12/31/2013:  http://turbotax.intuit.com/personal-taxes/

Here is a link to Forms that are produced by TurboTax -

           http://turbotax.intuit.com/support/kb/update/form-availability/1108.html

FREE version is restricted - cannot handle Schedules C  D E  C-EZ  F or be able to input self-employment income from Form 1099-MISC, nor can you claim Form 8586 Low Income Housing Credit.  MOST IMPORTANT:  you cannot import prior year data -read small print about "returning customers".   

PERSONAL products do not produce Forms 1041, 1120, 1120S, 1065.  To create Forms 1099-MISC and Form 1096 or create W-2 for employees,  either purchase Home&Business or else purchase the separate an unfortunately similarly named "Business" product.  Forms 709 Gift Return and 706 Estate Return ARE NOT Income Tax so no consumer retail product produces these.

 These products come in TWO Platforms:

DESKTOP version [you purchase a license by buying the CD-ROM (BEST!) or downloading from Intuit, install on your computer, and have access to the software and your tax data any time you want]

   - must install, but unlimited number of Form 1040 can be produced, always have access to data

   -  State Program -first state - FREE 

               NOTE:  Deluxe versions both with and without  -be careful when buying

https://ttlc.intuit.com/questions/1914449-turbotax-software-product-guide

 

ON-LINE version [access to stored data and on-line pages at Intuit].

   -  one Form 1040 per log-in and per fee charged;

   -   product goes away after October 15th, no access after

    - NO FREE state!.

https://ttlc.intuit.com/questions/1899289-turbotax-online-product-guide

I'll put in my plug at this time for (almost) never purchasing the on-line version because you would not believe the amount of occasions when you may wish to go back to the actual tax data [as opposed to the printed PDF that you can always look at], and you will not have that option on-line.  Also, for those with reasonable comfort level for looking at the actual Forms, you can only do this with the desktop products and not the on-line version. Forms View is also a great way to visually verify what you think should be there and to manually alter if you find an error.

 

Which level of Product?   FREE  ||  BASIC  || DELUXE  || PREMIUM   || HOME&BUSINESS

--------------------------------------------------------------------------------------------------------------------

What differentiates the products is the increasing level of Interview assistance and prompting, as well as Help, as you move from the Basic->Deluxe->Premier->Home & Business.  Also note the restriction on which forms are not included in a version - see above.

You choice is to pick a version with the degree of hand-holding and guidance that makes you feel comfortable and produces the forms you need.

You have to read the Intuit marketing suggestions carefully. Where it says to the effect "If you have bonds, mutual funds ,yada yada" and suggests that you need Premier, that is all it is! A suggestion and not a statement of certainty! If you think you know what you need to do to handle the Investment transactions, and don't feel you need Premier, then buy either Basic or Deluxe, etc.

Again, read the marketing prose for what it actually says and not what you think it said

If you receive a form K-1 or have investments, you need either PREMIER or HOME&BUSINESS

Remember that any sale of investment assets or a house if more than the excludable amount requires Schedule D  

If you have a sole proprietorship business or an SMLLC that files as a partnership, and if you have any depreciable assets, you must use the Home and Business version even though the Premier will process a Schedule C-EZ only.  

If you must produce Form 1099-MISC or Form W-2 for a business that you operate, such as on your Schedule C, only Home and Business product [of the Personal products] will generate these.

Any of the DESKTOP products can be used to produce any number of returns whereas the on-line product is one return per subscription.   Note that there is an IRS-imposed limitation on a maximum of FIVE (5) eFilings from a specific IP - meaning Desktop on a computer can eFile no more than 5.

Here's the product comparison chart, just in case you did not drill down that far in the product descriptions.

COMPARE:

https://ttlc.intuit.com/questions/1899289-turbotax-online-product-guide

https://ttlc.intuit.com/questions/1914449-turbotax-software-product-guide

 

DESKTOP/CD  v. ONLINE:

--------------------------------

Reasons to Buy the Desktop - from Costco or other brick-and-mortar or on-line merchants:

*** You can produce as many Forms 1040 as you wish for yourself and family and IRS allows up to 5 eFiles.

** State product is FREE [first state] - if sold as such, be careful when buying from other sites

      - be careful if buying Deluxe to check you are buying the version wit Free state

  • All forms supported in all versions unlike Online - see limitations on Schedules C, D, F

*You always have access. [even after October 15th of the following year]

*You can work off-line from the internet and not subject to latencies or reliability issues. [even when your internet connection is down; even when you are working on your taxes on your notebook at the beach]

*You can produce as many Forms 1040 as you want. with either online or Desktop.  You can do your family.

*You can do trial alternatives of different scenarios like changing filing status from MFJ to MFS or Head of Household.

*You have the "What If" function.

*You have "Forms View" mode so you can see the actually Form or Schedule as it is filled in. [a lot of specific tax issues are much more easily resolved when working in Forms mode]

  • *The Desktop allows far greater navigation because you can actually get to look at the forms themselves as you are proceeding in case you have some question about what went where and why.

 *VERY IMPORTANT:  the on-line service is available only until October 15, 2014, so if for any reason you need access to the tax data itself, and not the printed or electronic PDF print out after October 15, you've got a problem. Full disclosure: I, and most of the "Forum Regulars" are desktop bigots!   Should you have to file an Amended Form 1040X - after October 15th - the only way you can do this , other than with paper and pen and hand-held calculator, is to buy the Desktop package then, as a prior-year product, so you used on-line you will have bought it twice!

  

PRICING  - READ BELOW! [to follow]

 

If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67


NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3

- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
MD51
New Member

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

Not using the freaking on line using CD i bought have bought 3  different Cds per the internet site  and none of the have it   Do yall not know what cd to use  give me a break ready to try a different program 

PattiF
Expert Alumni

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

TurboTax Premier will work for K-1s, dividends, and interest.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
elliot7584
Returning Member

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

I bought the premium version cd, no import for k1??  Is there an update coming to support this.  It work in previous year.

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

@elliot7584  My notes say........

You can only import a K-1 to the Desktop CD/Download Software, not to Online version and if you can get a .txf file for it and in the right format.   Apparently you can only import K-1s for MLPs and not Trusts or Estates.   You can not import a K-1 from Turbo Tax Business Program.

 

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Then scroll way down to Business items

Schedules K-1, Q - Click the Start or Update button

 

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

Enter each k-1 separately.

ps....you don't enter K-1s you get for IRA, 401K or retirement accounts.

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

And See this March 2022 post and Mike's answer how to import a K-1

https://ttlc.intuit.com/community/taxes/discussion/on-my-k-1-notification-it-says-i-can-download-the...

elliot7584
Returning Member

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?

There is no option to import my .txt k1 file.

Which turbotax to use, for stock dividends, interest, K-1's: deluxe or premier?


@ScruffyCurmudgeon wrote:

...

If you receive a form K-1 or have investments, you need either PREMIER or HOME&BUSINESS

...

TurboTax Deluxe 2020 and 2021 for desktop support entering data from Forms K-1. See Wages & Income>Business Items>Schedules K-1, Q. It gives you three options when entering details:

  • Partnerships/LLCs (Form 1065)
  • S corporations (Form 1120S)
  • Estates or trusts (Form 1041)

It's not clear if you meant that requirement only applies to the online versions.

 

I only have those years of Deluxe on hand to check; it's probably supported in other years too.

 

P.S. One more thing about Forms K-1 that wasn't made clear: If you want to generate K-1s for a trust, etc. then you need TurboTax Business. Also good to know: You cannot generate your personal returns with TurboTax Business (unlike the similarly-named TurboTax Home & Business).

Manage cookies