TurboTax Version to Use?

Question

I'm evaluating which version of TurboTax to buy (Deluxe or Premier). Besides the basic return items (income, and Schedule B items), I will have a size number of Capital Gains items to report. I don't have rental property and most of the other items listed under Premier.

In the past, I have entered my capital gains transactions manually (time consuming). My question is, does the Deluxe version have the capability of downloading these transactions from the brokerage account or would I have to use Premier to accomplish that. The firm has the capability to export to TurboTax - I just need to know which version.

Thanks Charlie

****************************************************** Charliec

Andrew · Accepted Answer

I haven't tried it yet, but my version of T/T Deluxe for t/y 2006 does seem to indicate I can download the 1099Bs from selected FIs.

R Walter · Answer

I'm sure either version will do it, however, it will ultimately depend on whether you financial institution supports the download. Some don't.

As to which version to use - try to find a free version on the web. My brokerage (Vanguard) allows you to use Turbotax online for free, including uploading of the previous year's return. It was half price for electronic filing as well. That's a lot cheaper than buying an app that you will only use for a short time.

You can also visit the IRS website for a list of free online tax preparation sites.

P.Schuman · Answer

downloading 1099 for cap gains ?hmm - haven't tried that yet.BUT - even with a paper 1099, it's still up to you to enter the Cost Basis,and I wonder how the download would handle that - if at all -

TurboTax Version to Use?

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