Turbo Tax Dissappointment

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Moneybags1
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Turbo Tax Dissappointment

Post by Moneybags1 »

I bought a Turbo Tax program this year for the so called convenience of linking with my Vanguard Account. I tried numerous times to log in after being prompted by Turbo Tax only to get a refusal to open. So I had to do everything manually. So much for convenience.
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mickeyd
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Re: Turbo Tax Dissappointment

Post by mickeyd »

Moneybags1 wrote:I bought a Turbo Tax program this year for the so called convenience of linking with my Vanguard Account. I tried numerous times to log in after being prompted by Turbo Tax only to get a refusal to open. So I had to do everything manually. So much for convenience.
I have never purchased TT as I get it free from VG and have never had any difficulty importing data from VG (Flagship) or any of the other companies that they are linked up with. I did my 2011 taxes last W/E and all the VG data came over accurately. Perhaps purchasing it causes some kind of restriction that Flagship version does not incur.
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Dale_G
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Re: Turbo Tax Dissappointment

Post by Dale_G »

I downloaded TT via Vanguard, but in earlier years I purchased the program. I never had any problems downloading tax info from Vanguard. I doubt there is any difference in the purchased TT program that causes a tax info download problem.

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FrugalInvestor
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Re: Turbo Tax Dissappointment

Post by FrugalInvestor »

I've used TT through Vanguard for a few years now but have never downloaded data from my account for a couple of reasons. First, I don't like linking anything to my Vanguard account. I push money from it to my primary checking but that's it as far as online linkage. Second, entering the data helps me have a better understanding of the mechanics of the tax computation. I lose enough understanding by using a software package and wouldn't want to lose even more. Of course you may have a lot more information to enter as my tax situation is pretty simple, although not nearly as simple as I'd like it to be.
Have a plan, stay the course and simplify. Then ignore the noise!
Chant
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Re: Turbo Tax Dissappointment

Post by Chant »

While I went ahead and did everything manually, I had the same problem today with National Financial (Fidelity) not downloading.
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White Coat Investor
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Re: Turbo Tax Dissappointment

Post by White Coat Investor »

I didn't even realize TT imported data from Vanguard. That's a cool feature. I don't have much of a taxable account anyway.

I blogged recently about things I like about Turbotax. http://whitecoatinvestor.com/7-things-i ... -turbotax/
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likegarden
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Re: Turbo Tax Dissappointment

Post by likegarden »

Like another poster I also do not like to link my finances to individual companies. I bought TT again this year, loaded it down. It is convenient that it has last years info already on my computer, had to type less in. Now all NY state returns have to be electronic anyway, another convenience. But I always get annoyed that I have to answer a lot of questions which are meaningless for me, so I got mixed up with copying boxes from my Social Security statement this time and had to amend tax forms next day. I always do it also on paper as a comparison and did not make that mistake there, LOL.
ChapMan
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Re: Turbo Tax Dissappointment

Post by ChapMan »

Could it have anything to do with Vanguard not putting out most of its tax documents until mid February/early March? Or are those documents out already?
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FrugalInvestor
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Re: Turbo Tax Dissappointment

Post by FrugalInvestor »

ChapMan wrote:Could it have anything to do with Vanguard not putting out most of its tax documents until mid February/early March? Or are those documents out already?
Most should already be out. I received mine in the mail quite some time ago. You can also see them by looking at your account online. If I'm not mistaken there's 1/31 deadline for most tax documents to be mailed. I used to have REIT in my taxable and that was always delayed which as I recall required IRS approval. Perhaps there are other exceptions as well.
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H22
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Re: Turbo Tax Dissappointment

Post by H22 »

FrugalInvestor wrote:
ChapMan wrote:Could it have anything to do with Vanguard not putting out most of its tax documents until mid February/early March? Or are those documents out already?
Most should already be out. I received mine in the mail quite some time ago. You can also see them by looking at your account online. If I'm not mistaken there's 1/31 deadline for most tax documents to be mailed. I used to have REIT in my taxable and that was always delayed which as I recall required IRS approval. Perhaps there are other exceptions as well.
I am unable to complete my taxes until later this month as VG has not released my 2011 tax documents. According to the info in their "tax center", many of its customers won't have necessary documents until late February.
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FrugalInvestor
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Re: Turbo Tax Dissappointment

Post by FrugalInvestor »

