Why would anybody use Turbotax?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
david99
Posts: 718
Joined: Sat Mar 03, 2007 10:56 am

Re: Why would anybody use Turbotax?

Post by david99 »

sometimesinvestor wrote:I have used taxcut but have the impresion that turbotax handles the case better where your foreign tax credit is large enough to require form 1116($300 single $600 joint)In particular taxcut requires you to fill out the form manually rather than just answering questions. This requires to understand the complicated form which at the minimum means reading the form instructions carefully

I do note that Taxcut deluk with one stae return is $44.95 but i guess its posible that if you have to file multiple state returns that turbo tax is less expensive

I used Taxcut and it didn't handle the foreign tax credit correctly so I switched to Turbotax and it didn't have a problem with the foreign tax credit. This was a few years ago that I switched to Turbotax.
02sbxstr
Posts: 83
Joined: Thu Jan 06, 2011 1:30 pm

Re: Why would anybody use Turbotax?

Post by 02sbxstr »

We switched to TurboTax a few years ago when TacCut could not handle K-1 info correctly. Other than this, I don't see much difference between the 2.
MN Finance
Posts: 1926
Joined: Sat Dec 22, 2012 9:46 am

Re: Why would anybody use Turbotax?

Post by MN Finance »

I simple use the same software as last year for convenience since I don't need to input my personal data, just any changes to it, which doesn't happened often.
Topic Author
Browser
Posts: 4857
Joined: Wed Sep 05, 2012 4:54 pm

Re: Why would anybody use Turbotax?

Post by Browser »

I'd like to compare HR Block to Turbotax for State return. But I don't supposed there would be any way to do this without shelling out for both Turbotax Federal and State. I have a simple return that can probably be handled by Free Turbotax for Federal, but that seems to be possible only by doing your return online. I don't think there's any way just to buy the State and use it with Free Turbotax.
We don't know where we are, or where we're going -- but we're making good time.
Saving$
Posts: 2510
Joined: Sat Nov 05, 2011 8:33 pm

Re: Why would anybody use Turbotax?

Post by Saving$ »

Easy Rhino wrote:I used both turbotax and taxcut and either would variously infuriate me for reasons I don't remember.

I started using TaxACT because it can be got to efile both fed and state very cheaply. I think it's like $15 if you "prereserve" a price. It also infuriates me occasionally but at least I save some money.
+1
Been using TaxAct for 10 years now. You used to be able to get a real person on the phone if you had a question. Last year I got a real person by email. I figure that is better than I could do with either of the others, and I'm happy paying $17 for Fed & state combined along with free Federal e-file.
User avatar
Groundhog
Posts: 264
Joined: Mon Oct 24, 2011 7:10 pm

Re: Why would anybody use Turbotax?

Post by Groundhog »

As a Boglehead I like to save money. Amazon has had H&R Block At Home Deluxe + State 2012 for $21.99 several times this month. This is far less expensive than TurboTax for me as I don't qualify for a free copy from Vanguard. I switched away from TurboTax a number of years ago due to cost.
Topic Author
Browser
Posts: 4857
Joined: Wed Sep 05, 2012 4:54 pm

Re: Why would anybody use Turbotax?

Post by Browser »

Groundhog wrote:As a Boglehead I like to save money. Amazon has had H&R Block At Home Deluxe + State 2012 for $21.99 several times this month. This is far less expensive than TurboTax for me as I don't qualify for a free copy from Vanguard. I switched away from TurboTax a number of years ago due to cost.
Exactly. I never see any deals on Turbotax that even come close to this price for Federal + State. Not sure anybody has said anything that persuades me to spend more money on TT. You can also get HR Block Basic + State for the regular price of $29, and that's sufficient for my needs. The sale price on TT for Federal alone right now is $29 and then you have to cough up about $35 for a State program. Let me see: $22 or $65?
We don't know where we are, or where we're going -- but we're making good time.
User avatar
grabiner
Advisory Board
Posts: 35265
Joined: Tue Feb 20, 2007 10:58 pm
Location: Columbia, MD

Re: Why would anybody use Turbotax?

