TurboTax TY2021

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
ImmigrantSaver
Posts: 348
Joined: Tue Nov 22, 2016 6:24 pm

Re: TurboTax TY2021

Post by ImmigrantSaver »

wrongfunds wrote: Thu Nov 04, 2021 11:30 am
ImmigrantSaver wrote: Thu Nov 04, 2021 11:09 am
wrongfunds wrote: Thu Nov 04, 2021 8:10 am
ImmigrantSaver wrote: Fri Oct 29, 2021 1:15 pm Question. I've been using the TT online version every year when doing taxes and end up paying $150-180. Seems like buying the download desktop version is much cheaper, but will it sync with my previous years returns?
What does paying $150-180 has to do with the TT2021? Were you paying that to TurboTax aka Intuit or you are talking about paying that to US Treasuries aka IRS?
I was talking about the cost of TT Intuit, and not how much I owed to IRS (I only wish that was 180 bucks :D )
Interesting! Maximum I have paid to TT is about $50 for their Deluxe or Premier CD Usually I pick it up at Costco or order from Amazon.

If you use online version, do you have last year's data saved/archived locally?
I am not sure why I pay so much, and I don't take any insurance. I do download the pdf files of returns on computer, so I can review them.
nalor511
Posts: 2241
Joined: Mon Jul 27, 2015 1:00 am

Re: TurboTax TY2021

Post by nalor511 »

ImmigrantSaver wrote: Thu Nov 04, 2021 6:06 pm
wrongfunds wrote: Thu Nov 04, 2021 11:30 am
ImmigrantSaver wrote: Thu Nov 04, 2021 11:09 am
wrongfunds wrote: Thu Nov 04, 2021 8:10 am
ImmigrantSaver wrote: Fri Oct 29, 2021 1:15 pm Question. I've been using the TT online version every year when doing taxes and end up paying $150-180. Seems like buying the download desktop version is much cheaper, but will it sync with my previous years returns?
What does paying $150-180 has to do with the TT2021? Were you paying that to TurboTax aka Intuit or you are talking about paying that to US Treasuries aka IRS?
I was talking about the cost of TT Intuit, and not how much I owed to IRS (I only wish that was 180 bucks :D )
Interesting! Maximum I have paid to TT is about $50 for their Deluxe or Premier CD Usually I pick it up at Costco or order from Amazon.

If you use online version, do you have last year's data saved/archived locally?
I am not sure why I pay so much, and I don't take any insurance. I do download the pdf files of returns on computer, so I can review them.
Stop using the online version and you will stop paying so much
wrongfunds
Posts: 3098
Joined: Tue Dec 21, 2010 3:55 pm

Re: TurboTax TY2021

Post by wrongfunds »

ImmigrantSaver wrote: Thu Nov 04, 2021 6:06 pm
wrongfunds wrote: Thu Nov 04, 2021 11:30 am
ImmigrantSaver wrote: Thu Nov 04, 2021 11:09 am
wrongfunds wrote: Thu Nov 04, 2021 8:10 am
ImmigrantSaver wrote: Fri Oct 29, 2021 1:15 pm Question. I've been using the TT online version every year when doing taxes and end up paying $150-180. Seems like buying the download desktop version is much cheaper, but will it sync with my previous years returns?
What does paying $150-180 has to do with the TT2021? Were you paying that to TurboTax aka Intuit or you are talking about paying that to US Treasuries aka IRS?
I was talking about the cost of TT Intuit, and not how much I owed to IRS (I only wish that was 180 bucks :D )
Interesting! Maximum I have paid to TT is about $50 for their Deluxe or Premier CD Usually I pick it up at Costco or order from Amazon.

If you use online version, do you have last year's data saved/archived locally?
I am not sure why I pay so much, and I don't take any insurance. I do download the pdf files of returns on computer, so I can review them.
Does online version allow you to save raw .T20 file? Turbotax uses T20 filetype for Tax year 2020
ImmigrantSaver
Posts: 348
Joined: Tue Nov 22, 2016 6:24 pm

Re: TurboTax TY2021

Post by ImmigrantSaver »

wrongfunds wrote: Thu Nov 04, 2021 9:56 pm
ImmigrantSaver wrote: Thu Nov 04, 2021 6:06 pm
wrongfunds wrote: Thu Nov 04, 2021 11:30 am
ImmigrantSaver wrote: Thu Nov 04, 2021 11:09 am
wrongfunds wrote: Thu Nov 04, 2021 8:10 am

What does paying $150-180 has to do with the TT2021? Were you paying that to TurboTax aka Intuit or you are talking about paying that to US Treasuries aka IRS?
I was talking about the cost of TT Intuit, and not how much I owed to IRS (I only wish that was 180 bucks :D )
Interesting! Maximum I have paid to TT is about $50 for their Deluxe or Premier CD Usually I pick it up at Costco or order from Amazon.