Howie wrote:
FrugalInvestor wrote:
ChapMan wrote:Could it have anything to do with Vanguard not putting out most of its tax documents until mid February/early March? Or are those documents out already?
Most should already be out. I received mine in the mail quite some time ago. You can also see them by looking at your account online. If I'm not mistaken there's 1/31 deadline for most tax documents to be mailed. I used to have REIT in my taxable and that was always delayed which as I recall required IRS approval. Perhaps there are other exceptions as well.
I am unable to complete my taxes until later this month as VG has not released my 2011 tax documents. According to the info in their "tax center", many of its customers won't have necessary documents until late February.
I suppose this could be the reason. Not specific to Vanguard.

http://www.marketwatch.com/story/new-de ... ird-filers
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sscritic
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Re: Turbo Tax Dissappointment

Post by sscritic »

You don't have to read a three year old article; you can read what the IRS has to say:
Due date for certain statements sent to recipients. The due date for furnishing statements to recipients for Forms 1099-B, 1099-S, and 1099-MISC (if amounts are reported in Boxes 8 or 14) is February 15. This also applies to statements furnished as part of a consolidated reporting statement.
http://www.irs.gov/instructions/i1099gi/ar01.html#d0e42
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BHCadet
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Re: Turbo Tax Dissappointment

Post by BHCadet »

Never tried downloading tax info from Vanguard or any other company.
Will try it next weekend...
laserdoc
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Re: Turbo Tax Dissappointment

Post by laserdoc »

Beware importing your data from Vanguard into TT. One of my dividend paying mini funds simply did no show up on the import. It was included on my paper statement, but failed the import. I have never had this problem with TT before, but it makes me very nervous about the auto import feature. My advice is to carefully check you return if you choose to import your data into TT.
wander
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Re: Turbo Tax Dissappointment

Post by wander »

Moneybags1 wrote:I bought a Turbo Tax program this year for the so called convenience of linking with my Vanguard Account. I tried numerous times to log in after being prompted by Turbo Tax only to get a refusal to open. So I had to do everything manually. So much for convenience.
Last few years, I did have problems importing data too and had to enter data to Turbo Tax online manually. The weird thing is this feature worked 4+ years before.
Parthenon
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Re: Turbo Tax Dissappointment

Post by Parthenon »

laserdoc wrote:Beware importing your data from Vanguard into TT. One of my dividend paying mini funds simply did no show up on the import. It was included on my paper statement, but failed the import. I have never had this problem with TT before, but it makes me very nervous about the auto import feature. My advice is to carefully check you return if you choose to import your data into TT.
This article at Vanguard may explain why this happened. https://personal.vanguard.com/us/insigh ... iv-1212201

If the dividend was under $10 .....

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SamB
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Re: Turbo Tax Dissappointment

Post by SamB »

FrugalInvestor wrote:I've used TT through Vanguard for a few years now but have never downloaded data from my account for a couple of reasons. First, I don't like linking anything to my Vanguard account. I push money from it to my primary checking but that's it as far as online linkage. Second, entering the data helps me have a better understanding of the mechanics of the tax computation. I lose enough understanding by using a software package and wouldn't want to lose even more. Of course you may have a lot more information to enter as my tax situation is pretty simple, although not nearly as simple as I'd like it to be.
I agree with you completely. I have used TT for over twenty years, but you cannot get into the mindset of not reviewing the forms and applicable publications. SW is not an approach whereby you can ignore what actually is required by the IRS. TT is just an interface, not an accountant.

I have downloaded the data from Vanguard once, and I did not like the format it ended up in within my tax return. I also have to manually enter percentages for state and territory bonds, and in some cases the US Treasury percentage. Capital gains and loses are a manual entry exercise.

The only data I sweep in comes from IsDeductable, but that is very predictable, and easily verified.
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FrugalInvestor
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Re: Turbo Tax Dissappointment

Post by FrugalInvestor »

SamB wrote:
The only data I sweep in comes from IsDeductable, but that is very predictable, and easily verified.
I also utilize ItsDeductible. It is a little disconcerting that item donation valuations change pretty quickly as their market data is updated but I can live with that. I just can't double-check that number because every time I do it changes.
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grabiner
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Re: Turbo Tax Dissappointment

Post by grabiner »

SamB wrote:
FrugalInvestor wrote:I've used TT through Vanguard for a few years now but have never downloaded data from my account for a couple of reasons. First, I don't like linking anything to my Vanguard account. I push money from it to my primary checking but that's it as far as online linkage. Second, entering the data helps me have a better understanding of the mechanics of the tax computation. I lose enough understanding by using a software package and wouldn't want to lose even more. Of course you may have a lot more information to enter as my tax situation is pretty simple, although not nearly as simple as I'd like it to be.
I agree with you completely. I have used TT for over twenty years, but you cannot get into the mindset of not reviewing the forms and applicable publications. SW is not an approach whereby you can ignore what actually is required by the IRS. TT is just an interface, not an accountant.
And the software can make mistakes as well, so you need to check the data it transfers. Last year, I found two bugs in TaxACT, both of which affected only a small number of part-year New Jersey residents. When I used TurboTax a few years ago, I found that it didn't fill out Form 1116 properly, although the error was irrelevant to my tax bill.
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Dale_G
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Re: Turbo Tax Dissappointment

Post by Dale_G »

I've always imported the tax data from Vanguard, but I also always verify it against my paper forms. The import has always been correct - and I am more accurate comparing numbers than entering them.

