Feature Archives

Buying a Computer

Trends in the computing industry and issues to consider before purchasing a new computer or upgrading your current system.

ETFs

Analyzing, selecting and trading exchange-traded funds

Investor Sentiment

Using investor sentiment to indentify tops and bottoms in the market.

Market Breadth & Timing

Market breadth and momentum indicators to gauge the market's overall direction.

Mutual Fund Screening & Analysis

Screening for and analyzing mutual funds.

Portfolio Management

Constructing a portfolio of investments and the issues involved, including risk management.

Software Reviews

In-depth reviews of some of the most popular investment-related software.

Stock Screening & Analysis

Using quantitative stock screening filters to identify possible investment and analyzing individual stocks.

Stock Valuation

Determining the "true worth" of a company.

Technical Analysis & Charting

Using technical indicators and charts to help time your buy and sell decisions.

Tax Preparation

Using computerized tools and resources to prepare and file your personal income taxes.
Computerized Investing > March 15, 2014

Tax Preparation Services

PRINT | | | | COMMENTS (14) | A A   Reset

by Joe Lan, CFA

The year 2013 was great for the stock market, with each of our major indexes finishing up more than 25%. If you were one of the lucky (or unlucky, as the case may be) investors who managed to lock in gains in taxable accounts, you have capital gains taxes to look forward to. Whatever your situation, tax time can still be an arduous process. However, the rise of the Internet and computing power has made it easier than ever to do your own taxes quickly and affordably.

As usual around this time of year, Computerized Investing reviews some of the best tax preparation services. For many individual investors, these services are more than enough to assist in completing tax forms and filing them. These programs also offer various levels of service for investors in different situations.

Our top tax preparation services remain the same as last year: TurboTax, H&R Block and TaxACT. There are other services out there, but we find these three to be the most refined and easy to use. The bottom line is that if you are comfortable using a computer to file your own taxes and your tax situation is not overly complicated, any of these three services should be all you need to finish and file your taxes. However, if you have a complicated tax situation, such as owning your own business or multiple rental properties, hiring an expert may be a better choice.

The Services

For this year’s comparison, the online versions of each tax preparation service were reviewed. It is important to keep in mind that using the online version necessitates that the user provide a good amount of personal information that is saved on the company’s online servers. This allows users to start on their taxes, save their work and return at a later time or date to finish. These services all offer bank-level encryption but as we have seen (i.e., Target), no level of security is 100% safe. If you are uncomfortable having so much personal information online, each of the three tax preparation services reviewed here offers a CD version at a more expensive price.

TurboTax, H&R Block and TaxACT allow users to file simple (1040EZ) tax returns online free of charge. Most of our readers probably require “deluxe” versions of the tax services, which can handle the reporting of additional dependents, investment income and home ownership. The services charge a fee for their deluxe versions online, which range from $12.99 to $29.99 per federal filing (state filings are usually an extra fee). If you don’t know which version fits your needs, the services all allow you to begin filing a simple return and switch to a more sophisticated version if needed. You are not asked to pay for the filing until you are ready to file. Even if you do not e-file, this is also a good way to judge your tax preparer as to how closely their calculated results match that of the electronic service.

Table 1 details the cost and minimum systems requirements for both online and software versions of the three services.

    H&R Block At Home Deluxe TaxACT Deluxe TurboTax Deluxe
Website   www.hrblock.com  www.taxact.com www.turbotax.com
Online Cost  
$29.99, e-file one federal;
$12.99, e-file one federal;
$29.99, e-file one federal;
   
$64.98 incl. state
$17.99 incl. state
$66.98 incl. state
Online Minimum System Requirements Internet Explorer
7 and above
7 and above
Win XP-7: 8+; Win 8: 10+
Mozilla Firefox
3.6 and above
3.6 and higher
11 and above
Safari Version
5.1.2 and above
5 and above
5 and above
Google Chrome
17 and higher
17 and above
4 and above
   
 
 
 
Software Cost    (download or CD-ROM)  
$44.95, e-file five federal; $64.90 including state e-file
 
$12.99, e-file one federal; $21.99 including state
 
$59.99 state + e-file five federal
 
Cost of State E-File With Software (after cost of state forms)  
$19.95
$7.95
free
 
Software Minimum System Requirements Windows  
XP (SP3), Vista, 7, 8
 
XP, Vista, 7, 8
XP (SP3), Vista, 7, 8
Mac
Mac OS X 10.5.8 and above
No Mac version
Mac OS X 10.6.8  

 

Each of these three services will also file state tax returns for an additional fee. If you choose to go this route, the information provided for your federal tax return will automatically be used to populate your state tax return. Personally, I believe the convenience of filling out one tax return for both federal and state filings is worth the additional cost. Table 2 compares the features and functions provided by each service. Below, we describe how each service works.