Post by grabiner »

Browser wrote:
Groundhog wrote:As a Boglehead I like to save money. Amazon has had H&R Block At Home Deluxe + State 2012 for $21.99 several times this month. This is far less expensive than TurboTax for me as I don't qualify for a free copy from Vanguard. I switched away from TurboTax a number of years ago due to cost.
Exactly. I never see any deals on Turbotax that even come close to this price for Federal + State. Not sure anybody has said anything that persuades me to spend more money on TT. You can also get HR Block Basic + State for the regular price of $29, and that's sufficient for my needs. The sale price on TT for Federal alone right now is $29 and then you have to cough up about $35 for a State program. Let me see: $22 or $65?
I didn't get a deal this year, but it's common to get a deal on TurboTax with security software, or with Quicken. Last year, having already bought TaxACT, I found a $50 rebate on Quicken with purchase of TurboTax, so I bought a TurboTax Basic for $30 and then didn't use it.
Wiki David Grabiner
Ken Reckers
Posts: 56
Joined: Fri Apr 20, 2007 9:52 am

Re: Why would anybody use Turbotax?

Post by Ken Reckers »

With my small account at State Farm Bank, TurboTax Basic is a free download.

Deluxe download would be $20 and would include a state. Federal efile is included with either Basic or Deluxe.

I download fillable pdfs for state, inherited ira 8606's, and 1041's, and I do those by hand.

I use TurboTax because it's the devil I know. I've been using it since 1996. I always print the forms instead of efiling. In 1999, I used form 1040PC -- anyone remember that? :)
RebusCannébus
Posts: 100
Joined: Sun Jan 02, 2011 12:34 pm

Re: Why would anybody use Turbotax?

Post by RebusCannébus »

Used TT for many years; decided to try Tax Cut. Did so for the past two years. Interface was simply not as smooth as TT's. I don't remember my exact complaints, but I do recall being seriously ticked at more than one point in the process with Tax Cut. So this year, back to TT. I gave Tax Cut a shot. Fail.
Peter
SGM
Posts: 3341
Joined: Wed Mar 23, 2011 4:46 am

Re: Why would anybody use Turbotax?

Post by SGM »

I used tax software since 1986. I believe it was always Turbotax until one year they asked for personal information to register before allowing updates and I and many others dropped them for Taxcut or something else. I cannot remember the year, but it may have been in 1999 or 2000. 'Apparently Turbotax stopped asking for the personal information the very next year as they lost more than a few customers.

Taxcut bundles corporate 1120S software with w-2, and w-3 forms for my business. I get Turbotax for free but have to pay extra for business software and I compare both and end up doing my personal and business taxes on Taxcut. I find some flaws and complaints with both programs. Turbotax seems to get their updates faster than Taxcut.

This year is the first time I have downloaded 1099s because the IRS rules have changed and there are more individual transactions to report, whereas in the past an accounts transactions were summed up by the MF company and required only one line entry. Now there may be 30 lines for the same fund when using check writing privileges or exchanging funds. Both programs had some hitches with downloading and Turbotax seemed to allow you to pick and choose which statements to download while Taxcut downloaded all 1099s available.
"Let us endeavor, so to live, that when we die, even the undertaker will be sorry." Mark Twain
pshonore
Posts: 8205
Joined: Sun Jun 28, 2009 2:21 pm

Re: Why would anybody use Turbotax?

Post by pshonore »

SGM wrote:I used tax software since 1986. I believe it was always Turbotax until one year they asked for personal information to register before allowing updates and I and many others dropped them for Taxcut or something else. I cannot remember the year, but it may have been in 1999 or 2000. 'Apparently Turbotax stopped asking for the personal information the very next year as they lost more than a few customers.

