I have only used in past TurboTax CD Premier. I do have some carry over losses in Sch D and Carry over Business losses from Sch E. If I switch to TurboTax online Premier, would I be able to import those losses into online version or if I have to enter them manually.
In Past these losses always show up in newest year tax return when you import data from last year's return. Not sure how it is in Online version?
Transfer 2019 information from CD version to Online version 2020.
You can transfer last year's tax data file (with a filename extension .tax2019) if you're preparing your 2020 return online in TurboTax Live Basic, TurboTax Deluxe, TurboTax Live Deluxe, TurboTax Premier, TurboTax Live Premier, TurboTax Self-Employed, or TurboTax Live Self-Employed. (Free Edition, with or without MAX, doesn't support transferring last year's .tax file.)
Note: If you already started your 2020 return in TurboTax Online, transferring will clear any info you have already entered. Please keep in mind, a .tax file from a previous year won't transfer if the file is password protected.
Here's how to transfer:
You have to use TurboTax Online on your computer to do this transfer (it won't work from a mobile device/mobile web, or in the mobile app).
Follow the instructions to finish transferring your file.
What about your K-1? miss? You can enter a K-1 into Online Premier.
Yes you can download both the PDF and .tax2020 file from online. In fact you should. Otherwise you might not be able to access it in the future if you need a copy or need to amend, etc. Then you can open the .tax2020 file in the Desktop program or use it to Transfer into 2021 program next year.
If you used the Desktop program before you may not like the online version. It has less features and no Forms Mode. You can only do 1 return. Your return is only saved online so be sure to save both the .tax2020 data file and the pdf file to your computer when you are done. In case you need to amend it in the future or if you need a copy to get a loan or something. You might not be able to access your online return when you need a copy.
@Anonymous
TurboTax Online allows you to file your taxes over the Web, from any computer. You simply need to create an account and you can sign in any time to work on your tax return. With the Online version you pay for each return (Federal & State), there is no charge to e-file. The Online version closes down sometime in late October, you should make sure you download your Online return as a .tax file & a PDF file. You can only file one return (Federal & State) per account. If you do more than one return, then you would need to create a new account & pay for the returns. There is no Forms Mode in the Online version.
The CD/software version is installed onto your computer. All of the information, including your tax return, is stored on the computer you use to file your return. You get 5 Free Federal e-files, if you file a State return there is a charge to e-file a state return, you can mail in the State return to avoid the e-file charge. There is Forms Mode in the CD version.
If you purchase Deluxe & above, in the CD version you get one free State program. You can also file multiple returns, any returns after the 5 free e-files must be mailed.
You can switch back to the CD version at any time from Online.
@Anonymous No it is not new, I have known about it for years. You can transfer your 2019 .tax file from your Desktop software to the Online version. It makes it easier for people who want to switch from Online to Desktop or vice versa.
You can always transfer from the prior year into the next year no matter which version you used and are going to use.
You can move and Open an Online return in the same year Desktop program. The only thing you can not do is move a current year Desktop return to the current Online version to work on it or file it.
Transfer 2019 information from CD version to Online version 2020.
You can transfer last year's tax data file (with a filename extension .tax2019) if you're preparing your 2020 return online in TurboTax Live Basic, TurboTax Deluxe, TurboTax Live Deluxe, TurboTax Premier, TurboTax Live Premier, TurboTax Self-Employed, or TurboTax Live Self-Employed. (Free Edition, with or without MAX, doesn't support transferring last year's .tax file.)
Note: If you already started your 2020 return in TurboTax Online, transferring will clear any info you have already entered. Please keep in mind, a .tax file from a previous year won't transfer if the file is password protected.
Here's how to transfer:
You have to use TurboTax Online on your computer to do this transfer (it won't work from a mobile device/mobile web, or in the mobile app).
Follow the instructions to finish transferring your file.
Thanks for a quick reply.
I have Sch K1, would I miss with TurboTax Online as compare to TT CD?
In later year If want to switch back to CD from TT online, can it be done? Does TT online allows to save your tax return as PDF and .txt file? If yes, can you import that file with all data into TT CD?
What about your K-1? miss? You can enter a K-1 into Online Premier.
Yes you can download both the PDF and .tax2020 file from online. In fact you should. Otherwise you might not be able to access it in the future if you need a copy or need to amend, etc. Then you can open the .tax2020 file in the Desktop program or use it to Transfer into 2021 program next year.
If you used the Desktop program before you may not like the online version. It has less features and no Forms Mode. You can only do 1 return. Your return is only saved online so be sure to save both the .tax2020 data file and the pdf file to your computer when you are done. In case you need to amend it in the future or if you need a copy to get a loan or something. You might not be able to access your online return when you need a copy.
@Anonymous
TurboTax Online allows you to file your taxes over the Web, from any computer. You simply need to create an account and you can sign in any time to work on your tax return. With the Online version you pay for each return (Federal & State), there is no charge to e-file. The Online version closes down sometime in late October, you should make sure you download your Online return as a .tax file & a PDF file. You can only file one return (Federal & State) per account. If you do more than one return, then you would need to create a new account & pay for the returns. There is no Forms Mode in the Online version.
The CD/software version is installed onto your computer. All of the information, including your tax return, is stored on the computer you use to file your return. You get 5 Free Federal e-files, if you file a State return there is a charge to e-file a state return, you can mail in the State return to avoid the e-file charge. There is Forms Mode in the CD version.
If you purchase Deluxe & above, in the CD version you get one free State program. You can also file multiple returns, any returns after the 5 free e-files must be mailed.
You can switch back to the CD version at any time from Online.
Thanks for detailed input. I thought in past TT kept CD and online version separate and one can't switch/import/export data file from one format to another one. Is this new change?
@Anonymous No it is not new, I have known about it for years. You can transfer your 2019 .tax file from your Desktop software to the Online version. It makes it easier for people who want to switch from Online to Desktop or vice versa.
You can always transfer from the prior year into the next year no matter which version you used and are going to use.
You can move and Open an Online return in the same year Desktop program. The only thing you can not do is move a current year Desktop return to the current Online version to work on it or file it.