    H&R Block At Home Deluxe TaxACT Deluxe TurboTax Deluxe
Program Functionality Free trial
Import last year's data
Import data from  financial institutions *
Import W-2 Forms
Transfer data from federal   return to state return
Error check
Deductions & Credits Automatically checks for   applicable deductions  
Deduction wizard (free)
Printing and Filing E-file option (free federal)
Direct deposit/withdrawal
Check status of e-file
Email confirmations   of IRS receipt
Technical/User Support Features Ask a tax professional (free)
Phone/online chat with    company reps (free)
Email questions
Ask, answer and read  other user questions
Guarantees Audit support
  Maximum refund/deductions
  Accurate calculations
  Calculates audit risk    
*TD Ameritrade or through CSV file

 

TurboTax Deluxe

The TurboTax website will help you choose the correct product by asking you if you are single, have dependents, own a home, sold stocks or bonds and whether you have a business. In this example, we selected TurboTax Deluxe, which will cover the needs of most individual investors.

To get started with TurboTax Deluxe, users first need to create a username and password. As stated, all the information you provide will be saved so there is no need to finish your tax return in one sitting. In addition, if you filed using TurboTax in the past, most of the personal information will be filled out automatically. You can also import tax information from each of the two other services listed in this comparison. However, the program will review each section to allow you to double-check your previous entries and make changes if necessary. If this is your first time using TurboTax, the first section begins by asking for personal information such as name, marital status and occupation. At the end of each completed section, the website provides a summary of the information entered. Double-check each section carefully before proceeding to the next section.

The look and feel of TurboTax has changed this year, but the overall functionality and navigation remain the same. TurboTax breaks down the federal tax return into five sections: wages and income, deductions and credits, other tax situations, federal review and error check.

After completing the personal information section, TurboTax will ask for wages and income, which typically begins with a W-2. Completing the W-2 section is straightforward: Users simply fill each box with the corresponding information shown in the W-2 form provided by their employer. You may also import your W-2 directly from your employer, as long as TurboTax has your employer on file. After completing the W-2 section, TurboTax asks a few questions regarding special income situations, such as whether you have worked outside the U.S. or whether you worked for a foreign government within the U.S. TurboTax asks whether additional forms of income pertain to you, such as investment interest or dividends, forgiveness of debt, sale of stocks or other investments, and contract work. There is one major change in the service this year: If you sold stocks, bonds or mutual funds during the year, TurboTax now requires you to purchase their Premier edition, which costs $49.99. The Premier edition can link directly to major brokerage accounts to download investment data, which is the easiest way to accurately provide the information.

At the end of the wages and income section, TurboTax also reminds you to enter data on investments or brokerage accounts held outside of the U.S. When entering additional income and wages, TurboTax asks whether you want the program to walk you through each step or if you want to go through it on your own. If you are new to the program or filing yourself for the first time, I suggest you allow TurboTax to walk you through the process. If you are an experienced filer, choosing what to work on will allow you to finish your taxes more quickly.

When the wages and income section is complete, you move on to deductions and credits. Once again the program offers to guide you through each section with target questions, but also allows you to go through the sections on your own. At the ending summary section, be sure to double-check that all your deductions and credits have been entered. When you are comfortable with the information provided, move on to the next section, which covers other tax situations.

The other tax situations section includes alternative minimum tax, additional tax payments such as underpayment penalties, other return info (including deductions such as presidential campaign fund contributions) and other tax forms (such as forms for amending a return or filing an extension). TurboTax provides help for each section, accessed by clicking on the Learn More link next to each corresponding section. After this section is completed, TurboTax performs a comprehensive review of the entire tax return and brings any errors to your attention; any missed and inconsistent information entered will be highlighted. Corrected entries are automatically populated in the appropriate sections. In addition, the program presents each section’s figures. If you filed with TurboTax the previous year, the program also shows these figures. This allows you to see if any numbers are significantly different and judge whether these differences are correct.

