Which module of turbo tax is most suitable for our family?

[garg_shailesh]

I am a salaried employee, have few rental properties, a very small side business. My wife is unemployed and just have rental income. Our son is a university student and he receives TA from school. I would like to use some expert advise too.

[TurboTaxEsther · Accepted solution]

Thank you for your Well thought out question!

Turbotax Premier will handle the rentals very well but for the self-employment income, I would recommend either the online self-employed or the desktop/download Home and business

You can add a Pro review to any tax return either in the online version or desktop version.

Since you have several tax returns to complete, I would recommend the Desktop CD or download Home and business. (this only works on Windows based computers. We do not have a Mac version as of yet). It includes 12 returns of income over $25000 and 8 returns for income below $25000.

The pro review is pay ONE price ($54.99) for the product and you can review all the returns in the desktop version. We just ask that you call in one at a time. (Unless a couple of course). 

https://turbotax.intuit.ca/business-tax-software/home-business.jsp

[garg_shailesh]

Thanks for your detailed reply. One more question. Last 10 years or so we have been filing our taxes through an accountant. We do have copies of all T1Generals including that of 2017 in detail. Will I be carry forward all information and data from 2017 into my 2018 return using Turbo Tax or I need to get something from my accountant?

[garg_shailesh]

I checked the link provided and it show cost of $119.99. Is Pro review in addition to this $119.99 or included? 12 return means 12 persons or each rental property return is considered at 1 return? We will have total 9 for myself, 8 for my wife and 4-5 for our son. Will this cover everything that our family need?

[TurboTaxEsther]

The fee for the review is on top of the fee for the program. The home and business can handle up to 18 rentals. Since your son will have his own return, he will also have up to 18 available rental forms.

You will need to refer to your rental statements from the accountant in order to enter some information like capital cost allowance. You will need last year's balances for the beginning of this year. Providing you have a complete return (not a condensed version), you should have all the information required.

[TurboTaxEsther]

12 returns means 12 persons with income over $25,000 can prepare their returns with this software and 8 persons with income under $25,000.