Taxcut bundles corporate 1120S software with w-2, and w-3 forms for my business. I get Turbotax for free but have to pay extra for business software and I compare both and end up doing my personal and business taxes on Taxcut. I find some flaws and complaints with both programs. Turbotax seems to get their updates faster than Taxcut.

This year is the first time I have downloaded 1099s because the IRS rules have changed and there are more individual transactions to report, whereas in the past an accounts transactions were summed up by the MF company and required only one line entry. Now there may be 30 lines for the same fund when using check writing privileges or exchanging funds. Both programs had some hitches with downloading and Turbotax seemed to allow you to pick and choose which statements to download while Taxcut downloaded all 1099s available.
TT will allow you to enter broker provided summary data on your return, efile it, and then mail in only your detailed broker statement by using Form 8453
http://turbotax.intuit.com/support/iq/I ... 80275.html (This may require the Premier version)
Topic Author
Browser
Posts: 4857
Joined: Wed Sep 05, 2012 4:54 pm

Re: Why would anybody use Turbotax?

Post by Browser »

Is the interface for the online free version of TT the same as for other versions? I realize it's for simple returns, but that probably covers my needs, except for State. If so, it would give me a chance to compare it to HR Block's interface to see if it seems any better. If you use the free version for Federal can you purchase State and then link that to the online Federal form you've completed, or do you have to have the software version of TT to do that? I'd also like to see how TT State compares to HR Block's State.
We don't know where we are, or where we're going -- but we're making good time.
KyleAAA
Posts: 9497
Joined: Wed Jul 01, 2009 5:35 pm
Contact:

Re: Why would anybody use Turbotax?

Post by KyleAAA »

Browser wrote:Is the interface for the online free version of TT the same as for other versions? I realize it's for simple returns, but that probably covers my needs, except for State. If so, it would give me a chance to compare it to HR Block's interface to see if it seems any better. If you use the free version for Federal can you purchase State and then link that to the online Federal form you've completed, or do you have to have the software version of TT to do that? I'd also like to see how TT State compares to HR Block's State.
Yeah, the interface is pretty much the same. It just doesn't give you access to everything. I don't use the free version of TT, but with the paid version, the state section will just pull over your federal information. There's almost no additional work required to do your state taxes once you're done federal. This is for the online version. The free version may be different, but I doubt it. And you only have to pay when you file. You can do your taxes and print out the forms for free if you want, at least for federal. Not 100% sure if the state section will let you print for free.
Placenshow
Posts: 40
Joined: Tue Oct 02, 2012 3:07 pm

Re: Why would anybody use Turbotax?

Post by Placenshow »

Do yourself a favor and check out http://olt.com

Only $7.95 each for state & federal
User avatar
Random Musings
Posts: 6756
Joined: Thu Feb 22, 2007 3:24 pm
Location: Pennsylvania

Re: Why would anybody use Turbotax?

Post by Random Musings »

Turbotax - because it's free for me. Works well too.

RM
I figure the odds be fifty-fifty I just might have something to say. FZ
Rodc
Posts: 13601
Joined: Tue Jun 26, 2007 9:46 am

Re: Why would anybody use Turbotax?

Post by Rodc »

I used Tax act and one year it had a bug. It gave me some credit that I did not deserve as my income was too high. It did not bother to check my income. I got a nice letter from the IRS and had to first figure out what had gone wrong (ie who was right) and then I had to write a nice check. No penalties and I owed the money, but was a pain. I suppose any software can have a bug, but this turned me off to H&R Block.

Turbo tax has a nice tool for valuing stuff you give to Goodwill (or similar). We hand down a lot of clothes from my wife and kids as well as various household stuff. No way can I value it. If I did it I would greatly underestimate the value. Turbo tax has a database it uses. Not only does it mean I take larger deductions, if the IRS ever decides to call me on something I have a nice rational basis for how I arrived at my values. This tool alone is worth the cost to me.
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.
User avatar
SSSS
Posts: 1914
Joined: Fri Jun 18, 2010 11:50 am

Re: Why would anybody use Turbotax?