When the federal return is completed, TurboTax offers the option of transferring the data to a state tax return. Should you choose to use this option, TurboTax simply asks a few personal questions, such as whether you lived in the state for the entire tax year and whether there has been a change in residency during the year. The program also presents a list of state deductions, allowing you to mark off the pertinent ones. Once again, if you need help in any section or an explanation of any of the adjustments, simply click on Learn More. Finally, the program will ask a list of more specific questions, such as whether you have any untaxed out-of-state purchases or whether you paid income taxes to other states. A final state tax review is presented at the end. Just as with the federal review, any errors and inconsistencies are brought to your attention. Before filing, TurboTax shows your audit risk based on whether your tax return contains aspects that have historically triggered audits. If you are concerned over the possibility of an audit, you can purchase audit protection through TurboTax for $44.99.

When you are ready, TurboTax can electronically file your return. The website can set up a bank account where tax refunds are automatically credited or payments are automatically debited. If you are receiving a refund, the tax preparation fees can be automatically deducted from the refund amount; alternatively, you can pay for the service using a credit card.

H&R Block At Home Deluxe

H&R Block At Home Deluxe, like TurboTax, can import your information from previous tax returns if you filed online with the service. H&R Block also allows you to import tax returns prepared by TurboTax and TaxACT. The program charges $29.99 for a federal e-file and $64.98 including state.

The initial page of the Personal Information section called Your Year in Review prompts you to provide information for the past year regarding marital status, family life, medical bills, real estate, and occupation. The next page goes through each box that you checked and explains what effect that item has on your tax reports. For example, if you checked “recently married,” H&R Block describes the effect that changing your name or being married will have on your taxes. The next couple of pages go through simple step-by-step questions involving filing status and tax report basics. One exceptional feature of this service is that relevant information is generated based on your inputs: You are presented with the exemptions you qualify for, credits you can receive, and information pertinent to any new filing status.

After the Personal Information section, a page will pop up describing what paperwork you will need to fill out the next section: Income. Again, the program refers back to any information you provided in the first section: If you checked “new job,” the service describes the changes that this will make in terms of excess Social Security tax, retirement plan, or unreimbursed employee expenses. If you didn’t report a shift in occupation, this page is skipped. The Income section breaks your income into categories: common income, business, rental, partnership, farm, and royalties, investments, retirement and Social Security, sales and transfers, and other income. The site prompts you to click any boxes that apply; if you’re unsure of how to classify an income source, H&R Block provides assistance in selecting the appropriate option. In our test run, we chose income from employment wages, interest income from bank accounts, and dividends or capital gain distributions. The many options for sources of income give experienced users the advantage of quickly checking boxes that pertain to their situation and skipping other income sections. However, H&R Block does not walk inexperienced users through the process like TurboTax does.

The service then asks you to input information from your W-2 form. Importing a W-2 is an option, but only if H&R Block has your company on file. Certain sections have links that can be clicked to “learn more,” in case the user is unsure or confused. If a mathematical error is made, the site will ask you to correct it before continuing. Other filing sections include 1099-DIV and 1099-B. H&R Block can automatically load this information from your brokerage account, or the information can be entered manually. Accepted websites that H&R Block At Home Deluxe can access include broker websites such as Scottrade, E*Trade, and Charles Schwab. During our testing, we were able to successfully import dividends and capital gains without an issue. Before moving onto the next section, the program allows you to check your income inputs. A list is displayed showing each income source, along with a link to go to the item if it is incorrect.

Adjustments and Deductions is the next section. Again, H&R Block provides you with a list of documents or paperwork needed to adequately complete the section. The website refers back to information provided in the first section if it affects this section of your taxes. Common adjustments and deductions are listed with checkboxes, so that the user can select those that apply. Other adjustments and deductions can also be checked. Next to each item there is a “what qualifies” link so you can make sure that the item pertains to your situation. In the case of student loan interest, for example, H&R Block offers assistance in calculating the deductible amount even if you do not have a 1098-E form. DeductionPro, which is offered as part of the H&R Block At Home Deluxe service, helps users determine their charitable deduction for the year. The website makes it very easy to input the information and, again, asks you to make corrections if any numbers don’t match up. The last page has an overview of all the adjustments and deductions you input and shows whether the program is using a standard deduction or itemizing deductions.

