I'm helping my friend with his taxes. Here's the issue. His taxes are very simple. He's a dependent and does not own a home or anything. He simply had two jobs and has nothing to claim. The only complexity is that He bought a very small amount of stock (less than $1,000) and sold them a few weeks later. He did not make any money from the sale.
According to the questionaire, I answered yes when asked if any stock was sold in 2006. For this reason, it suggested TurboTax Premier ($39.95), instead of what I had planned on using; TurboTax Basic ($9.95). The only reason is due to the fact that he sold a very small amount of stock, not making any money.
So the question is, since he's not a continuous investor and only happened to own one stock without making money, can TurboTax basic still handle this for us? Do we even need to mention this stock?
I tried to contact TurboTax support. Apparently, the guy who answered was 'technical support' and he was clueless as to what I was talking about.
Ok, that's good news. We can just use Basic and ignore the stock.
The reason for using TurboTax. Well, simply because we do not know anything about filing taxes, and we figure for $9.95 the step-by-step walk through will save us some time, reading, and headache. The basic plan isn't very costly!