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dsanchez17
New Member

We are military and normally don't pay for turbo tax. We sold one stock for a small profit and now have to pay for federal and state is this correct?

 
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RBBrittain
Level 8

We are military and normally don't pay for turbo tax. We sold one stock for a small profit and now have to pay for federal and state is this correct?

Yes, that is correct for regular TurboTax Online. Military (E1-E5) is only entitled to Free or Deluxe editions for free. Selling stock requires a Schedule D; the minimum version of TurboTax that will file a Schedule D is Premier, which is NOT free for military (though you do get a $5 discount).

If you're military with AGI of less than $66,000 (or qualify for EITC), you can instead use the Free File Edition of TurboTax Online (thru IRS Free File or at taxfreedom.com); that version has no form limitations. However, you cannot get a refund loan thru the Free File Edition, and due to IRS Free File requirements you will likely have to create a new TurboTax account and start over to use that edition.

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RBBrittain
Level 8

We are military and normally don't pay for turbo tax. We sold one stock for a small profit and now have to pay for federal and state is this correct?

Yes, that is correct for regular TurboTax Online. Military (E1-E5) is only entitled to Free or Deluxe editions for free. Selling stock requires a Schedule D; the minimum version of TurboTax that will file a Schedule D is Premier, which is NOT free for military (though you do get a $5 discount).

If you're military with AGI of less than $66,000 (or qualify for EITC), you can instead use the Free File Edition of TurboTax Online (thru IRS Free File or at taxfreedom.com); that version has no form limitations. However, you cannot get a refund loan thru the Free File Edition, and due to IRS Free File requirements you will likely have to create a new TurboTax account and start over to use that edition.

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