If you use online version, do you have last year's data saved/archived locally?
I am not sure why I pay so much, and I don't take any insurance. I do download the pdf files of returns on computer, so I can review them.
Does online version allow you to save raw .T20 file? Turbotax uses T20 filetype for Tax year 2020
I have no idea. I don't remember seeing that option when downloading the PDFs but will doublecheck
TheRealJohnDoe
Posts: 37
Joined: Wed May 02, 2018 10:06 am

Re: TurboTax TY2021

Post by TheRealJohnDoe »

furiouschads wrote: Fri Oct 29, 2021 9:11 pm
FrugalProfessor wrote: Thu Oct 28, 2021 5:26 pm FreeTaxUSA.com
This year I had to wait a long time for IRS to do its thing. While I was waiting, I signed up for the account that lets me see my tax transcript. It was amazing. Before they processed my return, they had 53 pages of information on me about my compensation and stock transactions. I saw with my own eyes that they really do already have all the info. Grr. Why am I paying $69 to some software company?
Transcripts would be incomplete and not timely. 1099-x information may start appearing early in the year, but W-2 not until July (according to the IRS page on transcripts). Also, the IRS doesn't find out about de minimis taxable income (such as interest paid of $9.90) but you are nevertheless required to report it on your return.

Every year in the Turbotax thread, some people say wait until Jan1 or close to April to get the best deal. If that works for you, fine. But I use Turbotax for tax planning purposes, and there are certain actions I must take before the end of the tax year. A good example is planning for the IRMAA cliff. I could potentially make a $5 charitable donation (without even itemizing) before end of year that saves me hundreds of dollars in IRMAA.

As for the free version from Fidelity, it has been offered to some clients around the middle of December for the past three years. No one knows exactly what the criteria is. I'm sure being a high volume trader helps, and having substantial non-retirement portfolios with them help. But I have neither and get the offer every year.
User avatar
furiouschads
Posts: 51
Joined: Tue Jun 04, 2019 9:01 pm

Re: TurboTax TY2021

Post by furiouschads »

$69 is equivalent to a 4% nominal return on an investment of $1,725.
Without doubt, machinery has greatly increased the number of well-to-do idlers.
User avatar
SmileyFace
Posts: 6764
Joined: Wed Feb 19, 2014 10:11 am

Re: TurboTax TY2021

Post by SmileyFace »

I have always used the Premier download version (at least for a number of years - was getting the deluxe then premier CD mailed to me prior). I have backdoor roth, stock options, espp, etc. While I could do these manually in forms (or the more limited questions in deluxe) the whole point to having the software is to get some guidance - so for $15 more (difference in price between Deluxe and Premier when bigger sales hit in January) it's worth it for me.
Every year people report problems misfiling 8606 and other forms they need to go back and correct - and some of these users report they used turbotax. I always wonder if it's because these folks decided to save a few bucks on the software - I have never had an error with Premier.
I file 4 federal returns so paying $55 or so is a bargain.
cadreamer2015
Posts: 1126
Joined: Wed Apr 08, 2015 1:52 pm
Location: North County San Diego

Re: TurboTax TY2021

Post by cadreamer2015 »

The update to TurboTax released today handels 1099-R and 1098 forms. Also the State of California return is available. Like previous years, however, not all forms and features are available yet (mid-November).
De gustibus non disputandum est
notBobToo
Posts: 93
Joined: Wed Jan 02, 2019 10:07 pm

Re: TurboTax TY2021

Post by notBobToo »

I see that Walmart online has TT Deluxe 2021 (Fed e-file + State) PC/Mac Download for 39.98. Fulfilled by HighTech Products LLC.

A little confusing because the "shipping" info on the right side of the page states "arrives by Wed., Nov. 24" while on the left side of the page under the graphics, shows delivery via e-mail with additional instructions.

