What TurboTax do I need for investment income?

TurboTax Premier is designed for investors of all experience levels. Increase your tax knowledge and understanding – all while doing your taxes. TurboTax Premier walks you through investment tax scenarios including stocks, bonds, ESPPs, robo-investing, cryptocurrency, rental property income, and more.

Does TurboTax Deluxe include investment income?

Yes, the Deluxe CD version can handle stock sales and will import your investments. However, TurboTax Premier CD version offers additional help for customers with investment income.

What tax form is used for investment income?

The federal tax laws require brokerage firms, mutual funds, and other entities to report on Form 1099 all investment income, usually interest or dividends, they have paid to investors during the previous tax year. Form 1099 is a tax form required by the Internal Revenue Service.

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Do you need TurboTax Premier for investments?

Depends. If you use the Online web version you do need Premier. If you buy the Desktop CD/Download program Deluxe will work but you get more help in Premier. For 2015 they put back all the forms into all the Desktop versions so you can use a lower version.

What TurboTax version do I need for capital gains?

You’ll use TurboTax Premier to report capital gains and losses as described above.

What is the difference between TurboTax basic and deluxe?

TurboTax Desktop Basic is for simple tax situations and costs $50 for a federal return and $45 for each state return plus an additional fee if you want to e-file the state return. TurboTax Deluxe and higher each come with one free state download, but e-filing state returns cost extra.

What version of TurboTax do I need for dividends?

For the online editions of TurboTax for reporting only dividends on form 1099-DIV and interest on Form 1099-INT, you can use either the Deluxe or Premier Edition. For a Schedule K-1 you would have to use the Premier or Home and Business edition.

Do I need TurboTax Premier if I didn’t sell stock?

Depending on the complexity of your taxes you will need to purchase a different level of software to accommodate your needs. If you have bought or sold stocks in the year you are filing for, you will need to purchase TurboTax Premier as the software for at-home filing.

How do I report investment income on my tax return?

To post your investment gains or losses on your 1040.com return, use our Form 1099-B screen. This form will automatically calculate your capital gains or loss and post the result on Line 13 of your Form 1040.

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How do I report income from investments?

You simply list your interest and dividend income directly on line 8a of your 1040 or 1040A. And don’t forget to report tax-exempt interest. It won’t be counted in your eventual tax calculations, but the IRS wants to know about it anyway, on line 8b of the 1040 and 1040A.

Will I get a 1099 for investment?

Investors will receive a 1099 if you: Sell an investment for a gain or loss. Receive dividends or interest from an investment, or get substitute payments in lieu of dividends or tax-exempt interest. Take a distribution from a retirement account, health savings accounts or education account.

Is it better to buy TurboTax or use it online?

Most people choose to use the online service. TurboTax reported that 80% of the returns it handled came from its online products. When you have a choice between buying the software you install on your computer and paying to use the service online, you are better off buying the software download.

What is the cost of TurboTax Premier?

TurboTax’s four DIY packages cost between $0 and $119 for federal returns, plus an extra $49 for state returns. The more complex your situation, the more expensive it will be.

Is TurboTax or H&R Block better?

TurboTax H&R Block
Premier/Premium $89 $69.99
Self-employed $119 $109.99
Additional state return fee $49 $36.99

How do I know which TurboTax to use?

If you have rental property and/or deductions related to stocks and investments, you should use either TurboTax Premier or Home & Business. If you are self-employed, are a contractor, or have a home business, you should not use anything less than TurboTax Home & Business. It maximizes your home deductions.

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Can I use TurboTax if I have capital gains?

Whether you have stock, bonds, ETFs, cryptocurrency, rental property income or other investments, TurboTax Premier has you covered.

Can I use TurboTax free if I have capital gains?

No, only TurboTax Premier will be able to handle capital gains.

What is the capital gain tax for 2020?

Long-term capital gains are taxed at the rate of 0%, 15% or 20% depending on your taxable income and marital status. For single folks, you can benefit from the zero percent capital gains rate if you have an income below $40,000 in 2020.