Turbotax deluxe

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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coffeehubcap
Posts: 185
Joined: Wed Sep 19, 2007 7:56 pm

Turbotax deluxe

Post by coffeehubcap » Wed Dec 07, 2016 2:28 pm

Can I use deluxe for selling a house which I don't owe taxes on, or do I need to use Premier?

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oldcomputerguy
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Re: Turbotax deluxe

Post by oldcomputerguy » Wed Dec 07, 2016 2:43 pm

Will there be a capital gain? Premiere is the version they tout for handling such.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

coffeehubcap
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Joined: Wed Sep 19, 2007 7:56 pm

Re: Turbotax deluxe

Post by coffeehubcap » Wed Dec 07, 2016 2:54 pm

No capital gains.

pshonore
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Re: Turbotax deluxe

Post by pshonore » Wed Dec 07, 2016 3:10 pm

coffeehubcap wrote:No capital gains.
All CD/download versions of TurboTax will do all personal tax returns (even Basic). The more advanced the version, the more hand holding and guidance. I think $35 for Deluxe (through Fido; even non-Fido customers, not sure if state is included) is reasonable.

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HueyLD
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Re: Turbotax deluxe

Post by HueyLD » Wed Dec 07, 2016 3:17 pm

pshonore wrote:
coffeehubcap wrote:No capital gains.
All CD/download versions of TurboTax will do all personal tax returns (even Basic). The more advanced the version, the more hand holding and guidance. I think $35 for Deluxe (through Fido; even non-Fido customers, not sure if state is included) is reasonable.
+1.

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Youngblood
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Re: Turbotax deluxe

Post by Youngblood » Wed Dec 07, 2016 3:46 pm

pshonore wrote:
coffeehubcap wrote:No capital gains.
All CD/download versions of TurboTax will do all personal tax returns (even Basic). The more advanced the version, the more hand holding and guidance. I think $35 for Deluxe (through Fido; even non-Fido customers, not sure if state is included) is reasonable.

:sharebeer Bottom line for me too. So many answers given with minimal words.
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ThisIsMe
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Re: Turbotax deluxe

Post by ThisIsMe » Thu Dec 08, 2016 2:26 pm

I've used TurboTax in the past. Does it really maximize your tax return? I've wondered if I would be better off paying a couple hundred to get my taxes done if they can save me more than the cost.

coffeehubcap
Posts: 185
Joined: Wed Sep 19, 2007 7:56 pm

Re: Turbotax deluxe

Post by coffeehubcap » Thu Dec 08, 2016 3:48 pm

I've paid a CPA $250/yr and when he died I decided to use Turbotax. It's a piece of cake. Vanguard used to give a good deal on TT but now I'm looking for a place to get it for a reasonable price.

coffeehubcap
Posts: 185
Joined: Wed Sep 19, 2007 7:56 pm

Re: Turbotax deluxe

Post by coffeehubcap » Thu Dec 08, 2016 3:50 pm

Does it maximize your return? I haven't found that it is any different than other forms.

RudyS
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Re: Turbotax deluxe

Post by RudyS » Thu Dec 08, 2016 4:02 pm

I suppose the question should be "does it minimize my taxes." One good way to "maximize my return (probably should say refund) is to overwithhold. Kidding and nit-picking aside, Turbotax does a credible job of providing an accurate return. They have a very good routine for valuating donations of property. One could always eke out a few more dollars by overestimating the value of such items, but it wouldn't be "right."

protagonist
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Re: Turbotax deluxe

Post by protagonist » Thu Dec 08, 2016 4:06 pm

ThisIsMe wrote:I've used TurboTax in the past. Does it really maximize your tax return? I've wondered if I would be better off paying a couple hundred to get my taxes done if they can save me more than the cost.
Maximize it (eg: minimize my taxes) compared to what I would do without it? Probably not, but it is easier.

Maximize it compared to what accountants have done for me in the past? Almost definitely. When I do my own I am meticulous. My experience with accountants is that they tend to be much sloppier, especially when dealing with huge numbers of returns around tax time. It cost me a lot of time and money in both fees and mistakes back in the 90s before the days of online tax software, when I hired accountants. One neglected to report hundreds of thousands of dollars of carryover losses one year, and I didn't discover that until years later when it was too late to file an amended return. Ouch.

The main time crunch in doing my returns (at least when I was working) was that spent organizing my data and paperwork, which I would have to do anyway for an accountant. I just don't have to spend time on the phone with an accountant anymore.

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