Will the Deluxe version import 1099B info from my mutual funds and compute capital gains and dividend taxes?

[gjenkins767]

I have used the Deluxe version in the past but lately have used the Premier version because it claimed to figure taxes on stocks, etc. But I only have mutual funds, no rental property or other complicated situations.

[mesquitebean · Accepted solution]

You didn't say if you are planning to use Online TurboTax or desktop TurboTax (CD/download).  It makes a difference.

Desktop Deluxe (CD/download) can do all of that.  The desktop version of Deluxe has no form limitations.  It can prepare all the usual Federal forms, including Schedule D, Form 8949, capital gains/losses, import 1099-B, etc.

It is Online Deluxe that has form limitations.  Online Deluxe cannot handle the things you described, other than dividends on a 1099-DIV.   i.e., Online Deluxe cannot handle Sched. D, Form 8949, cannot import 1099-B, etc. and cannot report a K-1.    Online Deluxe also cannot prepare Schedule E, F, or C with expenses.

So if you are referring to desktop Deluxe, be aware it comes in 2 versions--one that is Federal and State combo, and one that is Federal-only.   If purchased directly from TurboTax, it is the combo Fed and State version.  If purchased elsewhere, you have to be careful as to which version of Deluxe you are buying.

[bgbama]

Don't mean to beat a dead horse, but I've seen so many different, incomplete, ambiguous, and conflicting answers to import, investment, and Schedule D questions that I'll ask the question as specifically as I can:

Does the 2019 Deluxe CD/Online version allow import (from financial institutions) of all personal tax data, including 1099s, capital gains and losses, interest, dividends, and IRA contributions & withdrawals?

I've paid extra for the Premier version (which has that capability) for the last few years; but based on your answer I am now wondering if that was necessary.

Thanks for your patience!

[VolvoGirl]

Sorry Yes, The Desktop Deluxe Version can import 1099 Info etc.  All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. 

By the way, This is a new forum layout. Some posts that have June 2019 dates are really older posts from the old forum that got moved over. So they might be for prior years and not current info. When they migrated over the dates got changed to June 2019. And the screen shots got deleted. 

[VolvoGirl]

And you said Deluxe CD/online version.  The Online Deluxe does not include schedule D and1099 import.

 You probably mean the Desktop CD/DOWNLOAD version.  Download instead of online.  The Online versions are different than the Desktop CD/Download program.

[bgbama]

Hi again, VolvoGirl... Sorry to bother you, but I'm wondering if you can help me resolve conflicting information.

You make it clear that the 2019 Deluxe CD/Download will import all 1099 tax data. I assume this means the program will also fill out the appropriate forms using that data (1040, Schedule D, Form 8606, Interest, Dividends, etc. OK. Great. Thank you.

Here's my problem. I posed the same question to another Turbo Tax expert who says differently:

MY QUESTION: The TurboTax website says the Deluxe version allows the user to "Automatically import 1099 tax form data from participating financial institutions." Isn't the Deluxe version of TurboTax doing the same thing that the Premier version does? (See here.)
HIS ANSWER: "Yes, all versions of TurboTax can import 1099 data from your financial institution. Note, however, that investments such as stocks or bonds are reported on 1099-B. You need TurboTax Premier or higher to complete the forms related to investments."

This implies to me that TurboTax Deluxe HAS the data, but won't let you USE it. So I rephrased the question to the same person:

MY QUESTION: Since all versions of TurboTax can import 1099 financial institution data, and brokerage transactions are reported on 1099-B, why would I need the Premier version for my mutual fund investments? (See here.)
HIS ANSWER: "Forms 1099 are used to report all types of financial transactions, such as dividends, interest, and miscellaneous. All versions of TurboTax can download all of these. However, if you have investments such as stocks or bonds, reported on 1099-B, then you need the Premier version to complete the appropriate forms and report the transactions."

Sorry, VolvoGirl, but can you see what I'm missing? It appears that his answer is again saying that (1) either Deluxe imports the 1099-B brokerage data but doesn't use it, OR (2) it does NOT import it because 1099-B data is not included with all the other 1099 data (like 1099-DIV, 1099-INT, 1099-R, 1099-MISC).

If both versions import the same data, and both have the same forms, what exactly is it that Premier does (and Deluxe doesn't) to report mutual fund transactions reported on 1099-B?

Can you help me resolve what appear to be conflicting answers between two TT experts?

Again, I very much appreciate your time, and I thank you. This is driving me crazy, and the TT product web pages are of absolutely no help.

[VolvoGirl]

Was that an official Turbo Tax customer service support person?  That website is not Turbo Tax.  Doesn't sound right.  Sounds like he was answering for the Online versions.  Most people don't know there are differences between Online and Desktop.   There is a difference between the Online web browser version of Turbo Tax and the Desktop CD/Download version.  In the Online versions you need Premier to enter, import and fill out a 1099B.  Online Deluxe will not even give you the 1099B screens to import it.  

All the Desktop versions do have all the same forms.  But you get more help in Premier to enter the 1099B.  Here are all the Desktop programs.  If you scroll down though the list below them under Premier it says.....

........Additional Help for investment sales such as stocks, bonds, royalties, mutual funds

Here's Desktop Deluxe.  Scroll down and see it has all the forms

https://turbotax.intuit.com/personal-taxes/cd-download/deluxe.jsp#tax-forms 

[bicyclemichaela]

Dear People:

Thanks for the thread.  I now see there is a somewhat subtle difference to understand that Deluxe Online is different than Deluxe CD/Download.  Download sounds a little like online.  Maybe the fine folks at Turbotax can think of a way to make it clearer there is a distinct difference.  Maybe more tables on the home page could help make things more transparent.  If one box in the table clarified the online version uses internet based software and the download version uses software that is loaded into the computer memory.  That is the difference I think, but saying it the most obvious way is difficult to nail.  

My question is which is the minimum version that you can use to fill out Schedule H?  I read in Publication 15, Circular E from the IRS that I have to submit it with my 1040 based on about $1,800 of wages I paid in 2019 to household employees.  Is there a Turbotax product that has Schedule H.  Which one can I get away with?

Thanks.

Bicyclemichaela

[RobertG]

Schedule H will work in Deluxe Online, Premier Online, and Self-Employed Online.  

The following TurboTax link: TurboTax Deluxe will show you which forms are covered by which versions of TurboTax.  Just scroll to the bottom of the page to see the table. 

@bicyclemichaela