TurboTax question

I need to know if I need turbotax regular or deluxe

I'm single, I have one job, got a new job this year, no kids, did not buy a house, but I did pay student loan interest.

Should I just get regular? The deluxe says it can "maximize your deductions" I did spend some money on healthcare and donations, but those don't even come to play if you take the standard deduction, right?

Also, I worked from home for about a month and I do it for at least one day per week. I think that makes part of my rent and internet/cable/cellphone deductible. But it might not be enough to count.

This is my first time doing my own taxes..but I just can't see spending the money on an accountant, it has to be very simple in my case, and I'd rather keep the money (then again turbotax and efile cost money too)

Let me know what you think! Or if I should just stick with an accountant.

Re: TurboTax question

does the regular turbo tax have the state taxes as well?

Re: TurboTax question

Re: TurboTax question

Since it's your first year doing it and you do work from home, etc. you might want to use an accountant. Just to get an idea of how much you can deduct.
It won't be that much more that using TurboTax and you will get better service.

Re: TurboTax question

You can use Turbo Tax regular.

It will let you know if you should take the standard and itemize based on itemizable items and is very user friendly. For basic W2, Charitable donations, Student Loan interest and healthcare costs.

I used to do my own taxes and I had similar potential deductions as you and used Turbo Tax one year.

We go to an accountant now though because DH brought difficult taxes into our marriage!

Re: TurboTax question

turbo tax regular


you are only using a standard deduction.

the student loan interest is easy to figure--as it is used on the first page of the 1040--under subtractions to your AGI.

if you were a student the other form/deduction you can look into is the Hope/Lifetime Learning credit -- if you are in the first 2 years of undergrad study...you can use the Hope credit for up to 2 years on your taxes. (so if you have used it 1 time or never--and qualify you can file that form)....the lifetime learning credit is available no matter what...but you have to pick one or the other--not both



ETA: just as an FYI -- when you go for standard deduction vs. itemized---it means that if you are going to itemize--you are saying that you have MORE than the standard deduction than what the government gives you. this year for singles its $5350. so if you want to try and itemize your healthcare costs, unreimbursed employee expenses, charitable contributions, etc. you have to make sure that its OVER that standard amount to use it on your Schedule A

Message edited 1/16/2008 10:04:20 AM.

Re: TurboTax question

I don' think I have over $3500 in deductions, so I think I will go with regular.

Thank you!!!