Turbo Tax/Tax Act - Basic version
by jay22 » Thu Feb 06, 2014 9:10 am
Forgive me for asking this naive question. This is the first time I am doing my own taxes using Turbo Tax or Tax Act (can't decide which one I should go with). I only have W2, 1099-INT and 1099-DIV to be taken care of. tIRA and standard deductions, no mortgage, kids etc. Do I really need anything other the basic version for either TT or TA? I don't see any benefit of going with the deluxe version, or am I missing anything?
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Re: Turbo Tax/Tax Act - Basic version
by 2beachcombers » Thu Feb 06, 2014 11:52 am
jay22 wrote:Forgive me for asking this naive question. This is the first time I am doing my own taxes using Turbo Tax or Tax Act (can't decide which one I should go with). I only have W2, 1099-INT and 1099-DIV to be taken care of. tIRA and standard deductions, no mortgage, kids etc. Do I really need anything other the basic version for either TT or TA? I don't see any benefit of going with the deluxe version, or am I missing anything?
See this thread; Need Delux desk top for Sch D on TT; Premier for Sch D TT online; and I have been unable to import div data to Taxact.
Doing you own taxes is complex(and the most complex is the software nuances of each company) at first but you will eventually be very happy you did and will find it a snap;
jerry
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Re: Turbo Tax/Tax Act - Basic version
by pshonore » Thu Feb 06, 2014 11:58 am
2beachcombers wrote:
jay22 wrote:Forgive me for asking this naive question. This is the first time I am doing my own taxes using Turbo Tax or Tax Act (can't decide which one I should go with). I only have W2, 1099-INT and 1099-DIV to be taken care of. tIRA and standard deductions, no mortgage, kids etc. Do I really need anything other the basic version for either TT or TA? I don't see any benefit of going with the deluxe version, or am I missing anything?
See this thread; Need Delux desk top for Sch D on TT; Premier for Sch D TT online; and I have been unable to import div data to Taxact.
Doing you own taxes is complex(and the most complex is the software nuances of each company) at first but you will eventually be very happy you did and will find it a snap;
jerry
That is not correct. All desktop versions of TT products handle all forms.
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Re: Turbo Tax/Tax Act - Basic version
by kenyan » Thu Feb 06, 2014 12:07 pm
If you plan to file a state return online, I think that TaxAct is a no-brainer over TurboTax. Locked in a discount in December and got the TaxAct Ultimate federal + state bundle for $11-12. TT state costs $40, plus whatever you spend on federal.
Retirement investing is a marathon.
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Re: Turbo Tax/Tax Act - Basic version
by Toons » Thu Feb 06, 2014 12:24 pm
kenyan wrote:If you plan to file a state return online, I think that TaxAct is a no-brainer over TurboTax. Locked in a discount in December and got the TaxAct Ultimate federal + state bundle for $11-12. TT state costs $40, plus whatever you spend on federal.
+1 TaxAct 
,If you get the deluxe as mentioned prior year information will be imported the next year.
,If you get the deluxe as mentioned prior year information will be imported the next year.
Cost substantially less
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
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Re: Turbo Tax/Tax Act - Basic version
by jay22 » Thu Feb 06, 2014 12:26 pm
I don't need to file Schedule D since I didn't sell anything in 2013. Which is why I was wondering if the basic will do just fine for what I am trying to do.
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Re: Turbo Tax/Tax Act - Basic version
by Toons » Thu Feb 06, 2014 12:35 pm
jay22 wrote:I don't need to file Schedule D since I didn't sell anything in 2013. Which is why I was wondering if the basic will do just fine for what I am trying to do.
TaxAct has a free version federal including efile,state is extra if you choose it. 
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
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Re: Turbo Tax/Tax Act - Basic version
by pshonore » Thu Feb 06, 2014 2:02 pm
jay22 wrote:I don't need to file Schedule D since I didn't sell anything in 2013. Which is why I was wondering if the basic will do just fine for what I am trying to do.
To answer your question, Basic desktop version will do just fine. It wll do any personal tax return you can throw at it.
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Re: Turbo Tax/Tax Act - Basic version
by jay22 » Thu Feb 06, 2014 2:06 pm
pshonore wrote:
jay22 wrote:I don't need to file Schedule D since I didn't sell anything in 2013. Which is why I was wondering if the basic will do just fine for what I am trying to do.
To answer your question, Basic desktop version will do just fine. It wll do any personal tax return you can throw at it.
Thanks. I am assuming the online version works the same way as well?
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Re: Turbo Tax/Tax Act - Basic version
by Toons » Thu Feb 06, 2014 2:12 pm
jay22 wrote:
pshonore wrote:
jay22 wrote:I don't need to file Schedule D since I didn't sell anything in 2013. Which is why I was wondering if the basic will do just fine for what I am trying to do.
To answer your question, Basic desktop version will do just fine. It wll do any personal tax return you can throw at it.
Thanks. I am assuming the online version works the same way as well?
Yes the TaxACT software is identical whether purchased via download,cd,or online.TaxAct sells one version sold in 3 ways
Free Federal
Deluxe Federal(state additional)
Ultimate Bundle(Federal +State)
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
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Location: Hills of Tennessee
Re: Turbo Tax/Tax Act - Basic version
by pshonore » Thu Feb 06, 2014 2:14 pm
jay22 wrote:I don't need to file Schedule D since I didn't sell anything in 2013. Which is why I was wondering if the basic will do just fine for what I am trying to do.
To answer your question, Basic desktop version will do just fine. It wll do any personal tax return you can throw at it.
jay22 wrote:
pshonore wrote:
jay22 wrote:I don't need to file Schedule D since I didn't sell anything in 2013. Which is why I was wondering if the basic will do just fine for what I am trying to do.
To answer your question, Basic desktop version will do just fine. It wll do any personal tax return you can throw at it.
Thanks. I am assuming the online version works the same way as well?
No it does not. No Sched D, no Sched C for example, but it should be ok for what you've told us you have.
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