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Tax software 2020 - which one for W2 + 1099?

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  • Tax software 2020 - which one for W2 + 1099?


    I am looking for recommendations for the best tax software for my situation. There are some deals going on so I am thinking about buying something soon. Until now I have been using Turbotax but my situation before was very simple - typically just W2's and a few above the line deductions. But after finishing residency and now picking up some moonlighting (1099) in addition to my primary job (W2), my situation has become a little more complex. I'm hesitant to buy the Turbotax home business version because its $100 whereas I'm used to paying only $30-40 for TurboTax deluxe. Here goes:
    • Dual income physician couple, both have W-2s with 403b, 457b, health insurance, FSA.
    • I also have 1099 income from a side gig (sole proprietor, schedule C.)
    • Solo-401k. Doing simplified home office deduction (sqft x $5.) and various business expenses (DEA license, reference material, EMR software etc, ~$5k)
    • Some interest income (like $1000) from savings accounts
    • Backdoor Roth IRAs for each of us
    • Standard deduction
    • 1 child (1 year old,) no other dependents.
    • No mortgage interest etc. (we are renting.)
    • No stock sales, taxable accounts, bitcoin, foreign stuff (except for international funds in our tax-deferred retirement accounts) etc.
    • State = CA
    Thank you in advance.

  • #2
    cheap turbotax deluxe is fine


    • #3
      Keep in mind that no retail tax software takes into account that 403b annual additions must be aggregated with the annual additions to any employer retirement plan of a business > 50% owned by the 403b participant.

      Independent of the tax software, you will have to make sure the 403b and one-participant 401k combined (employee + employer) contributions do not exceed the annual addition limit.