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lithicaconsulting

Question

Will upgrading to Turbotax premier, which allows me to enter my wife's T4PS, actually lower what she owes? Or does TurboTax Deluxe take the T4PS into account?

Forum|Forum|1 year ago
March 20, 2025
1 reply
0 views

I added a T4PS and it now says she owes an additional ~$600 in taxes. But then says we need to upgrade to TT Premier to be able to enter a T4PS.

Yes, if you have T4PS (T4PS Statement of Employee Profit-Sharing Plan Allocations and Payments), it requires an upgrade to Premier as the Deluxe version doesn't accommodate that T-Slip.

Thank you for choosing TurboTax.

lithicaconsultingAuthor

I understand that. But turbo tax deluxe allowed me to enter the T4PS data, and then altered the amount owed at the top of the page. It was only after I click next it said I needed to upgrade. Is the number at the top taking the T4PS into account?

Yes, correct. Once you add the slip, it will prompt you to upgrade, as TurboTax Deluxe doesn't fit the requirements of including T4Ps.