Post by SSSS »

Rodc wrote:I used Tax act and one year it had a bug. It gave me some credit that I did not deserve as my income was too high. It did not bother to check my income. I got a nice letter from the IRS and had to first figure out what had gone wrong (ie who was right) and then I had to write a nice check. No penalties and I owed the money, but was a pain. I suppose any software can have a bug, but this turned me off to H&R Block.
Tax Act has nothing to do with H&R Block. H&R Block's software used to be known as TaxCut, and is now H&R Block At Home.

H&R Block did try to buy Tax Act in 2010 but the Justice Department shut down the deal.
Rodc
Posts: 13601
Joined: Tue Jun 26, 2007 9:46 am

Re: Why would anybody use Turbotax?

Post by Rodc »

SSSS wrote:
Rodc wrote:I used Tax act and one year it had a bug. It gave me some credit that I did not deserve as my income was too high. It did not bother to check my income. I got a nice letter from the IRS and had to first figure out what had gone wrong (ie who was right) and then I had to write a nice check. No penalties and I owed the money, but was a pain. I suppose any software can have a bug, but this turned me off to H&R Block.
Tax Act has nothing to do with H&R Block. H&R Block's software used to be known as TaxCut, and is now H&R Block At Home.

H&R Block did try to buy Tax Act in 2010 but the Justice Department shut down the deal.
Typo. Thanks. I was using the H&R Block software.
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.
lightheir
Posts: 2684
Joined: Mon Oct 03, 2011 11:43 pm

Re: Why would anybody use Turbotax?

Post by lightheir »

I can't believe how inexpensive TaxAct online is. like $19.99 for Fed+state. Works fine for my (uncomplicated) return so far. Shocked actually, that it works as well as it does, having been previous tied to premium $60 editions of Fed+state Turbotax.
User avatar
nisiprius
Advisory Board
Posts: 52105
Joined: Thu Jul 26, 2007 9:33 am
Location: The terrestrial, globular, planetary hunk of matter, flattened at the poles, is my abode.--O. Henry

Re: Why would anybody use Turbotax?

Post by nisiprius »

I have switched back and forth between Turbotax and TaxCut/H&R Block At Home several times, tossed hither and yon by the tides of marketing and policy decisions. I have found there to be very little difference, overall, between them.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
User avatar
Toons
Posts: 14459
Joined: Fri Nov 21, 2008 9:20 am
Location: Hills of Tennessee

Re: Why would anybody use Turbotax?

Post by Toons »

nisiprius wrote:I have switched back and forth between Turbotax and TaxCut/H&R Block At Home several times, tossed hither and yon by the tides of marketing and policy decisions. I have found there to be very little difference, overall, between them.

Other than pricing ;-)
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
User avatar
HueyLD
Posts: 9782
Joined: Mon Jan 14, 2008 9:30 am

Re: Why would anybody use Turbotax?

Post by HueyLD »

...............
Last edited by HueyLD on Mon Feb 09, 2015 12:51 pm, edited 1 time in total.
donall
Posts: 1078
Joined: Tue Mar 13, 2012 6:45 am

Re: Why would anybody use Turbotax?

Post by donall »

TT is a family affair in our house, so switching would mean quite a bit of disruption. Not impressed with TT and difficulty in seeking answers for questions. TT has done a poor job with Wisconsin state forms for out of state residents.
Captain_Video
Posts: 88
Joined: Fri Nov 07, 2008 2:23 pm
Location: Florida's Space Coast

Re: Why would anybody use Turbotax?

Post by Captain_Video »

Questions for Turbotax users:
1. Does Turbotax calculate estimated tax for the current year as well as do the 1040 return?
2. Does Turbotax handle foreign taxes paid as a tax credit or only as a deduction? (I tried to use it several years ago but it would only handle foreign tax as a deduction).
User avatar
tetractys
Posts: 6194
Joined: Sat Mar 17, 2007 3:30 pm
Location: Along the Salish Sea

Re: Why would anybody use Turbotax?

