Blonde Granny
Junior Associate
Joined: Jan 15, 2013 8:27:13 GMT -5
Posts: 6,919 
Today's Mood: Alone in the world
Location: Wandering Aimlessly
Mini-Profile Name Color: 28e619
Mini-Profile Text Color: 3a9900
|
Post by Blonde Granny on Apr 13, 2014 7:23:16 GMT -5
I've used TT that past 6 years, and each year I buy the newest version. As a true YMer, I'm wondering if it is necessary to buy new every year or does the previous year version update to take care of 2014 taxes next year?
|
|
mollyanna58
Junior Associate
Joined: Jan 5, 2011 13:20:45 GMT -5
Posts: 6,733
|
Post by mollyanna58 on Apr 13, 2014 7:56:56 GMT -5
I'm not 100% sure, but I think each version of TT follows the IRS rules and regs for that particular year. For example, if the IRS changed the taxation of capital gains in 2014, then the 2013 version of TT would still use the rules in effect for 2013, and you would need the 2014 version to correctly calculate 2014 tax on capital gains.
|
|
Blonde Granny
Junior Associate
Joined: Jan 15, 2013 8:27:13 GMT -5
Posts: 6,919
Today's Mood: Alone in the world
Location: Wandering Aimlessly
Mini-Profile Name Color: 28e619
Mini-Profile Text Color: 3a9900
|
Post by Blonde Granny on Apr 13, 2014 8:01:11 GMT -5
Thanks, that's what I was thinking. If otherwise, TT wouldn't have the sales it does now.
|
|
TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 28,371
Mini-Profile Name Color: e619e6
|
Post by TheOtherMe on Apr 13, 2014 20:41:11 GMT -5
You have to buy it every year as it does not update for updates. If you use last year's version, your return will be wrong and it the forms will have the wrong year on them.
|
|
Value Buy
Senior Associate
Joined: Dec 20, 2010 17:57:07 GMT -5
Posts: 18,680 
Today's Mood: Getting better by the day!
Location: In the middle of enjoying retirement!
Favorite Drink: Zombie Dust from Three Floyd's brewery
Mini-Profile Name Color: e61975
Mini-Profile Text Color: 196ce6
|
Post by Value Buy on Apr 13, 2014 21:36:27 GMT -5
We do Turbo Tax online every year. The only real problem we have is figuring the darn correct amount on the freaking tax free Municipal bonds. We get hung up on that every year......
I remember the first year we were going to do it through Turbo tax, I went to Best Buy to buy the program, and I started talking to the customer next to me who was perusing BB's selections about the various versions. She suggested we just do it online, for a fraction of the actual program purchase cost. Turned out State Farm Insurance, which is our insurance agency, subsidizes the cost. Federal is $20 for us, because of capital gains reporting, and state is $29.99 with printed copies and e-filing included. |
|
taxref
Junior Member
Joined: Dec 31, 2010 11:09:13 GMT -5
Posts: 220
|
Post by taxref on Apr 13, 2014 21:44:50 GMT -5
Tax software must be purchased each year; they are not updated from one year to the next.
|
|
mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
|
Post by mwcpa on Apr 14, 2014 5:30:10 GMT -5
"The only real problem we have is figuring the darn correct amount on the freaking tax free Municipal bonds"
Most mutual fund company's include this data with their year end statements... and if you call your broker you can get it....
There are also "pay sites" to help with that.... my firm actually has one of these services, very helpful.... |
|
