Questions before purchasing Turbotax

[Garbanzor29]

I want to make certain that some version of Turbotax can handle our 2020 tax situation before I purchase.

It's actually not complicated at all since my wife and I are newly retired, with not much income last year, due in part to COVID-19.  However,  there are a few foreign-related items that I fear could cause problems with doing things with tax software.  

In a nutshell, here's what we are dealing with for 2020 (figures are rounded):

Foreign Pension #1 (wife):                   US$ 5,000

Foreign Pension #2 (husband):           US$    600

Self Employment #1 after expenses: US$ 1,300

Self Employment #2 after expenses: US$    800

US Social Security:                                US$   4,000

Bank Interest (US and foreign):           US$     100

US Dividends:                                        US$  4,250

US Cap Gains Distributions:               US$ 12,250

less 2019 overpay/estimated tax:  ( -  US$ 1,750 )

less 2019 Foreign Tax Credit:            ( -  US$   750 ) General Limit

less 2019 Foreign Tax Credit:            ( -  US$     10 )  Passive

And that's it.

As I wrote, above, I want to make certain that some version of Turbotax can handle our 2020 tax situation, including the foreign pension income, before I purchase.   Also, which Turbotax product would be best so there are no problems dealing with our situation?  Please let me know.  Thank you.

[DawnC]

TurboTax can definitely handle your situation.  Since you have self-employment income, you will need to use either TurboTax Self-Employed (if using TurboTax Online) or TurboTax Home & Business (if using a desktop/download version).   

So, basically, you will just need to choose between the online version and the desktop version.  What are the advantages of the TurboTax CD/Download software over the Online version?  This link may make that decision easier.  

Either version will cover self-employment as well as foreign income and tax credits, capital gains, dividends, and everything you have listed above.  

[Garbanzor29]

I realize I left off two things, most notably the need for Form 2555:

1. Wage Income (foreign, earned outside US):            US  $6,000

and

2. Form 2555, Foreign Earned Income Exclusion:       ( -  US $8,100 )

     to exclude the foreign wages and the foreign self-employment, combined

I'll work on my PC at home.  I just looked at the supported forms and it seems as if the TurboTax Home & Business can handle the additional things, too, so that's what I'll plan to get.

Thanks!

[VolvoGirl]

Actually you can buy any of the CD/Download Desktop programs.  All the Desktop programs have the same forms.  But you do get more help in the higher versions like Home & Business.