Post by tetractys »

Captain_Video wrote:Questions for Turbotax users:
1. Does Turbotax calculate estimated tax for the current year as well as do the 1040 return?
2. Does Turbotax handle foreign taxes paid as a tax credit or only as a deduction? (I tried to use it several years ago but it would only handle foreign tax as a deduction).
Yes and either. RE foreign tax, I've only done credit, never the deduction. There used to be a trick to it; but now it's easy.

One year a long time ago the HR Block had big problems when I tried it; so have been using TT ever since, and for several years now the online version. So far so good, and the price is OK, so no reason to change. -- Tet
Topic Author
Browser
Posts: 4857
Joined: Wed Sep 05, 2012 4:54 pm

Re: Why would anybody use Turbotax?

Post by Browser »

I just had an interesting experience with TaxAct, which is free, and my HR Block Deluxe software. I have an issue I'm exploring with the State program that involves calculating the tax credit for income tax paid to another state on my State return. This requires the completion of a supplementary Tax Credit form for my state. I was hopeful that the State tax program would step me though this process and make it painless. Well, HR Block punted and simply told me I needed to go find and complete the paper form and then enter the resultant tax credit amount to continue. But free TaxAct online actually brought up the tax credit form for me to complete, which I did. The form was confusing (no fault of TaxAct - the paper form is a Dog's Breakfast) and there were no instructions provided by TaxAct - you have to get those yourself to help with the process. And I don't know for sure that the credit computed by TaxAct is even correct. That aside, I thought it was interesting that HR Block was worthless for this and the free program wasn't (you can actually fill out the state return free on TaxAct - you only pay for it when you get to the filing step). Now I'm wondering if TT would be any better than HR Block with this sort of thing. They probably punt the ball too.
We don't know where we are, or where we're going -- but we're making good time.
plats
Posts: 512
Joined: Mon Dec 31, 2007 8:46 pm

Re: Why would anybody use Turbotax?

Post by plats »

Captain_Video wrote:Questions for Turbotax users:
1. Does Turbotax calculate estimated tax for the current year as well as do the 1040 return?
2. Does Turbotax handle foreign taxes paid as a tax credit or only as a deduction? (I tried to use it several years ago but it would only handle foreign tax as a deduction).
1. Yes, TT has calculated estimated taxes every year as well as doing the return.
2. Yes, TT has entered my passive foreign tax as a credit on line 47.
User avatar
Spades
Posts: 286
Joined: Fri Apr 22, 2011 3:04 pm

Re: Why would anybody use Turbotax?

Post by Spades »

It's been said before but..... I've been using TurboTax b/c I can do my annual taxes quickly from home and I also see where I'm getting exactly taxed.

:sharebeer
User avatar
SSSS
Posts: 1914
Joined: Fri Jun 18, 2010 11:50 am

Re: Why would anybody use Turbotax?

Post by SSSS »

Browser wrote:(you can actually fill out the state return free on TaxAct - you only pay for it when you get to the filing step).
All three of the major tax programs don't make you pay until you're ready to file (or print, for paper filing), at least with the online versions. I've never used the desktop versions. You can use this to verify accuracy by using multiple programs for free, for both federal and state.
travellight
Posts: 2892
Joined: Tue Aug 12, 2008 5:52 pm
Location: San Diego

Re: Why would anybody use Turbotax?

Post by travellight »

I am thinking about trying one of these this year as an exercise.
364
Topic Author
Browser
Posts: 4857
Joined: Wed Sep 05, 2012 4:54 pm

Re: Why would anybody use Turbotax?

