Interested in filing my own taxes

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NBKCF
Posts: 44
Joined: Wed Aug 01, 2018 6:14 pm

Interested in filing my own taxes

Post by NBKCF » Wed Nov 14, 2018 9:12 am

Hey folks,

I have a pretty simple tax situation and always feared screwing up, therefore, I would pay to have my taxes done. My situation:
  • Homeowner
  • Married filing jointly with 1 dependent
  • Using DCFSA for child care
  • Will not exceed the $24,000 requirement for itemized deductions
I will be contributing to a Roth IRA for 2019 and this is our first year using the DCFSA. A few questions:
  • What tax forms are needed for 2020 for the Roth IRA, if any?
  • What tax forms are needed for DCFSA, if any?
  • Can we claim any of the daycare expenses that were not paid with by the DCFSA?
  • This is our first year with a child, what credits do we apply for knowing this?
  • Any recommendation on tax software? Is this something that is purchased every year?

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N1CKV
Posts: 772
Joined: Wed Mar 21, 2012 8:18 am

Re: Interested in filing my own taxes

Post by N1CKV » Wed Nov 14, 2018 9:31 am

I won't get in to the details, but I would recommend first trying to replicate the filing from last year.
The software I use, which should work for you, is FreeTaxUSA.com Just go through the motions and see what you end up with. The website will guide you and complete all needed forms. From there you can explore changes for 2018 taxes (or do them on the side while hiring someone) to see if you can get the same (or even more accurate) results.
I have met a lot of people that claim to love money, but they also seem to be the same people that are in the biggest hurry to get rid of it.

mbcruiser
Posts: 26
Joined: Thu Sep 18, 2014 7:48 am

Re: Interested in filing my own taxes

Post by mbcruiser » Wed Nov 14, 2018 9:34 am

irs.gov offers alternative ways to file electronically. Depending on your circumstances you may qualify for free e-filing. For less complex returns most alternative e-file options are reasonably simple to navigate. (https://www.irs.gov/filing/e-file-options).

aristotelian
Posts: 4874
Joined: Wed Jan 11, 2017 8:05 pm

Re: Interested in filing my own taxes

Post by aristotelian » Wed Nov 14, 2018 10:15 am

+1 for freetaxusa in your situation. Only thing it can't do is automatic downloading of brokerage transactions, so you have to manually enter 1099div and 1099b data.

rkhusky
Posts: 5870
Joined: Thu Aug 18, 2011 8:09 pm

Re: Interested in filing my own taxes

Post by rkhusky » Wed Nov 14, 2018 11:31 am

NBKCF wrote:
Wed Nov 14, 2018 9:12 am
What tax forms are needed for 2020 for the Roth IRA, if any?

Can we claim any of the daycare expenses that were not paid with by the DCFSA?

This is our first year with a child, what credits do we apply for knowing this?
No tax forms for Roth IRA.

No, if taking standard deduction. See Form 2241.

Child tax credit.

Frankly, from this information your return should be relatively easy. Try downloading the tax forms from irs.gov and doing them by hand. Even if you use tax software, it is good to know what is going on, in case the tax software has a bug and produces the wrong answer.
Last edited by rkhusky on Thu Nov 15, 2018 8:06 am, edited 1 time in total.

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BL
Posts: 8441
Joined: Sun Mar 01, 2009 2:28 pm

Re: Interested in filing my own taxes

Post by BL » Wed Nov 14, 2018 12:18 pm

Re: dependent care:
https://turbotax.intuit.com/tax-tips/fa ... /L8aAzvmjB

I have forgotten the IRS form for the credit, but search IRS for it. Believe you need caregiver's SSN and statement of charges. Can't double-dip same amounts with FSA.

This is a year of change for the 1040, but much is the same. Read up on Pub 17 for general info. Agree to try the 2017 and compare to your own. H&R Block is my program of choice, while spouse does same by hand.

neoptolemus412
Posts: 133
Joined: Sun Jul 28, 2013 3:54 pm

Re: Interested in filing my own taxes

Post by neoptolemus412 » Wed Nov 14, 2018 1:00 pm

I would recommend turbotax. The full version is likely unnecessary as the online would cover your needs. CreditKarma tax would also cover your needs. I've used both and would say they are very straightforward products for those taking standard deductions with little to no complexity in their annual filings.

billfromct
Posts: 799
Joined: Tue Dec 03, 2013 9:05 am

Re: Interested in filing my own taxes

Post by billfromct » Wed Nov 14, 2018 8:24 pm

I used TurboTax for many years, then when they got expensive, moved to TaxAct.

I have seen many good things about FreeTaxUSA & will try FreeTaxUSA this year. The Federal tax return is free & the state return is $12.95; much less expensive than the others.

bill

NBKCF
Posts: 44
Joined: Wed Aug 01, 2018 6:14 pm

Re: Interested in filing my own taxes

Post by NBKCF » Wed Nov 14, 2018 8:40 pm

Thank you so much for the responses and tips. I will do what was suggested here and come back if I have any questions. I really do have a simple scenario so it shouldn't be terribly difficult.

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MnyGrl
Posts: 240
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Location: DC

Re: Interested in filing my own taxes

Post by MnyGrl » Thu Nov 15, 2018 11:48 am

neoptolemus412 wrote:
Wed Nov 14, 2018 1:00 pm
I would recommend turbotax. The full version is likely unnecessary as the online would cover your needs. CreditKarma tax would also cover your needs. I've used both and would say they are very straightforward products for those taking standard deductions with little to no complexity in their annual filings.
+ 1. Turbotax makes it easy to figure out your dependent/homeowner issues.

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