Credits is the fourth section in H&R Block At Home Deluxe. Common credits and other credits are listed, and you check the individual boxes that apply. The program automatically adds checks to boxes that apply based on information that has been previously provided. Once again, links are located next to each item for user clarification on what qualifies. In the case of tuition expenses, the site lists tax breaks that may be available by walking you step by step through amounts paid for tuition and exactly where the money came from. H&R Block also provides assistance on expense credits for foreign tax paid, homebuyers, and the elderly and disabled. After inputting the information, each tax break that you qualify for is listed. At the end of the credit section, the program will run through each allowable credit, and provides a go-to button if anything needs to be edited. In the next section, Taxes, Penalties, and Payments, the program requests information based on whether you made tax payments throughout the year or if you have additional tax situations. Documents that you need for this section include statements of IRA and HSA investments, Form 1040-ES showing any federal estimated tax payments made, Forms 1099-INT and 1099-DIV for children under age 24 and records detailing household employees’ wages paid. By reviewing these documents, you can figure out if you owe any additional taxes and penalties or qualify for any other tax breaks. Checkboxes are provided for users who know what situations apply to them, and each subsequent page goes through any boxes checked in detail. The overview displays what taxes, penalties, and payments will appear on your tax report.

H&R Block runs a verification and accuracy check before your tax return is completed. The test goes through your return and notifies you of any mistakes so you can choose to fix or ignore each issue. The final page of your federal return displays how much you will be refunded or how much you owe, with a breakdown of your adjusted gross income, taxable income, and deductions.

Just as with TurboTax, the program can also finish your state tax returns using the information provided in the federal return. The program asks a few simple questions about your residency and whether you have additional income sources or additional deductions to income.

After completing your return, H&R Block can electronically file your federal tax return or you may opt to print and mail it. The website allows you to designate a bank account for the IRS to automatically deposit a tax refund or withdraw a tax liability. If you are eligible for a refund, H&R Block can automatically deduct its fees directly from that amount.

If at any point in the process you need to leave your computer, the program allows you to save your work and continue at another time.

The website offers a “My H&R Block” dashboard with links to a help center. In addition, H&R Block maintains a discussion forum.

TaxACT Deluxe

TaxACT Deluxe originally started as a “do-it-yourself” tax return offered for a low price. Now, however, as other tax preparation websites have all started offering 1040-EZ filing free of charge, TaxACT has added various levels of service with more guidance. Its Deluxe service, the version we review here, starts at $12.99, and is still the cheapest option to get the job done. Once again, you can start the tax return process and wait to pay until you are ready to file at the end.

The first step is filling out the basic info section of the website. Users are asked if they are returning from last year and if they want to import vital information from previous reports. TaxACT now also allows you to import previous tax returns from other tax preparation services using a PDF file. The questions are very basic and checkboxes are provided for responses that apply.

A section titled Life Events inquires about significant happenings from the past year. There are a myriad of topics listed for you to choose from, including marriage and divorce, raising children, owning a home, moving, and retirement. If you select a topic here, TaxACT will ask a series of questions and detail how this topic will affect your income. This is more of an informational section; you do not need to select a topic to proceed with your tax return. However, you may want to review some of the pertinent sections, especially if you are new to filing your own taxes.

Continuing through the Life Events section brings you to the Federal Q&A. Income is the first set of questions regarding wages: If you click “yes” to the question of whether you or your spouse received any wages or a salary from an employer in 2013, the website asks if your employer provided you with access to an electronic W-2 form. For review purposes, we clicked “no.” Under this scenario, you are given the option to complete your W-2 information using quick entry or step-by-step guidance. Choosing quick entry brings up an electronic W-2 that you can quickly fill out by skipping to the pertinent fields. Step-by-step guidance leads you through each of the fields.

If you opt for quick entry, two different options arise: Form Instructions and TaxTutor Guidance. Form Instructions pops up as another window that explains in detail how to fill out a W-2, box by box. TaxTutor Guidance is more of an educational tool that offers lengthy explanations for each section of the W-2 form. The quick entry form is suitable for individuals who are comfortable inputting information onto a form that looks similar to a W-2. Step-by-step guidance lists each section in list format, and blanks are provided for the user to fill in. The screen then prompts you to enter your wage information as it appears on your W-2. It tells you which box in which section is being referenced. Throughout this whole process, if you want to pull up a W-2 that you loaded onto the computer via a PDF file, there is a link at the bottom of the screen to guide you.

When you reach the Investment Income section, the site tells you what forms are needed based on what types of investment income you declare. The page gives a description of what investment income may include and also offers additional guidance for forms that may be useful. After answering yes or no to a series of questions, each response is evaluated and subsequent questions are asked. The site goes through mortgage interest, principal payments, interest income, investment expenses and foreign taxes, interest deductions, and interest exclusion, among other income items. When providing information about any of these items, you again are given the option of entering information using quick entry, where you essentially copy information directly onto a form that looks like a 1099-INT, or step-by-step guidance, where the website walks you through each field.

