Deluxe? Basic? Home&Business? Premium?
- Online v. Desktop
The
good news is that you start at a lesser cost level and if you feel the need for
more support, you can upgrade mid-stream at any point before filing. You
cannot downgrade without calling TurboTax product support and requesting a
downgrade.
In any
case, strongly think about using the Desktop software!
WHICH PRODUCT FOR PERSONAL FORM 1040: [UPDATED
FOR 2013]
PRICING INFORMATION NEAR BOTTOM OF ARTICLE
-------------------------------------------------------------------
The
less costly Personal tax products (including Basic and Deluxe, ) will
serve the needs of most Federal filers.
However, if you need Schedule D for Capital
Gains & Losses you need at least the Premier version if using ONLINE -
DESKTOP support Schedule D in all priced versions.
DELUXE
IS LIMITED: IF you choose ONLINE it will not provide Schedules C, or D,
E, F, J or you must report Trust or Partnership or other income from a
received Schedule K-1 , then you must purchase Home & Business.
The exception on Schedule C is that if all you need is Schedule C-EZ you could
use the less expensive versions.
PREMIER
IS LIMITED: If you choose ONLINE it will not provide Schedules C, F,
J then you must purchase Home & Business. The exception
on Schedule C is that if all you need is Schedule C-EZ you could use the less
expensive versions.
Note,
in all fairness, all four versions [not including FREE version] will produce
the most commonly needed IRS forms. For Form 1040 and Schedules A and B,
there is no functional deficiency in the lower priced versions.
More
pricing discussion below, but here is the basic summary and pricing form
Intuit:
Note discount pricing in effect on
12/31/2013: http://turbotax.intuit.com/personal-taxes/
Here
is a link to Forms that are produced by TurboTax -
http://turbotax.intuit.com/support/kb/update/form-availability/1108.html
FREE
version is restricted - cannot handle Schedules C D E C-EZ F
or be able to input self-employment income from Form 1099-MISC, nor can you
claim Form 8586 Low Income Housing Credit. MOST IMPORTANT: you
cannot import prior year data -read small print about "returning
customers".
PERSONAL
products do not produce Forms 1041, 1120, 1120S, 1065. To create Forms
1099-MISC and Form 1096 or create W-2 for employees, either purchase
Home&Business or else purchase the separate an unfortunately similarly
named "Business" product. Forms 709 Gift Return and 706 Estate
Return ARE NOT Income Tax so no consumer retail product produces these.
These products come in TWO Platforms:
DESKTOP
version [you purchase a license by buying the CD-ROM (BEST!) or downloading
from Intuit, install on your computer, and have access to the software and your
tax data any time you want]
- must install, but unlimited number of Form 1040 can be produced, always have
access to data
- State Program -first state - FREE
NOTE: Deluxe versions both with and without -be careful when buying
https://ttlc.intuit.com/questions/1914449-turbotax-software-product-guide
ON-LINE
version [access to stored data and on-line pages at Intuit].
- one Form 1040 per log-in and per fee charged;
- product goes away after October 15th, no access after
- NO FREE state!.
https://ttlc.intuit.com/questions/1899289-turbotax-online-product-guide
I'll
put in my plug at this time for (almost) never purchasing the on-line version
because you would not believe the amount of occasions when you may wish to go
back to the actual tax data [as opposed to the printed PDF that you can always
look at], and you will not have that option on-line. Also, for those with
reasonable comfort level for looking at the actual Forms, you can only do this
with the desktop products and not the on-line version. Forms View is also a
great way to visually verify what you think should be there and to manually
alter if you find an error.
Which level of Product? FREE
|| BASIC || DELUXE || PREMIUM ||
HOME&BUSINESS
--------------------------------------------------------------------------------------------------------------------
What
differentiates the products is the increasing level of Interview assistance and
prompting, as well as Help, as you move from the
Basic->Deluxe->Premier->Home & Business. Also note the
restriction on which forms are not included in a version - see above.
You
choice is to pick a version with the degree of hand-holding and guidance that
makes you feel comfortable and produces the forms you need.
You
have to read the Intuit marketing suggestions carefully. Where it says to the
effect "If you have bonds, mutual funds ,yada yada" and suggests that
you need Premier, that is all it is! A suggestion and not a statement of
certainty! If you think you know what you need to do to handle the Investment
transactions, and don't feel you need Premier, then buy either Basic or Deluxe,
etc.
Again,
read the marketing prose for what it actually says and not what you think it
said
If you receive a form K-1 or have
investments, you need either PREMIER or HOME&BUSINESS
Remember
that any sale of investment assets or a house if more than the excludable
amount requires Schedule D
If you
have a sole proprietorship business or an SMLLC that files as a partnership,
and if you have any depreciable assets, you must use the Home and Business
version even though the Premier will process a Schedule C-EZ only.
If you
must produce Form 1099-MISC or Form W-2 for a business that you operate, such
as on your Schedule C, only Home and Business product [of the Personal
products] will generate these.
Any of
the DESKTOP products can be used to produce any number of returns whereas the
on-line product is one return per subscription. Note that there is
an IRS-imposed limitation on a maximum of FIVE (5) eFilings from a specific IP
- meaning Desktop on a computer can eFile no more than 5.
Here's
the product comparison chart, just in case you did not drill down that far in
the product descriptions.
COMPARE:
https://ttlc.intuit.com/questions/1899289-turbotax-online-product-guide
https://ttlc.intuit.com/questions/1914449-turbotax-software-product-guide
DESKTOP/CD v. ONLINE:
--------------------------------
Reasons
to Buy the Desktop - from Costco or other brick-and-mortar or on-line
merchants:
***
You can produce as many Forms 1040 as you wish for yourself and family and IRS
allows up to 5 eFiles.
**
State product is FREE [first state] - if sold as such, be careful when buying
from other sites
- be careful if buying Deluxe to check you are buying the version wit Free
state
- All forms supported in all
versions unlike Online - see limitations on Schedules C, D, F
*You
always have access. [even after October 15th of the following year]
*You
can work off-line from the internet and not subject to latencies or reliability
issues. [even when your internet connection is down; even when you are working
on your taxes on your notebook at the beach]
*You
can produce as many Forms 1040 as you want. with either online or
Desktop. You can do your family.
*You
can do trial alternatives of different scenarios like changing filing status
from MFJ to MFS or Head of Household.
*You
have the "What If" function.
*You
have "Forms View" mode so you can see the actually Form or Schedule
as it is filled in. [a lot of specific tax issues are much more easily resolved
when working in Forms mode]
- *The Desktop allows far
greater navigation because you can actually get to look at the forms
themselves as you are proceeding in case you have some question about what
went where and why.
*VERY
IMPORTANT: the on-line service is available only until October 15, 2014,
so if for any reason you need access to the tax data itself, and not the
printed or electronic PDF print out after October 15, you've got a problem.
Full disclosure: I, and most of the "Forum Regulars" are desktop
bigots! Should you have to file an Amended Form 1040X - after
October 15th - the only way you can do this , other than with paper and pen and
hand-held calculator, is to buy the Desktop package then, as a prior-year
product, so you used on-line you will have bought it twice!
PRICING
- READ BELOW! [to follow]
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
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