Anyone familiar with HighTech or ordering from Walmart online?
sycamore
Posts: 3161
Joined: Tue May 08, 2018 12:06 pm

Re: TurboTax TY2021

Post by sycamore »

notBobToo wrote: Fri Nov 19, 2021 12:54 pm I see that Walmart online has TT Deluxe 2021 (Fed e-file + State) PC/Mac Download for 39.98. Fulfilled by HighTech Products LLC.

A little confusing because the "shipping" info on the right side of the page states "arrives by Wed., Nov. 24" while on the left side of the page under the graphics, shows delivery via e-mail with additional instructions.

Anyone familiar with HighTech or ordering from Walmart online?
I've ordered plenty from Walmart and in general it's about as good as its competitors like Target or Amazon. But for digital download software, they're not the one to wonder about, it's the download provider. In this case, it's actually HiTech Products LLC.

The product listing you're talking about seems to be https://www.walmart.com/ip/TurboTax-Del ... /540325899

The company has a 3.5 star review which may not mean much, but only 7 reviews is very meaningful -- with so few reviews, the company is likely a new company or, worse, fly-by-night. No way I'd download and install software from them on my computer.
User avatar
mister_sparkle
Posts: 325
Joined: Wed Dec 11, 2013 5:58 pm
Location: North Carolina

Re: TurboTax TY2021

Post by mister_sparkle »

I looked for "Turbotax" on my Fidelity page today and there is a link to go to the Intuit site to buy a discounted version of the Deluxe download, but nowhere does the discount appear and they try to charge me full boat. Has anyone successfully used the discount?
notBobToo
Posts: 93
Joined: Wed Jan 02, 2019 10:07 pm

Re: TurboTax TY2021

Post by notBobToo »

sycamore wrote: Fri Nov 19, 2021 1:39 pm
notBobToo wrote: Fri Nov 19, 2021 12:54 pm I see that Walmart online has TT Deluxe 2021 (Fed e-file + State) PC/Mac Download for 39.98. Fulfilled by HighTech Products LLC.

A little confusing because the "shipping" info on the right side of the page states "arrives by Wed., Nov. 24" while on the left side of the page under the graphics, shows delivery via e-mail with additional instructions.

Anyone familiar with HighTech or ordering from Walmart online?
I've ordered plenty from Walmart and in general it's about as good as its competitors like Target or Amazon. But for digital download software, they're not the one to wonder about, it's the download provider. In this case, it's actually HiTech Products LLC.

The product listing you're talking about seems to be https://www.walmart.com/ip/TurboTax-Del ... /540325899

The company has a 3.5 star review which may not mean much, but only 7 reviews is very meaningful -- with so few reviews, the company is likely a new company or, worse, fly-by-night. No way I'd download and install software from them on my computer.
Thank you. I'll stick with Amazon or Costco, as usual.
talzara
Posts: 2059
Joined: Thu Feb 12, 2009 7:40 pm

Re: TurboTax TY2021

Post by talzara »

wrongfunds wrote: Thu Nov 04, 2021 9:56 pm Does online version allow you to save raw .T20 file? Turbotax uses T20 filetype for Tax year 2020
H&R Block uses the .t20 extension for tax year 2020.

TurboTax uses the .tax2020 extension for tax year 2020.

TurboTax Online runs the same calculation code as TurboTax desktop, but the user interface has been stripped down and is missing a lot of the advanced features. The file format is exactly the same. You can download the .tax2020 file and open it on TurboTax desktop.
TheRealJohnDoe
Posts: 37
Joined: Wed May 02, 2018 10:06 am

Re: TurboTax TY2021

Post by TheRealJohnDoe »

mister_sparkle wrote: Fri Nov 19, 2021 2:34 pm I looked for "Turbotax" on my Fidelity page today and there is a link to go to the Intuit site to buy a discounted version of the Deluxe download, but nowhere does the discount appear and they try to charge me full boat. Has anyone successfully used the discount?
The information at https://www.fidelity.com/tax-informatio ... t/overview is available to all Fidelity customers, and you are correct .. those "discounted" prices are not really deals.

