There are a few different versions of TurboTax for stocks, and it can be a little confusing to figure out which one is right for you. Here’s a breakdown of the different versions and what they can do for you.

The most basic version is the TurboTax Free Edition. This is good for people who have simple tax returns with no investment income. It can help you file your federal and state taxes for free.

If you have investment income, you’ll need the TurboTax Deluxe Edition. This version can help you file your taxes and report your investment income, including capital gains and losses. It also comes with free e-file and a free state tax return.

If you have more complex tax returns, you’ll need the TurboTax Premier Edition. This version can help you report income from stocks, bonds, and mutual funds. It also comes with free e-file and a free state tax return.

Finally, if you have self-employment income, you’ll need the TurboTax Home & Business Edition. This version can help you report all of your income and expenses, including those from stocks. It also comes with free e-file and a free state tax return.

Does Turbo Tax Deluxe work for stocks?

TurboTax Deluxe is a popular tax software that many people use to file their taxes every year. It offers a variety of features, including the ability to report income and investments. So, does TurboTax Deluxe work for stocks?

The short answer is yes. TurboTax Deluxe includes a feature that allows you to report your stock investments. This feature is available to all TurboTax Deluxe users, and it’s easy to use.

To report your stock investments in TurboTax Deluxe, you’ll need to provide some basic information about each stock, including the company’s name, the number of shares you own, and the purchase date. You’ll also need to enter the cost basis for each stock, which is the amount you paid for it, including any commissions or fees.

TurboTax Deluxe will then automatically calculate your capital gains and losses for each stock. This information can be helpful when filing your taxes, as it can help you determine whether you owe money or qualify for a tax deduction.

Overall, TurboTax Deluxe is a great option for taxpayers who own stocks. It’s easy to use and provides all the information you need to report your investments.

Can I use free TurboTax if I have stocks?

Yes, you can use free TurboTax if you have stocks. TurboTax offers a free online tax filing service for simple tax returns. You can use this service to report income from stocks, dividends, and capital gains. You can also use TurboTax to claim tax deductions and credits related to your stock investments.

Which TurboTax to use for capital gains?

There are a few different TurboTaxes that can be used for capital gains, and it can be a little confusing to decide which one is best for you. The most important thing to keep in mind is that not all TurboTaxes are created equal – some are specifically designed for those with more complicated taxes, while others are more basic.

If you have relatively simple capital gains, then the TurboTax Deluxe or Premier would be best for you. These versions are both designed for those with more straightforward tax returns, and they include all of the features you need to file your capital gains taxes.

However, if your capital gains are more complex, then you may need to use a different TurboTax. The TurboTax Home & Business or the TurboTax Self-Employed are both designed for those with more complicated taxes, and they include all of the features you need to file your capital gains.

So, which TurboTax should you use for capital gains? It depends on how complex your taxes are. If you have relatively simple capital gains, then the TurboTax Deluxe or Premier would be best. If your capital gains are more complex, then the TurboTax Home & Business or the TurboTax Self-Employed would be best.

Do you have to upgrade to TurboTax Premier for stocks?

When you file your taxes, you have a lot of different options to choose from. But, when it comes to investing and stocks, do you have to upgrade to TurboTax Premier?

The answer is: it depends. If you only have a few stocks or investments, then you likely don’t need to upgrade to TurboTax Premier. However, if you have a more complex investment portfolio, then it might be worth upgrading to get the added features and support.

TurboTax Premier is designed specifically for investors and offers a number of features that can make filing your taxes a lot easier. These features include:

– Tracking your cost basis: This is important for investors because it helps you keep track of your profits and losses. TurboTax Premier can automatically calculate your cost basis for you, making it easy to report on your taxes.

– Investment income: If you have any investment income, TurboTax Premier can help you report it correctly. It will automatically calculate the correct tax forms to use and make sure you get the most tax savings possible.

– Extra support: If you have any questions about investing and stocks, TurboTax Premier provides extra support and guidance. You can talk to a tax expert who can help you figure out everything you need to know about your investments and stocks.

Overall, TurboTax Premier can be a valuable tool for investors. It makes it easy to track your investments and file your taxes correctly. If you have a complex investment portfolio, then it might be worth upgrading to TurboTax Premier.

Which TurboTax do day traders use?

There are a few different TurboTax options that can be used by day traders. The most popular option is the TurboTax Deluxe version, which is best suited for those with more complicated tax situations. It can be used to file both federal and state taxes.

The next option is the TurboTax Premier version, which is designed for those who have investments and rental property. It can also be used to file federal and state taxes.

Finally, there is the TurboTax Home & Business version, which is designed for self-employed individuals. It can be used to file federal and state taxes, as well as to claim business expenses.

All of the TurboTax options can be used to claim any tax deductions or credits that may be available to day traders. It is important to choose the version that is best suited to your individual tax situation in order to get the most out of the software.

Can I use TurboTax Deluxe for 1099b?

If you received a 1099-B form, you may be wondering if you can use TurboTax Deluxe to file your taxes. The answer is yes, you can use TurboTax Deluxe to file your taxes if you received a 1099-B form. TurboTax Deluxe is a great option for those who need to file a state tax return, as it includes free state e-file.

When you use TurboTax Deluxe to file your taxes, you’ll be able to import your 1099-B form information into the software. TurboTax will automatically enter the information from your 1099-B form into the correct tax forms. This will save you time and make it easy to file your taxes.

If you have any questions about using TurboTax Deluxe to file your taxes, be sure to check out the TurboTax Deluxe support page. There you’ll find a variety of resources that can help you file your taxes, including tutorials and FAQs. You can also contact TurboTax support directly if you have any questions.

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

If you sold stocks this year, you’ll need to use TurboTax Premier. But what if you didn’t sell any stocks? Do you still need to use TurboTax Premier?

The short answer is no, you don’t need to use TurboTax Premier if you didn’t sell any stocks. TurboTax Deluxe is sufficient for most tax situations. However, there are a few features in Premier that might be worth considering, even if you didn’t sell any stocks this year.

For example, Premier includes a feature called Investment Income, which can help you report any dividends, interest, or capital gains from investments. It also includes a feature called Asset Location, which can help you figure out which investments are taxed at the lower long-term capital gains rate.

If you have a lot of investments, or if you’re not sure how to report your investment income, then TurboTax Premier might be worth considering. But if you’re only selling stocks, then Deluxe will be more than sufficient.

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