Post by Browser »

SSSS wrote:
Browser wrote:(you can actually fill out the state return free on TaxAct - you only pay for it when you get to the filing step).
All three of the major tax programs don't make you pay until you're ready to file (or print, for paper filing), at least with the online versions. I've never used the desktop versions. You can use this to verify accuracy by using multiple programs for free, for both federal and state.
TacAct let me do my state return as well as federal. Don't pay for state unless you file. Do any others let you do state or only federal?
We don't know where we are, or where we're going -- but we're making good time.
User avatar
LadyGeek
Site Admin
Posts: 95471
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: Why would anybody use Turbotax?

Post by LadyGeek »

I've been using TurboTax for quite a number of years and will do so again this year. Can I do this myself? Sure, but remember to factor in the amount of time needed for preparation and filing.

I also do my parent's taxes, so it's worth the additional cost to have software that "just works." I'll file 2 Federal + 2 state returns, which are covered by the TurboTax Deluxe edition.

An additional cost is the e-filing for state, which I will gladly pay for my parent's return. They're at an age where I can't trust them to manage the paperwork, so e-filing assures me that everything was done correctly.

The latest Turbotax pricing for desktop / download:

Intuit: $59.99
Vanguard: $49.99
Amazon.com: $39.99 + tacks (amazon.com adds PA sales tax, bogleheads.org referral tag added to link)

Heads up: Intuit is offering free tax filings for US Military (E1-E5), reduced cost for (E6 - E10, officer): TurboTax® Free Military Taxes & Tax Preparation, Tax Filing for Active Duty Military and Reserves
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
wander
Posts: 4419
Joined: Sat Oct 04, 2008 9:10 am

Re: Why would anybody use Turbotax?

Post by wander »

I've got used to Turbotax DIY tax preparation and do not want to change. The convenience of old data will be imported to new software gets me to buying Turbotax again.
User avatar
White Coat Investor
Posts: 17338
Joined: Fri Mar 02, 2007 8:11 pm
Location: Greatest Snow On Earth

Re: Why would anybody use Turbotax?

Post by White Coat Investor »

H&R Block and Turbotax are about the same price as far as I can tell:

http://whitecoatinvestor.com/tax-softwa ... s-it-easy/

If you want to save money Tax Slayer and Tax Act seem to be the way to go. But when it comes to tax software, my time is the biggest factor for me. An extra $35 or $40 is well worth it to me if it can cut even an hour off my tax prep time.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
froman118
Posts: 183
Joined: Fri Feb 04, 2011 12:04 pm

Re: Why would anybody use Turbotax?

Post by froman118 »

Locked in $14 for TaxAct with Fed and State e-file. I have a pretty simple return (1040 with itemized deductions and a Schedule C) and it handles it great. Dropped TurboTax as soon as State Farm stopped giving it to me free. Did a 3 way comparison a few years ago and my taxes came out the same and none of the packages were better or worse than the others. So cheaper option it is. TurboTax will hose you on the state e-file.
User avatar
SSSS
Posts: 1914
Joined: Fri Jun 18, 2010 11:50 am

Re: Why would anybody use Turbotax?

Post by SSSS »

froman118 wrote:Did a 3 way comparison a few years ago
Those are always fun:

TaxCut / H&R Block:

Image

TaxAct:

Image

TurboTax:

Image

(TaxCut / H&R Block was correct, by the way. TurboTax had a temporary bug, and TaxAct just needed a little brow-beating.)
Topic Author
Browser
Posts: 4857
Joined: Wed Sep 05, 2012 4:54 pm

Re: Why would anybody use Turbotax?

