Question on Desktop Product - Basic

[3686707]

Anyone in the community have used the TT Desktop Product - "Basic" software to file your federal returns while including the following forms?

- Interest and Ordinary Dividends (Schedule B),

- Foreign Earned Income (2555),

- Statement of Specified Foreign Financial Assets (8938),

- Foreign Tax Credit (1116)

So, basically all forms related to reporting foreign earned income, interest from foreign banks and etc.

I've used "Home & Business" software previously, but I want to understand whether "Basic" software would do the job...

@Opus 17 Sorry to link you to the message but I see that you are all time leader in receiving top cheers.

Thanks in advance for responses from any of the community members.

[NCperson]

you can use this tool to determine which product meets your needs .  be sure to change the tab at the top to 'desktop'

https://turbotax.intuit.com/personal-taxes/compare/online/

[3686707]

Thanks! @NCperson for sharing the link and helping out!

I did go through the comparison for desktop products before and as stated in the Forms section, all forms related to my tax situation seems to be covered under basic software but just to be sure, I wanted to obtain a user confirmation to gain some confidence in the feature availability.

Thanks!

[mesquitebean]

@3686707 

While all of the desktop editions can prepare the same forms, including those you mention above, they differ mainly in the amount of help and guidance.

List of forms in desktop TurboTax:
https://turbotax.intuit.com/personal-taxes/irs-forms/

If a state return is needed, be aware that Basic Edition does not include a state program.  To later add a state program to Basic Edition costs an additional $45.    Deluxe Edition comes in 2 versions--one that is Federal only, and one that is a combo Federal plus State.

For those who use ItsDeductible for donations, be aware that Basic Edition cannot import from ItsDeductible.

[SteamTrain]

Thus...if you have to prepare and file a state, the desktop Basic, plus the added State $$  ($40 + $45 =$85), will end up costing more than buying the desktop Deluxe which includes the state software ($70) ..(using current Amazon download prices).

But as noted, be careful to buy Deluxe that says Federal+State on the package.

If buying directly from the TurboTax store, and not from a 3rd party, TTX only sells the Deluxe Federal+State.

[3686707]

Thanks for the reply @mesquitebean.

Fortunately, I do not need to file state taxes so the basic federal would do justice.

Noted on your comment regarding the difference - mainly in the amount of help and guidance that the softward gives - whereas all forms can be prepared...

I browsed through the available forms and as said above, they all fall under availability but just wanted to see if others had successful filing for such case.

Thanks for your reply!

[3686707]

Thanks for providing the breakdown!

I will take a look at options on Amazon and determine which option is best for my situation.

[SteamTrain]

I haven't used Basic recently, but in the distant past when I tried it, it was so crude/brief/minimal as to really point me towards Deluxe.    $10 or $20 more to reduce your frustration at finding things in the software, may well be worth it.  (But, maybe it's improved over the distant past....I really don't know for sure  Just a personal opinion).