Unfortunately, TaxACT currently only supports brokerage stock sale importing through GainsKeeper, Sharebuilder, TD Ameritrade and Form 8949 (although you can also import stock transaction data using a CSV file) and you have to enter dividends received yourself. Questions about other income such as sale of home, business income, rental and royalty income, retirement plan income, and Social Security benefits pop up before the section is finished. At the end, a page summary is provided that displays each category of income. If you need to edit anything, you can click “review” to fix any mistakes.

The Deductions portion of the tax report follows. Information from previous sections carries over, and TaxACT asks additional questions to determine which sections may need further input. The program asks if you would like to fill out itemized deductions, and recommends that you answer yes. The site will only use itemized deductions if doing so lowers your tax bill. The deduction examiner allows you to review each deduction or go back to edit any mistakes. The itemized deductions section is a table broken down into medical/dental expenses, taxes paid, interest paid, gifts to charity, casualty and theft loss, miscellaneous and other miscellaneous.

The Credits section inquires about adoption expenses, residential energy credits, foreign tax credits, and child and dependent credits, among other types. The information from previous sections translates over, and the program automatically recognizes if you are eligible for certain credits based on previously provided information. The same review process is used, and TaxACT makes reviewing or editing your credit information easy.

Under the Miscellaneous category, users can input estimated tax payments for 2014 to avoid penalties when taxes owed are not covered by the withholdings amount on each paycheck.

A Federal Tax Summary is provided after the questionnaires in each section have been completed. At this point, the site offers three options: review Q&A topics, preview Form 1040 or continue. After clicking continue, TaxACT offers to automatically transfer data to your state tax form. If you want this to be done, click the appropriate responses. Continuing forward, a review is performed on your tax report. The program scans for incomplete or inconsistent information, and a series of suggestions or corrections that need to be made will pop up in order to ensure an accurate tax report. TaxACT Deluxe has several pages of tools that you may find useful, along with other programs it offers that may help you based on information you provided. Although all the information they offer can be helpful, it seemed a bit tedious. TaxACT also allows you compare several income and tax expenses to national averages.

TaxACT provides a couple of filing options. You can file electronically or by mail. If you are receiving a tax refund, you can choose to have it wired electronically to an account or have a check mailed to you. If you owe anything, you can request that the IRS withdraw the funds directly from a designated account, you can mail in a check, or you can have the amount charged to a credit card. TaxACT will file your state return electronically for an extra fee of $5.00.

Conclusion

Overall, each of these three websites will be able to assist you in preparing taxes. We were pleasantly surprised to see that each also offered a section detailing changes to your tax bill that you can expect with implementation of the Affordable Care Act. There are minor differences between the services; the one that suits you really depends on the level of guidance you prefer. TurboTax and H&R Block are very similar, with each offering exceptional guidance. However, TurboTax requires the Premier edition if you sold stocks, bonds or mutual funds during the tax year, while H&R Block can handle these tax situations with their Deluxe edition.

TaxACT online is still the cheapest choice, by far. We found that the brokerage data import feature with TurboTax and H&R Block made filing much easier, and the lack of this feature in TaxACT (unless you are using TD Ameritrade) is really a hassle. This alone may be enough for most users to choose TurboTax or H&R Block rather than TaxACT. Nevertheless, the program prepared taxes accurately and is the least expensive option. All three programs computed the exact same tax refund or amount owed in our trials.


Discussion

J Lucas from MA posted 9 months ago:

Readers should check for possible substantial discounts through their financial services companies. An example -- Vanguard Flagship clients can purchase TurboTax Premier online for no cost or desktop download for $9.99. At those prices, one does not need to look further.


Daniel Brown from TN posted 9 months ago:

I'm curious as to how you arrived at the conclusion that "TurboTax requires the Premier edition if you sold stocks ...". I sold stocks, in a taxable account, several times in 2013, and TTAX Deluxe handled the transactions quite well.


taxpayer from IL posted 9 months ago:

This article notes which versions of proprietary Microsoft and Apple operating systems are said to be compatible with the products reviewed, but there is no mention of whether linux users can run them, thru an emulator or otherwise.


Dennis Fisher from OH posted 9 months ago:

I have Turbo tax deluxe and just completed importing stock/mutual fund data from three brokerage accounts.
Everything ran and calcs are fine. Premier is advertised for extra guidance in investment cost basis and rental property.