Post by Browser »

Thanks to this thread I've discovered TaxAct, Online Tax, and TaxSlayer. I've had a chance to use the first two and compare the results to HR Block and everything lines up (mostly) for both Federal and State. You can do both for free, but you pay only if you file. Now that I know about this, I'll be sure to run my taxes using a couple of these to doublecheck the results of HR Block or whatever I'm using. I might even migrate over to one of these for good, but I still don't like the idea of entering all my secure information online. To just doublecheck I use bogus info but the correct data. So far I like TaxAct more than Online Tax, which doesn't walk you through as carefully. I had errors of omission that were hard to catch. Also, Online Tax makes you enter stuff that isn't needed just to calculate results, such as the Payer's Federal ID number in 1099-R - and for some reason it never would accept the correct ID number for Vanguard and forced me to enter a 9th digit (which there isn't one). I'll be interested how TaxSlayer does.
We don't know where we are, or where we're going -- but we're making good time.
Saving$
Posts: 2510
Joined: Sat Nov 05, 2011 8:33 pm

Re: Why would anybody use Turbotax?

Post by Saving$ »

Browser wrote:Thanks to this thread I've discovered TaxAct, Online Tax, and TaxSlayer. ... I might even migrate over to one of these for good, but I still don't like the idea of entering all my secure information online.
Agree 100%. You can buy a downloadable version of Tax Act Federal & State. Install the software on your computer, and it runs standalone, even if you are not connected to the internet. Costs about $18 for Federal & State + free Federal E-file if you prebuy; It is $22 if you buy to download now, but I think they will send you an offer for $18 for next year.
rustymutt
Posts: 4001
Joined: Sat Mar 07, 2009 11:03 am

Re: Why would anybody use Turbotax?

Post by rustymutt »

TT is a breeze. What are you asking? And it's free for most of us.
Even educators need education. And some can be hard headed to the point of needing time out.
Topic Author
Browser
Posts: 4857
Joined: Wed Sep 05, 2012 4:54 pm

Re: Why would anybody use Turbotax?

Post by Browser »

rustymutt wrote:TT is a breeze. What are you asking? And it's free for most of us.
If it were free, I'd be using it too. LadyGeek found that best price for TT Federal + State right now is $40 at Amazon. I don't have a million at Vanguard so I can get a free copy from them. If I did, I could probably afford to buy it from Amazon. :)
We don't know where we are, or where we're going -- but we're making good time.
Carl53
Posts: 2687
Joined: Sun Mar 07, 2010 7:26 pm

Re: Why would anybody use Turbotax?

Post by Carl53 »

First time using TT in years. I found a problem with how they did my state taxes as well as a work around. I attempted to let them know about it via their website, by posting to their question section the problem. Unfortunately it just was a match up of key words. Saw no "Report problems here" or anything similar that would accept an immediate report. Not willing to invest the time to figure out how to break through to them or post to their forums.
MathWizard
Posts: 6542
Joined: Tue Jul 26, 2011 1:35 pm

Re: Why would anybody use Turbotax?

Post by MathWizard »

TurboTax costs $50-60 for federal and state.

It saves me time over filling forms out myself (I used to fill out taxes by hand) and
I'm dealing with thousand of dollars sent to the the two treasuries (fed+state).

Worrying about which one to use based on a $10-20 difference never crossed my mind.

If you find that it is more accurate, or can save me more money (legally of course) let me know.
That is where the big money is.

Keep buying the other products, the competition keeps the prices down.

I personally use it because Turbo tax:
imports last year's info,
will guide me through new situations or let me fill out areas myself,
I have friends who use it who can help when I encounter strange situations,
it has estimates for charitable deductions for non-cash items,
it estimates audit risk,
it has all the forms,
I am familar with it.
User avatar
Spades
Posts: 286
Joined: Fri Apr 22, 2011 3:04 pm

Re: Why would anybody use Turbotax?

Post by Spades »

LadyGeek wrote:
Heads up: Intuit is offering free tax filings for US Military (E1-E5), reduced cost for (E6 - E10, officer): TurboTax® Free Military Taxes & Tax Preparation, Tax Filing for Active Duty Military and Reserves
Thanks for the heads up!

:sharebeer
Mr Grumpy
Posts: 54
Joined: Sun May 30, 2010 3:28 pm

Re: Why would anybody use Turbotax?

