Turbo Tax

[fly]

Any one use this?

What are your thoughts?

I used it for the first time this year. Generally have a tax guy do it for 125.00. Turbo Tax cost me 149.99 after all was said and done. The main reason I used it was to save a little money!

They real you in with an advertised low cost (59.99). Then I had to purchase an additional state return since my wife works in MO. Then to e-file to 2 states more charges.

In addition TT rounds automatically which led to a rejected IL state return. After several hours of figuring out the problem I had to lower our income by 2 dollars to make up for the rounding problem.

Probably will not use it next year, but at least we got a nice return and I have the satisfaction of completing a somewhat complicated return independently.

[ildrhntr]

I have been using turbo tax for years and really like it. Which version did you buy?

[TBow]

As I live in Canada, I used a tax software program called "QuickTax". It's by Quicken. It cost me $34.99 plus sales tax and entitles me to do 20 tax returns in this year (if I had dependents or other family members wanting to use it). It also allowed me to E-File my return which I did.

I typically used to do my own taxes manually every year which usually transgressed into a hair pulling (hence my receeding hairline) and cursing session. I'll admit there was still a little bit of cursing until I got it all cypehered out as to what incomes and deductions went where, but it all worked out. I was able to complete both my wife's and mine in one sitting as they are intertwined. This year I also had retirement income, which meant I was able to income split with my wife, which helped out with a little more of a return. Got'ta like that!

I remember a few years ago at work (I worked for the Canadian Government) they were sending around a "Simplified Tax Form" (as a joke) from Revenue Canada (the equivalent of the IRS). It only had two lines and only required one figure to input. It read:

1. What did you make last year? _________________

2. Send it to us!

TBow

[fly]

I have been using turbo tax for years and really like it. Which version did you buy?

The Deluxe version (for 65.00) Included one federal return, one state, and an e-file for federal.

The MO return cost an additional 42.00 and to e-file both states (IL and MO) another 42.00.

Total = 149.00

Didn't realize it would be this expensive until I was already into it too far.

[Shaun_300]

My dad is a CGA (Certified General Accountant) so I just let him do it.

[Flintlock1776]

Nope, I hire an accountant. I've not heard anything bad about TurboTax so it should work. My tax issues are a bit more complicated thus the professional services.

[The_Kat]

HR Block w/long form for my travel expenses. Costs me about 100 a year. I like doing it myself. Plus I like the audit insurance too.

[wtnhunt]

Been a turbo tax user for several years Frank, and neve had any problems with it. I trust doing my own with turbo tax more than I do letting Jackson Hewitt or H & R Block do my taxes.

[Tominator]

I use it. Seems to be a good program. I hired an accountant this year because of the sale of our house, and building of the new one. I ran our taxes through turbo tax and came up with a decent return. I'm curious to see what my accountant comes up with.

[fly]

I use it. Seems to be a good program. I hired an accountant this year because of the sale of our house, and building of the new one. I ran our taxes through turbo tax and came up with a decent return. I'm curious to see what my accountant comes up with.

Chris, did you purchase the new TT software or did you run it through a previous years? Being new to TT I was under the impression one had to purchase the updated software each year?

[Slash]

i used it this year, but I don't think we paid that much, probably because I only had to prepare 1 state return. They get you with extra $$ required for state returns. I know I chose the deluxe because I had some stuff I wanted to make sure we got the most for. I'll use it again next year, as I've used it for about 4 years now. Plus I got the biggest return ever (partly because Breylen was born last year)

[brad dryden]

It cost me $111 this year but it is worth it with all the different farming deductions I have or can get some stuff I would have totally looked over.

[Tominator]

Chris, did you purchase the new TT software or did you run it through a previous years? Being new to TT I was under the impression one had to purchase the updated software each year?

You have to buy it every year, but I never efile. I don't need my return bad enough to pay $20 where a $.42 stamp will work. The money they charge to efile is ridiculous.

[hunterbobb]

I got turbo tax on line through my bank. If I agreed to direct deposit the return I got the Federal Return for 29.99 and the state for 39.99. Then they will deduct thr fees from your return so you don't even really miss it.

I have been using it for at least five years. It takes aboout an hour to do it and I get my refunds super fast. I got my State refund in 5 days and my federal in 14.

This is the best software I have ever gotten on line. I'll never use anything else to do my taxes again. Plus it saves all your information from year to year so you can import any information that hasn't changed. That saves a load of time.

:gun2:

[Newarcher]

It really isn't worth it to use Turbo Tax unless you have some significant understanding of tax law or a simple return, especially with the new tax law changes coming your way.

Most people do not save enough, especially when given their time and efforts.