Wayne Thorp from IL posted 9 months ago:

@Taxpayer, if you are able to run Windows or Mac on a Linux box using emulation software, you should be able to use any of these services. However, it is best to contact the service with this specific question beforehand.


A Tom from NC posted 9 months ago:

The author obviously is not familiar with Turbo Tax Deluxe's continuing ability to handle stock and mutual fund sales. In fact Deluxe is better than last year at which time I had to fiddle around a lot with the downloaded data on Form 8949 to make sure that sales were classified correctly. This year, the only added work that I had to do was to provide some data about the sales of expired calls.

Once the people at Turbo resolve the issue about reporting full data on expired covered calls, Deluxe will be excellent for all the types of stock sales that I have. I'm unsure how well Deluxe handles the trading of more complex stock options.


Canuck from WA posted 9 months ago:

For Canadians filing US tax returns, TaxAct Deluxe includes Form 8891 while H&R Block Deluxe does not. This is especially important for e-filing.


Joe Lan from IL posted 9 months ago:

On TurboTax's website, it mentions that if you sold stock, TurboTax Premier is the option best suited. In my previous tax preparation articles, I mentioned that while this is was stated on their website, it seemed that TurboTax Deluxe was able to manage stock sales without a problem. During my tests this year, I tested importing stock sales using Scottrade and was prompted to upgrade to TurboTax Premier. Unlike the previous years, I was unable to get around this. I have to admit, this seemed odd to me as well because in previous years, TurboTax Deluxe was able to do the job.

With that said, it seems the vast majority of people commenting have stated that TurboTax Deluxe was still able to perform the calculations and handle stock sales properly. I could have made a mistake. However, I would recommend anyone using TurboTax to be cognizant of the difficulty I had when importing my stock sales.


Paul R from MI posted 9 months ago:

I didn't see any reference to how well the tax software (on line OR CD-ROM versions) handle K-1's and the sale of MLP's. I've managed with CD-ROM version of H&R Block Deluxe, but I am never sure that I am doing things right. Is TurboTax any better with K-1's? MLPs that are Publicly Traded Partnerships (PTPs) are rather hot lately, so the way the tax software handle the forms should be of interest, I would think.


corvettegeorge from CA posted 8 months ago:

I have used TaxAct for the last 5 years and it has worked great for me. I have income from multiple sources including K-1's and it guides you through quite well. After completing all your forms, it goes through and finds any blanks or issues needing filled in or changed. I usually get my state refund within a week, and the fed within 2 weeks.


David B from MI posted 8 months ago:

I just wanted to mention that I have used tax act for years without any problems. As far as importing from brokerages I just download the file and convert it to a csv file, you do have to change the deliminator to save it correctly but you can see this in the preview pane so it's not hard to do. Since I'm no expert with software I have to re-figure out how to do this every year and I still do not think it is difficult. Dividends come off the 1099-DIV so I don't see the problem with entering a few numbers, it's no different then entering your W-2 manually.


Frank Van De Kerkhove from MA posted 8 months ago:

I am a long-time (over 20 years) user of TurboTax and mostly have used the Deluxe version. I tried the Premiere version once but it added very little value to my return since I don't have rental income property. Its marginal value (for me) came from "extra guidance" on bond and equity sales and from its historical cost tables, if I did not keep track of stock splits, etc. But now that investment houses must provide the cost basis along with the sell price its extra value is further diminished. So I stuck with the Deluxe version this year and had no difficulty importing the full 1099B details from 3 different investment houses (Fidelity, Commonwealth Equity, and Stifel).


V Kerscher from OH posted 8 months ago:

Turbo tax changed their programs this year and provide different forms for Deluxe and Premier in their "on-line" versions vs the desktop or "cd" or downloaded versions. If you are in the "on line" method and using Deluxe, and get to the investment area and want to import from a brokerage or other investment inputs, or have rental property, it will tell you you have to upgrade to Premier. If you are in the CD or downloaded version of Deluxe you are OK and it will work. Why they put these limits on the "on-line" method I don't know. More revenue?


JonV from WI posted 8 months ago:

Good article. In the future a comparison of available support would be helpful. I used TurboTax this year and had trouble with it crashing and then charging me twice for the state. Then I found out they post no 800 number anywhere on their site and accept no email. Just an "ask a question" box which a week later gave me an email telling me to use a link to the same box I started with... I plan to give H&R Block a try next year.

Agreed with those below that Deluxe is fine for importing my (fairly complicated) investments from several accounts.


You need to log in as a registered AAII user before commenting.
Create an account

Log In