Post by Mr Grumpy »

Not I ... anymore. I've used TT since my first computer in the early 90's. Having struggled for years doing taxes with a pencil, I thought I knew why computers were invented. I love quicken and always used TT, and for the most part never had a problem....until last year (a quarterly tax payment was posted, but did not show up in the calculations). Today I've spent at least 5 hours (with breaks) doing my taxes, but kept getting prompts on the schedule B, 1099-Div, requesting box info that was blank. I tried everything that was suggested - no luck. The "turbo" community comments about this 1099-Div common problem leads me to believe it is a known issue, but when "chatting" with the turbo help desk, they told me it it was "unusual" and asked me to send my work to a third party website for analysis. No Way!
I don't think I'm paranoid, but I'm not about to do that. I'm exiting stage right from TT and trying another tax prep.
User avatar
3CT_Paddler
Posts: 3485
Joined: Wed Feb 04, 2009 4:28 pm
Location: Marietta, GA

Re: Why would anybody use Turbotax?

Post by 3CT_Paddler »

Toons wrote:
nisiprius wrote:I have switched back and forth between Turbotax and TaxCut/H&R Block At Home several times, tossed hither and yon by the tides of marketing and policy decisions. I have found there to be very little difference, overall, between them.

Other than pricing ;-)
If you file a state return, the price is basically the same...
Supermercado
Posts: 57
Joined: Tue Mar 13, 2012 7:28 pm
Location: Florida

Re: Why would anybody use Turbotax?

Post by Supermercado »

I've used TurboTax since I started filing my own taxes and I've always been happy with it. I tried the online TurboTax Deluxe this year and was able to get it for $19.99 through both USAA and Vanguard. I live in Florida so there's no state income tax so it was just $29.99 - $10.00 = $19.99 for the Deluxe edition. I was really pleased with the online version and will definitely continue with that route. No software to install on my computer, just log in and get it knocked out.
Topic Author
Browser
Posts: 4857
Joined: Wed Sep 05, 2012 4:54 pm

Re: Why would anybody use Turbotax?

Post by Browser »

Anyone have any experience with TT State programs regarding computation of the penalty for underpayment of state estimated taxes? At least for my state, HR Block doesn't calculate it or bring up the state worksheet/form needed to do so. It sends you off to do this yourself. But both online programs I've used: TaxAct and Taxes Onliine do bring up the penalty worksheet/form so you can enter the appropriate data and calculate the penalty. However, comparing what they calculate to what I calculated by hand leads me to believe that they both do it wrong. How does TT handle this? If there's a shortcoming in HR Block it seems to be that it doesn't support doing some of these supplementary worksheets/forms. Another instance is computing the credit for taxes paid to another state, where HR Block sends you off to do it on your own; whereas TaxAct and Taxes Online both bring up the supplementary form so you can calculate it. Anybody know for sure what TT does with this sort of stuff in state programs?
We don't know where we are, or where we're going -- but we're making good time.
wander
Posts: 4419
Joined: Sat Oct 04, 2008 9:10 am

Re: Why would anybody use Turbotax?

Post by wander »

I tried H&R Block 2012. It did not have the option to import data from Charles Schwab and although it does import 1099-DIV from other financial institutions it does not give details of the fund information other than just "Vanguard" for all of them.
User avatar
grabiner
Advisory Board
Posts: 35265
Joined: Tue Feb 20, 2007 10:58 pm
Location: Columbia, MD

Re: Why would anybody use Turbotax?

Post by grabiner »

Browser wrote:Anyone have any experience with TT State programs regarding computation of the penalty for underpayment of state estimated taxes?
TT State did it correctly for me in MD; it knew (from the previous year's form) how much MD tax I had owed, and my withholding was slightly short of 110% of that amount, so it computed the penalty.

The next year, it correctly prevented me from deducting that penalty as an itemized deduction, even though I had incorrectly entered the entire check as a tax payment in Quicken.
Wiki David Grabiner
Post Reply