If the free TT Premier fairy is happy with you, you will see a box on the bottom of the Summary page offering it to you somewhere around December 15-17th. At least, that is what happened the last three years. Don't try to figure out who qualifies and who doesn't. There are lengthy threads every year where someone says "You have to have xxx with Fidelity" and just as many people with not xxx that got the offer.
Freefun
Posts: 867
Joined: Sun Jan 14, 2018 3:55 pm

Re: TurboTax TY2021

Post by Freefun »

Deluxe on sale 39.99 and $10 Amazon gift card.

https://smile.amazon.com/TurboTax-Exclu ... X0DER&th=1
Remember when you wanted what you currently have?
mrc
Posts: 1578
Joined: Sun Jan 10, 2016 6:39 am

Re: TurboTax TY2021

Post by mrc »

Freefun wrote: Mon Nov 22, 2021 8:22 am Deluxe on sale 39.99 and $10 Amazon gift card.

https://smile.amazon.com/TurboTax-Exclu ... X0DER&th=1
FYI: Does not include a state return.
By the time you know enough to choose a good financial adviser, you don't need one. | bogleheads.org is my advisor: The ER is 0.0% and the advice always solid.
Soon2BXProgrammer
Posts: 2820
Joined: Mon Nov 24, 2014 11:30 pm

Re: TurboTax TY2021

Post by Soon2BXProgrammer »

mrc wrote: Mon Nov 22, 2021 9:01 am
Freefun wrote: Mon Nov 22, 2021 8:22 am Deluxe on sale 39.99 and $10 Amazon gift card.

https://smile.amazon.com/TurboTax-Exclu ... X0DER&th=1
FYI: Does not include a state return.
Click More: and select this one:

https://smile.amazon.com/TurboTax-Exclu ... X0DER&th=1
Earned 34 (and counting) credit hours of financial planning related education from a regionally accredited university, but I am not your advisor.
markcoop
Posts: 1328
Joined: Fri Mar 02, 2007 8:36 am

Re: TurboTax TY2021

Post by markcoop »

I believe some people wait here for the Dec 26 deal for Turbotax where Fed+state is 39.99 plus you get the $10 Amazon gift card bringing the net cost $29.99. No idea if they will offer that again.
Mark
rivercrosser
Posts: 177
Joined: Thu Oct 31, 2019 3:48 pm

Re: TurboTax TY2021

Post by rivercrosser »

markcoop wrote: Mon Nov 22, 2021 9:52 am I believe some people wait here for the Dec 26 deal for Turbotax where Fed+state is 39.99 plus you get the $10 Amazon gift card bringing the net cost $29.99. No idea if they will offer that again.
Thats usually the best deal I can find. Don't understand why people don't want the download version. You're going to have to download the updates anyway.
Uncle Morris
Posts: 51
Joined: Sun Jul 12, 2020 8:13 pm

Re: TurboTax TY2021

Post by Uncle Morris »

Alas, Amazon.com won't let me buy the download version since I live outside the US - not even after selecting a US address I use for e-"delivery", and not even after setting the VPN to be in the US.
Big Dog
Posts: 2895
Joined: Mon Sep 07, 2015 4:12 pm

Re: TurboTax TY2021

Post by Big Dog »

I normally purchase the Deluxe at costco.
nalor511
Posts: 2241
Joined: Mon Jul 27, 2015 1:00 am

Re: TurboTax TY2021

Post by nalor511 »

Big Dog wrote: Mon Nov 22, 2021 6:00 pm I normally purchase the Deluxe at costco.
For how much
talzara
Posts: 2059
Joined: Thu Feb 12, 2009 7:40 pm

Re: TurboTax TY2021

Post by talzara »

sreynard wrote: Mon Nov 22, 2021 5:56 pm We have to spend $69 per year because TurboTax lobbies the government to make sure the current system continues. Typically, the best investment a corporation can make is to hire a lobbyist. That said, a 'free' government system would probably cost a lot more...
TurboTax generated $3.6 billion of revenue in the latest fiscal year. Intuit has about 70% market share, so the total is over $5 billion.

It doesn't cost $5 billion to operate a tax filing site.
nalor511
Posts: 2241
Joined: Mon Jul 27, 2015 1:00 am

Re: TurboTax TY2021

Post by nalor511 »

talzara wrote: Mon Nov 22, 2021 11:27 pm
sreynard wrote: Mon Nov 22, 2021 5:56 pm We have to spend $69 per year because TurboTax lobbies the government to make sure the current system continues. Typically, the best investment a corporation can make is to hire a lobbyist. That said, a 'free' government system would probably cost a lot more...
TurboTax generated $3.6 billion of revenue in the latest fiscal year. Intuit has about 70% market share, so the total is over $5 billion.

