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Posted by R. C. White on January 20, 2008, 11:56 pm
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Hi, JCO.
TurboTax Basic has ALL the functionality that most of us need to file our
returns. The upscale packages just add "bells and whistles", such as advice
and "tips". At least, that's my understanding. I haven't used anything but
Basic for a few years, so I'm not sure exactly what the other versions add
these days. They used to have the IRS Publications and other literature,
but those are available on the Internet now and, with broadband, are just
about as easily and quickly accessible from the IRS as from a Quicken DVD.
If Premium and H&B add depreciation calculations and other small-business
and rental property features, then those would be worth paying extra for
taxpayers who need those features. And, of course, most taxpayers can
benefit from State income tax programs included in some of the TurboTax
packages, but we don't worry about that here in Texas. ;<)
RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Currently running Quicken 2008 Deluxe in Vista Ultimate x64)
> Not a problem. My first time using the Turbo Tax "Premium", since we made
> a few sales this year. The past few years, I've been able to get by using
> the Basic. Although they don't clearly describe the "Basic" turbo tax
> very well, you can report Capital Gains Distributions using it.
>
>> Hi, JCO.
>>
>>> So do we pay the same taxes on Capital Gains Distribution as other
>>> Capital Gains? I get the "1099Div" form that has to be recorded for
>>> taxes
>>
>> Yes. On Schedule D:, you will report all the sales you made, showing
>> sale proceeds and basis and calculating the long-term and short-term
>> gains and losses. Then, on Line 13, you will report the long-term
>> Capital Gains Distributions, as reported to you on the 1099's. Note that
>> there is no such line in the Short Term section; any net short-term gain
>> realized by the fund is simply included in dividend income.
>>
>> Remember that I've been retired for over a decade, so be sure to check
>> with your own CPA to be sure that these rules still apply.
>>
>> RC
>>
>>> So do we pay the same taxes on Capital Gains Distribution as other
>>> Capital Gains? I get the "1099Div" form that has to be recorded for
>>> taxes (using Turbo Tax). Is it all the same?
>>> Thanks
>>>
>>>> JCO wrote:
>>>>> I have mutual funds that have Capital Gains which get reinvested back
>>>>> into the fund. When I run a Capital Gains report, they do not show
>>>>> up. Why? When I sell a fund, those Capital Gains show up just fine
>>>>> but I always thought the ones that are reinvested (that usually are
>>>>> realized in late December), should also show up on the same report.
>>>>>
>>>>> Am I missing something?
>>>>
>>>> Capital gains are gains on the sale of assets you own.
>>>>
>>>> What you get from your mutual funds are "captial gains distributions"
>>>> (capital gains from the sale of assets the mutual fund owned): Quicken
>>>> has never included capital gains distributions in the "Capital Gains"
>>>> report (since I have been using Quicken anyway: Q2000).
>>>>
>>>> You can find capital gains distributions reported in the Tax Schedule
>>>> and Tax Summary reports ... plus in the Schedule D-Capital Gains and
>>>> Losses report if you have Premier or H&B.
>>>>
>>>> --
>>>> John Pollard
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