That said, the tax code is entirely too complex. I've been doing my own taxes for more than 55 years and it hasn't gotten any easier. Unfortunately the politicians can add complexity more rapidly than the software guys can make things easier.

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Teetlebaum
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Re: Turbo Tax Dissappointment

Post by Teetlebaum »

grabiner wrote:And the software can make mistakes as well, so you need to check the data it transfers. Last year, I found two bugs in TaxACT, both of which affected only a small number of part-year New Jersey residents. When I used TurboTax a few years ago, I found that it didn't fill out Form 1116 properly, although the error was irrelevant to my tax bill.
Yes, I was shocked this year to find an error on a state return. TT supposedly transfers the info from the Federal return, and yet they more than doubled my property tax. (This was the only time I've used state returns, as my taxes were more complicated than usual.)

Even though like yours it didn't make any difference to my tax bill, when I see something wrong like that, I start having doubts about the whole enterprise.
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grabiner
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Re: Turbo Tax Dissappointment

Post by grabiner »

Teetlebaum wrote:
grabiner wrote:And the software can make mistakes as well, so you need to check the data it transfers. Last year, I found two bugs in TaxACT, both of which affected only a small number of part-year New Jersey residents. When I used TurboTax a few years ago, I found that it didn't fill out Form 1116 properly, although the error was irrelevant to my tax bill.
Yes, I was shocked this year to find an error on a state return. TT supposedly transfers the info from the Federal return, and yet they more than doubled my property tax. (This was the only time I've used state returns, as my taxes were more complicated than usual.)

Even though like yours it didn't make any difference to my tax bill, when I see something wrong like that, I start having doubts about the whole enterprise.
I would expect that state returns are much more likely to have bugs, because there are so many states with different tax laws, and fewer people using each return to catch the bugs. For example, one of my bugs only affected people who moved to NJ 14 days before the end of a month, which is just 12/365 of all part-year NJ residents. (The NJ exemptions are prorated by months of residence, and 15 days counts as a month; if you move to NJ on November 16, then you have 15 days from November 16-30.)
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Teetlebaum
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Re: Turbo Tax Dissappointment

Post by Teetlebaum »

If something goes wrong, I plan to say, "Blame TurboTax, not me" (unlike a certainly Treasury employee). And if I have to go to jail, I now understand there are professional consultants who can help me out, so it's all good.
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BHCadet
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Re: Turbo Tax Dissappointment

Post by BHCadet »

I was able to download tax info from Vanguard to TurboTax on my PC directly.
However, after the download, I went through each entry to make sure they're correct.
arkerr123
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Re: Turbo Tax Dissappointment

Post by arkerr123 »

There is a huge benefit to doing TT through their online system (Not the program you buy in the store): You get to see the return you would get BEFORE paying TT.

Also, the online version was able to log in and get all my trades.
jwtietz
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Re: Turbo Tax Dissappointment

Post by jwtietz »

I read through the previous posts and and didn't see this. Pardon me if someone else gave you this answer. When you type your password in TT it sends the whole thing. If you type more than 10 items vanguard will reject it as vanguard only recognizes the first 10 and the TT password doesn't match. So in TT just type the first ten and it should work.
scouter
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Re: Turbo Tax Dissappointment

Post by scouter »

I've e-filed with TT for the last few years, and recently got an IRS notice that two sales of funds in 2010 were not reported on our 2010 Schedule D, and that we owed them $10k plus $2k in penalties and interest. I went back to TT and printed out last years return, and they were both there, clear as day.

I sent them the paper copy of the entire return, and as both sales were long-term capital losses and we owed no tax on them, hopefully they'll accept.

I just sent in this year's tax return today... on paper, by mail, after checking it three times.
wander
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Re: Turbo Tax Dissappointment

Post by wander »

Moneybags1 wrote:I bought a Turbo Tax program this year for the so called convenience of linking with my Vanguard Account. I tried numerous times to log in after being prompted by Turbo Tax only to get a refusal to open. So I had to do everything manually. So much for convenience.
I did not have any problem download information from Vanguard. Worked perfectly.
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