It doesn't cost $5 billion to operate a tax filing site.
I think this comment was a dig at the government's ability to contact to bpay$100 for a pencil
TJat
Posts: 393
Joined: Tue May 04, 2021 6:51 am

Re: TurboTax TY2021

Post by TJat »

sreynard wrote: Tue Nov 23, 2021 10:35 am
After many years of using TurboTax, last year I tried H&R Block Deluxe. It wasn't bad, but yesterday I went back to TurboTax Premier for $60 plus the Amazon $10 gift card. As much as I dislike Intuit's lobbying efforts, it is still a better value to me. I'm thinking I may try the 'paper' forms in parallel to see how difficult it really is these days. If it isn't too frustrating I may just switch to doing them by hand from now on.
Is the consensus that Turbotax is the best tax software? That seems to be the only one discussed on this board. In the past, I've alternated between TaxAct and TaxSlayer as well and didn't notice much difference in user experience. Though I will say, even though I'm confident I filled out my information consistently (and accurately) between all 3 services... it's not unusual in my experience that they all produce slightly different answers.
sreynard
Posts: 362
Joined: Thu May 02, 2013 8:11 pm

Re: TurboTax TY2021

Post by sreynard »

TJat wrote: Tue Nov 23, 2021 10:53 am
sreynard wrote: Tue Nov 23, 2021 10:35 am
After many years of using TurboTax, last year I tried H&R Block Deluxe. It wasn't bad, but yesterday I went back to TurboTax Premier for $60 plus the Amazon $10 gift card. As much as I dislike Intuit's lobbying efforts, it is still a better value to me. I'm thinking I may try the 'paper' forms in parallel to see how difficult it really is these days. If it isn't too frustrating I may just switch to doing them by hand from now on.
Is the consensus that TurboTax is the best tax software? That seems to be the only one discussed on this board. In the past, I've alternated between TaxAct and TaxSlayer as well and didn't notice much difference in user experience. Though I will say, even though I'm confident I filled out my information consistently (and accurately) between all 3 services... it's not unusual in my experience that they all produce slightly different answers.
I have no idea if TurboTax is any better than the others. It did seem to be easier for me to understand what it was asking for. It took me four tries to figure out how to enter my HSA info with H&R. It was clear the program logic was broken. I just had to try every combination of entries to find the one that looked like it worked out correctly. There were a couple other times I had to search Google to figure out what it was asking for or how to enter specific data. (What the heck to they mean by that?) TurboTax seems to be written more clearly for consumers and H&R for trained tax preparers. (i.e. uses more jargon and doesn't explain some things many people wouldn't understand) But that's just my impression.
humblecoder
Posts: 878
Joined: Thu Aug 06, 2020 8:46 am

Re: TurboTax TY2021

Post by humblecoder »

TJat wrote: Tue Nov 23, 2021 10:53 am
sreynard wrote: Tue Nov 23, 2021 10:35 am
After many years of using TurboTax, last year I tried H&R Block Deluxe. It wasn't bad, but yesterday I went back to TurboTax Premier for $60 plus the Amazon $10 gift card. As much as I dislike Intuit's lobbying efforts, it is still a better value to me. I'm thinking I may try the 'paper' forms in parallel to see how difficult it really is these days. If it isn't too frustrating I may just switch to doing them by hand from now on.
Is the consensus that Turbotax is the best tax software? That seems to be the only one discussed on this board. In the past, I've alternated between TaxAct and TaxSlayer as well and didn't notice much difference in user experience. Though I will say, even though I'm confident I filled out my information consistently (and accurately) between all 3 services... it's not unusual in my experience that they all produce slightly different answers.
I have been a loyal H&R Block tax software user. However, last year, I decided to do my return with BOTH TurboTax and H&R Block. I posted about my experience here: viewtopic.php?t=340775

Both produced the same results. I did find TurboTax to be a little easier to use for reasons that I outlined in my post, but I was able to get the job done with both. I would be happy using either product.
Mike Scott
Posts: 2090
Joined: Fri Jul 19, 2013 2:45 pm

Re: TurboTax TY2021

Post by Mike Scott »

I'm familiar with TT and it is about the same cost as the others. The 5X federal efile returns is helpful for the family. There is a variety of choices that will get you to the same place.
User avatar
sarabayo
Posts: 527
Joined: Fri Jun 29, 2018 6:59 pm

Re: TurboTax TY2021

Post by sarabayo »

cflannagan wrote: Thu Oct 28, 2021 6:52 pm
FrugalProfessor wrote: Thu Oct 28, 2021 5:26 pm FreeTaxUSA.com
+1 to this. Haven't paid a penny for filing taxes for the last 2 tax years.

