I did a fairly large IRA conversion this year Traditional to Roth. I am sure I will get a 1099 for the transaction. Can Deluxe handle this or do i need a higher level of software? Thanks
Yes. It seems that the Deluxe can handle the conversion (in the retirement income section of 1099s), but it does not seem to track my IRA or Roth totals from years gone by. It asks for me to enter numbers that were always entered in the past automatically. It also asked for $30 to upgrade to be able to do something further (perhaps that tracking) with the IRA stuff. I am going back to Costco and upgrading.
The suggestion to upgrade is NOT a requirement ... don't pay more for no reason ... can you say marketing ploy ?
Now as to the prior IRA history ... if you had been entering them every year then when you start the 2020 return you just need to transfer the prior year info to the new tax year. If it didn't transfer you can either start over or enter the info yourself as needed when asked.
Are you switching from Desktop to Online or the other way? You need to transfer from your 2019 return. We can tell you how to transfer from online to desktop or Desktop to online.