what version of turbotax do i need for stocks

by Carol Buckridge Published 3 years ago Updated 2 years ago

Generally, if you have stock trades that are reported on form 1099-B and you're using TurboTax Online, you'll need to use the Premier or higher version. If you want to use the TurboTax CDDownload version, you may use Basic, Deluxe, Premier or Home & Business. Remember, the higher the version, the more support you'll get.

If you sold any investments (stocks, bonds, mutual funds, options, etc.) then you'll have to file a Schedule D – which also means you'll need TurboTax Premier.Jun 16, 2022

Full Answer

What is a good alternative to TurboTax?

List Of The Best TurboTax Alternatives

FreeTaxUSA. Best for bringing up a nice range of features at minimal or no charges at all. ...
H&R Block. Best for free features plus expert help. ...
TaxAct. Best for comparatively lower prices. ...
TaxSlayer. Best for expert assistance with the premium and the higher price plans. ...
Credit Karma Tax. Best for being 100% free. ...
Liberty Tax. ...
IRS. ...

Is efile better than TurboTax?

Turbotax definitely has one of the better support feature offerings around. This includes phone, live chat, forum and community forum support. This is significantly better than what E-file offers, for example.

How reliable is TurboTax?

TurboTax, one of the most popular and reliable brands in the market, offers three free options for filing a simple tax return this year. You have the option to file yourself, file with an expert ...

How much does it cost to use TurboTax?

TurboTax has three do-it-yourself online packages that cost between $59 and $119 for federal returns, plus an additional $45 for state returns.

Which TurboTax do I need for stocks?

TurboTax PremierTurboTax 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.

Can I use TurboTax Deluxe for stocks?

All desktop CD/download products (including Deluxe) can handle sales of stocks, bonds, mutual funds, etc, and can import from brokerages, etc.

Can I use TurboTax if I have stocks?

Whether you have stock, bonds, ETFs, cryptocurrency, rental property income or other investments, TurboTax Premier has you covered. Filers can easily import up to 10,000 stock transactions from hundreds of Financial Institutions and up to 4,000 crypto transactions from the top crypto exchanges.

Why do I need TurboTax Premier for stocks?

Turbotax recommends the Premier Edition, which has all the features of Deluxe plus more tools to deal with investments and rental property, to people who have stocks and bonds or rental income.

What's the difference between TurboTax free and TurboTax Deluxe?

TurboTax Deluxe is able to process more forms than the free version is, so those individuals with more complex returns can benefit from it. If your return requires certain forms, it will prompt you to upgrade to the version capable of processing that form.

Does TurboTax Deluxe 2020 include capital gains?

You can still use Deluxe to report income from interest, dividends and mutual fund capital gains distributions. You can also use it to report miscellaneous income from a 1099-MISC.

How do I enter stocks in TurboTax?

Where do I enter a stock saleClick on Federal Taxes (Personal using Home and Business)Click on Wages and Income (Personal Income using Home and Business)Click on I'll choose what I work on (if shown)Under Investment Income.On Stocks, Mutual Funds, Bonds, Other, click the start or update button.

What tax form do you need for stocks?

Brokerages and other financial institutions are required to send you Form 1099-B if you sold stocks or other investments in your account. They also must send copies of the forms to the IRS. The IRS matches the information on the forms they receive from the brokerage to the amounts you report on your tax return.

Do you need TurboTax Premier for Robinhood?

What edition should i buy to file my Robinhood (Investment Loss), W-2Form, 1095-A form? From what you have listed, TurboTax Premier would be the edition that will be able to handle your return.

Do you have to use TurboTax Premier?

This depends on what you have to file. If you have forms that are only available with premier then you will have to use that edition.

What is included in TurboTax Deluxe?

All TurboTax Live Deluxe featuresGuidance for homeowners. Have a tax expert help make sure you get every homeowner tax deduction available, including mortgage interest, property taxes, and more.Searches 350+ deductions. ... Ideal for education expenses. ... Tax credits for dependents. ... Charitable donations. ... Big life changes?

How do I file taxes on a stock trade?

Security traders can declare 6% of the turnover), then you will be required to file ITR 4. However, you will be required to file ITR-3 if you declare your F&O income as presumptive business with capital gains. When we declare F&O income as presumptive business and we have capital gains ITR-3 is applicable.

How many e-files can I file with TurboTax?

When you purchase the TurboTax software (disc or download), it says that it “comes with 5 free federal e-files.”. This is actually an IRS rule, not a TurboTax one. The IRS only allows you to prepare and electronically file up to five federal and (related) state tax returns.

How much does TurboTax Premier cost?

TurboTax Premier with State – $89.99. TurboTax Home and Business with State – $99.99. Now the packages are only available with state – if you don’t have to file a state return, you may want to go with TurboTax online. Sometimes, it’s possible to do the Federal return with software and to file your state return on paper.

Can I install TurboTax on my computer?

When you buy TurboTax, you’re allowed to install it on any computer you own. When you do, you can prepare the returns of you and your immediate family. I’ve seen families do this a lot where a parent does their returns as well as their children, often when they’re in college.

Do I need to file a Schedule D if I sold a stock?

If you sold any investments (stocks, bonds, mutual funds, options, etc.) then you’ll have to file a Schedule D – which also means you’ll need TurboTax Premier. If you received a Schedule K-1 (Form 1065), which you would get if you are in a partnership, that’s another reason you’ll need TurboTax Premier.

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15. /app/View/Composers/SidebarView.php:12
16. /vendor/laravel/framework/src/Illuminate/View/Concerns/ManagesEvents.php:124
17. /vendor/laravel/framework/src/Illuminate/View/Concerns/ManagesEvents.php:162
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Backtrace	21. view::2dd102cf0462e89a4d4d8bc77355d767652bf9aa:15 23. /vendor/laravel/framework/src/Illuminate/Filesystem/Filesystem.php:108 24. /vendor/laravel/framework/src/Illuminate/View/Engines/PhpEngine.php:58 25. /vendor/livewire/livewire/src/ComponentConcerns/RendersLivewireComponents.php:69 26. /vendor/laravel/framework/src/Illuminate/View/Engines/CompilerEngine.php:61

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