Version Comparison:
https://turbotax.intuit
One important distinction about the various versions is that the Federal only may be good for people who live in states with no State personal income tax (Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming), but if they work in (physically) other states that do have personal income taxes they need to file non-resident returns; so the Federal+State could be useful for them or anyone else who physically works in a state with personal income taxes.
Regarding "State" confusion, on product page, it denotes:
TurboTax includes "1 State via download ($40 value*). State e-file sold separately."
This means you will get the download product for a state of your choosing in order to prepare and file it. E-filing your state return is sold separately but you can avoid that by choosing to print and mail instead of e-file.
1 State download is included per computer for free. If you install on another computer you have the option of downloading another state for free with that install.
There are 5 federal e-files per purchased (licensed) copy of the software. If you choose to trade a GC or otherwise with someone just know that you can't say with certainty the last person they traded with only activated it 1 time, or installed on multiple computers resulting in multiple activations at which point you could be out of luck. There has also been mention of a particular license key getting bound to the account that purchased the license if using a download version (vs CD) so downloading in that scenario would not be as quick and easy.
IRS announces delay for implementation of $600 [irs.gov] reporting threshold for third-party payment platforms' Forms 1099-K
If you plan on having these types of transactions in 2023 you will need to get the Home and Business version to make the calculations for your self-employment/estimated taxes for 2023 due April 15th, 2024
Before someone chimes in about all the free tax filing services -- remember youre the product not the customer for them.
https://www.theverge.co
FreeTaxUSA and Cash App also offer Free Tax software, and are *not* mentioned in the privacy data breach article above. But unless someone has completely read the legal disclosure documents of Intuit, there's still risk that they are selling this info to 3rd parties *and* charging high prices. Also beware Intuit actively spends millions of dollars lobbying the government to *not* implement it's own simpler automatic tax filing for majority of citizens like most other advanced countries.
FreeTaxUSA is less polished and lacks some basic features such as the ability to import W2 and 1099s -- also some features arent free such as state filing. https://www.pcmag.com/reviews/freetaxusa
Digital credits cannot be used on the TurboTax bundle (has $10 Amazon gc)
Digital credits can be used on TurboTax by itself (no $10 Amazon gc)
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Source: Just another victim of Intuit's marketing and TurboTax for 10+ years. (plus the links above).
It appears that in each case they just went to the Intuit site and copy/pasted what they have there. Some sites said Premier is "recommended" for people with stock transactions while other sites printed the completely false statement that Premier is required if you have stock transactions.
https://toughnickel.com/personal-...d-Business
Says this about Deluxe download : "It includes many tax forms, but not Schedule D." (this is 100% false)
https://www.cbsnews.com/essential...tax-deals/
"TurboTax Premier has all the features of TurboTax Deluxe, but is also great for taxpayers with investment incomes, such as stock, cryptocurrency, bonds, ESPPs, robo-investing and income from rental properties. "
You know what else is great CBS News? Not paying extra for Premier when you don't need to.
Again, congrats to Intuit for effectively confusing so many people into paying for an higher/upgraded version of TT than they actually need.
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This includes one state download. If you need an additional state download (as in you need to file state tax returns in two different states for a single federal return) then you must purchase an additional state download.
The cost to eFile each state return varies but for most states it is $25 per state per return and no free eFiles are included with any version.
If you want to file by paper/mail (not eFile) then there is no additional cost to file state returns.
So if you live in state X and work in state Y and need to file state tax returns in both state X and Y, you will need to purchase an additional state module/download (X will be free, Y you will have to pay extra for), it appears from the Intuit site that each additional state download costs $40
For those people that might think that you can just install the software twice (on two different computers) and one time download state X and then the second time download state Y, yes that will avoid the $40 state download fee but if there is any interactions between the state X and state Y tax returns you will not get it since the two different installations will not know about each other. So you may not get the correct tax credits between the two states.
It appears that in each case they just went to the Intuit site and copy/pasted what they have there. Some sites said Premier is "recommended" for people with stock transactions while other sites printed the completely false statement that Premier is required if you have stock transactions.
https://toughnickel.com/personal-...d-Business
Says this about Deluxe download : "It includes many tax forms, but not Schedule D." (this is 100% false)
https://www.cbsnews.com/essential...tax-deals/
"TurboTax Premier has all the features of TurboTax Deluxe, but is also great for taxpayers with investment incomes, such as stock, cryptocurrency, bonds, ESPPs, robo-investing and income from rental properties. "
You know what else is great CBS News? Not paying extra for Premier when you don't need to.
Again, congrats to Intuit for effectively confusing so many people into paying for an higher/upgraded version of TT than they actually need.
This includes one state download. If you need an additional state download (as in you need to file state tax returns in two different states for a single federal return) then you must purchase an additional state download.
The cost to eFile each state return varies but for most states it is $25 per state per return and no free eFiles are included with any version.
If you want to file by paper/mail (not eFile) then there is no additional cost to file state returns.
So if you live in state X and work in state Y and need to file state tax returns in both state X and Y, you will need to purchase an additional state module/download (X will be free, Y you will have to pay extra for), it appears from the Intuit site that each additional state download costs $40
For those people that might think that you can just install the software twice (on two different computers) and one time download state X and then the second time download state Y, yes that will avoid the $40 state download fee but if there is any interactions between the state X and state Y tax returns you will not get it since the two different installations will not know about each other. So you may not get the correct tax credits between the two states.
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I've daytraded and had hundreds of trades downloaded including stocks/options/futures, deluxe (desktop) handled it all.
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