TurboTax for 2018

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MGBGTV8
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TurboTax for 2018

Post by MGBGTV8 » Mon Jan 21, 2019 10:11 am

If I plan on NOT itemizing this year, and have just the typical 2-earner family with two kids, house (mortgage, but not enough interest to rise above new standard deduction with SALT limit in place), and a few dollars in dividend income from my taxable account,

Can I expect to use the free version of TurboTax?

It's early but the intuit page is steering me to their paid software, for obvious reasons.

Shem002
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Re: TurboTax for 2018

Post by Shem002 » Mon Jan 21, 2019 10:20 am

I can't speak for TurboTax but when I accessed H&R Block via the IRS Free Alliance I was informed that a simple state itemizing would remove me from the "free" version. I later asked TaxSlayer and the state itemizing would also cost me and bump by "free" federal as well because of the way their system is set up. I threw in the towel and went through freetaxusa which has all forms and free fed and 12.95 state no matter your salary.

stan1
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Re: TurboTax for 2018

Post by stan1 » Mon Jan 21, 2019 10:22 am

MGBGTV8 wrote:
Mon Jan 21, 2019 10:11 am
If I plan on NOT itemizing this year, and have just the typical 2-earner family with two kids, house (mortgage, but not enough interest to rise above new standard deduction with SALT limit in place), and a few dollars in dividend income from my taxable account,

Can I expect to use the free version of TurboTax?

It's early but the intuit page is steering me to their paid software, for obvious reasons.
Will you still be itemizing for your state taxes? If you live in California there's a good chance you will be.

jacksonm
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Re: TurboTax for 2018

Post by jacksonm » Mon Jan 21, 2019 10:28 am

Not sure but in the past, I have had to use the paid version only because I answered yes to the question of whether I had investment income. This requires Schedule D (capital gains) and it wasn't included in the free version. That is the only reason I pay for it because schedule D is such a pain in the a** and it's worth $59 to me just to import the data from Fidelity and be done with it.

I don't believe simple dividends require a schedule D however. Since you don't have to pay for it until you file I would just start with the free version and if it asks you about dividends and covers everything else you need to report, you should be good to go. If it doesn't, you can then either decide to upgrade or DIY.

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tennisplyr
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Re: Filing My Taxes With Free File Fillable Forms?

Post by tennisplyr » Wed Jan 23, 2019 8:01 am

[Post merged into here, see below. --admin LadyGeek]

Does anyone know if TurboTax's free federal online version allows you to import investment data from Vanguard?
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Topic Author
MGBGTV8
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Re: TurboTax for 2018

Post by MGBGTV8 » Wed Jan 23, 2019 12:52 pm

Thanks for the advice. I guess starting for free doesn't hurt. With the big change this year, it's the impetus for me to switch to a different system.

FWIW- I live in Maryland, and last I looked a few years ago their iFile system was easy to use and allowed people to file electronically for free. It's just tat TurboTax saved the process of re-entering the same data, which for me avoided the hazards of making errors associated with manual data entry. I will probably start with TurboTax, and see how much it costs me. I can always stop after a filing federal for free and jump to Maryland's system if intuit seems to be asking for a lot of money for little value.

Austintatious
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Re: TurboTax for 2018

Post by Austintatious » Wed Jan 23, 2019 2:08 pm

We've not used TurboTax before, though we're contemplating doing so for 2018. It seems that there are actually two ways to file for free via TurboTax. There's their option under the IRS Free Alliance (mentioned above) which I think comes with limitations on the incomes and ages of the taxpayer that will qualify for the service.

Then there's the TurboTax Free Edition which I think is without those qualifying restrictions that come with the Free File Alliance version and that, according to TurboTax "... is for simple returns that file a 1040 with no additional schedules, and is free as long as you don't select any add-ons or upgrades."

What I've read about the latter option suggests that one has to watch carefully that those add-ons or upgrades aren't somehow tacked on unknowingly. For example, see this TurboTax page, which instructs one how to remove unwanted charges. I don't know how and why those unwanted charges manage to get one one's bill in the first place, if it's supposed to be free. Well, maybe I do know why.

https://ttlc.intuit.com/questions/18994 ... ee-edition

Alan S.
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Re: TurboTax for 2018

Post by Alan S. » Wed Jan 23, 2019 3:41 pm

For those who know what they are doing, there is also "free file fillable forms" which is always free with free e file with no limitations.

The following guide is for 2017. It will be updated and FFFF should be open for business in about a week.

https://www.irs.gov/pub/irs-utl/free_fi ... _guide.pdf

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Re: Filing My Taxes With Free File Fillable Forms?

Post by LadyGeek » Wed Jan 23, 2019 3:58 pm

tennisplyr wrote:
Wed Jan 23, 2019 8:01 am
[Post merged into here, see below. --admin LadyGeek]

Does anyone know if TurboTax's free federal online version allows you to import investment data from Vanguard?
I merged tennisplyr's post into the on-going discussion.
Alan S. wrote:
Wed Jan 23, 2019 3:41 pm
For those who know what they are doing, there is also "free file fillable forms" which is always free with free e file with no limitations.

The following guide is for 2017. It will be updated and FFFF should be open for business in about a week.

https://www.irs.gov/pub/irs-utl/free_fi ... _guide.pdf
There is an on-going discussion here: Filing My Taxes With Free File Fillable Forms?
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Topic Author
MGBGTV8
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Re: TurboTax for 2018

Post by MGBGTV8 » Fri Feb 01, 2019 12:24 pm

Looks like Intuit bumped me up to charging me because I itemized last year, making my state refund taxable this year. Kind of a small thing to bump somebody over the threshold of charging $40. But maybe I won't have to pay next year. I'm basically done, so its kind of too late to pull out without spending time (which I don't have) to use the fillable forms.

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