As a professional tax preparer, I usually find missed deductions and ask for things they never thought to ask about. Especially scary is when people start a business and do their own tax work for a Schedule C or S Corp business. 100% of the time, they are completely wrong and would probbably be audited and lose miserably.

Obama in his infinite drive to tax everything in existence and double tax things that are extinct.....decided that people with chronic medical conditions who currently deduct expenses > 7.5% of their AGI will not longer be able to. The new deduction threshold will be anything greater than 10%.

In addition, the capital gains increases will discourage investing.

How many people who make less than $250,000 have chronic medical conditions and invest? Lots and let's just call B.S. on obama's no tax increases on the middle class. Fool.

New

Edited March 15, 2010 by Newarcher

[RangerClay]

I have an accountant do mine. It is worth the $75 to have him do it because he will go with me if I ever get audited.

[wtnhunt]

I got turbo tax on line through my bank. If I agreed to direct deposit the return I got the Federal Return for 29.99 and the state for 39.99. Then they will deduct thr fees from your return so you don't even really miss it.

I have been using it for at least five years. It takes aboout an hour to do it and I get my refunds super fast. I got my State refund in 5 days and my federal in 14.

This is the best software I have ever gotten on line. I'll never use anything else to do my taxes again. Plus it saves all your information from year to year so you can import any information that hasn't changed. That saves a load of time.

:gun2:

Yep, gotta agree with Bob here. I bought the deluxe version again this year, and saw where I could have gotten it through my bank also for $29.99 after I paid I think $34.99 for it at wal mart.

No state income tax here, so no additional there.

E file is free now with turbo tax, so no additional fees there. Had our refund back, direct deposited the first week of February. No complaints at all here.

If we get done with our house before the deadline for the repeat homebuyer credit in June, we can even use turbo tax to ammend our return.

[dbHunterNY]

Pretty easy, but it depends on what you've got going for you. My dad with the farm has someone do them for him, because it gets too complicated. Which reminds me that I still have to do mine for this past year.

[Tominator]

If we get done with our house before the deadline for the repeat homebuyer credit in June, we can even use turbo tax to ammend our return.

Interesting point here, and the main reason why I'm having a pro look at my return this year, is the fact that Turbo Tax made no mention of a credit for the new home I built last year.

I thought for sure we qualified for that credit. Maybe I read the interview wrong or something, but it never gave me a chance to enter the numbers. Nothing came up on the review either.

[wtnhunt]

Interesting point here, and the main reason why I'm having a pro look at my return this year, is the fact that Turbo Tax made no mention of a credit for the new home I built last year.

I thought for sure we qualified for that credit. Maybe I read the interview wrong or something, but it never gave me a chance to enter the numbers. Nothing came up on the review either.

Timewise you may or may not qualify Chris, look at number 12 here http://www.federalhousingtaxcredit.com/faq2.php#1, after November 6th 2009 but before April 30th 2010 or occupancy by June 30th 2010. The deluxe version of turbo tax includes the form 5405 and will figure it, but you have to send the forms by snail mail. I was asked the question on the interview through turbotax about home sales or purchases, but since our home is not finished yet at this point we did not qualify. Uncertain whether or not we would make the deadline I went ahead and submitted ours, figure I will ammend our return when we are done with the house granted we have our occupancy letter by June 30.

[stevebeilgard]

the same person has been doing my tax for over 30 years. i think i'll just stay there.

[Tominator]

Timewise you may or may not qualify Chris, look at number 12 here http://www.federalhousingtaxcredit.com/faq2.php#1, after 30.

Gotta' love the tax code.

Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?

Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be after November 6, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April 30, 2010).

In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date. To provide proof of purchase, homebuyers must attach a copy of the HUD-1 Form or certificate of occupancy to IRS Form 5405.

We built our home on our land, but the builder is a "home builder" not a "contractor."

We took occupancy October 31st.

I guess I'll wait and see what my tax guy says. :eat:

[wtnhunt]

Gotta' love the tax code.

We built our home on our land, but the builder is a "home builder" not a "contractor."

We took occupancy October 31st.

I guess I'll wait and see what my tax guy says. :eat:

Unfortunately the energy credits don't apply to new construction either from what I understand of the tax code Chris. They only apply to existing homes. So the metal roof and energy rated windows we added as upgrades which would have also added to a refund for us don't count. Neither would the high efficiency heat pump the hvac guys tried to sell me on.

On the occupancy, I was told by a person at the IRS in our situation since it is kind of unique that the date is determined as being the date we get a letter of occupancy from our building inspector, not the contract date or the date you are actually all moved in. Building inspector told me on the phone last time I talked with him he would give us that letter of occupancy as soon as we get our electric finalized. Unfortunately looks like your situation you moved in a week too early. Don't feel too bad though bud, don't know at this point if we are going to end up finishing in time to get the credit either.