Well, I live in a state where I don't have to file income taxes for (Florida), so that helps too.
This is surely a naive question, but can someone enlighten me as to how this company is able to undercut TurboTax by such a huge amount while ostensibly still covering "all tax situations"? Is Intuit just massively ripping us off? What's going on here? :confused
User avatar
cflannagan
Posts: 1193
Joined: Sun Oct 21, 2007 11:44 am
Location: Working Remotely

Re: TurboTax TY2021

Post by cflannagan »

sarabayo wrote: Tue Nov 23, 2021 1:57 pm
cflannagan wrote: Thu Oct 28, 2021 6:52 pm
FrugalProfessor wrote: Thu Oct 28, 2021 5:26 pm FreeTaxUSA.com
+1 to this. Haven't paid a penny for filing taxes for the last 2 tax years.

Well, I live in a state where I don't have to file income taxes for (Florida), so that helps too.
This is surely a naive question, but can someone enlighten me as to how this company is able to undercut TurboTax by such a huge amount while ostensibly still covering "all tax situations"? Is Intuit just massively ripping us off? What's going on here? :confused
Funnily, FreeTaxUSA has the answer to that question on top of page as soon as you click "Free Edition":

"We make money from our state tax return and other optional services. You receive excellent value for every dollar spent."

Thinking about this some more, I have no idea why Intuit charges so much either for no-frills federal filing - let's assume there's no upgraded service (no advisor, no audit protection, etc). Once one sends in their federal e-filing, what does Intuit really do with the e-filing? Mostly nothing - they just forward the e-filing toward IRS. And pocket the cost you paid for that process.

A lot of people, like myself, paid for TurboTax (many years I use Deluxe, some years I use Premier), because the process feels so easy, I felt like the cost was worth it. I was worried "alternatives" like FreeTaxUSA get "confused" easily for unusual tax situations, but I was pleasantly surprised at how well FreeTaxUSA handled different tax situations I had.

One could always start off for free with FreeTaxUSA, and if they decide the software isn't going to do it for them, it only cost them time, not money - they could go back to TurboTax or whatever it was their preferred tax software was.
User avatar
Chip Munk
Posts: 271
Joined: Fri Feb 22, 2019 4:01 pm

Re: TurboTax TY2021

Post by Chip Munk »

Freefun wrote: Mon Nov 22, 2021 8:22 am Deluxe on sale 39.99 and $10 Amazon gift card.

https://smile.amazon.com/TurboTax-Exclu ... X0DER&th=1
Thank you! I saw your post late last night and managed to order it before the deal expired. I normally buy it this time of year so I can get a good estimate of my tax situation before the end of the year.

This morning I got an email from TurboTax advertising a sale this Friday for $10 off at select retailers. The message contained links to amazon, Best Buy, Costco, newegg, OfficeMax, Sam's Club, Staples and Target. So if you missed the one-day deal at amazon yesterday, there may be a decent deal this Friday.
talzara
Posts: 2059
Joined: Thu Feb 12, 2009 7:40 pm

Re: TurboTax TY2021

Post by talzara »

sarabayo wrote: Tue Nov 23, 2021 1:57 pm This is surely a naive question, but can someone enlighten me as to how this company is able to undercut TurboTax by such a huge amount while ostensibly still covering "all tax situations"? Is Intuit just massively ripping us off? What's going on here? :confused
Intuit spends only 17% of revenue on research & development, and it wastes most of what it spends. Anyone who has installed the desktop versions of TurboTax, H&R Block, and TaxAct knows that TurboTax is the slowest and most bloated program.

Unlike Microsoft Office, the competitors do not have to be compatible with TurboTax, so they don't have to clone every feature. They only have to be compatible with the IRS Modernized e-File system. A competitor can be selective about what features to include, which makes it possible to run a much leaner operation than Intuit.

Even though TurboTax has 70% of the consumer tax market, the remaining 30% is enough to support multiple profitable competitors. They waste a lot less money than Intuit because they have to. They don't have the luxury of a 70% market share.
User avatar
anon_investor
Posts: 9480
Joined: Mon Jun 03, 2019 1:43 pm

Re: TurboTax TY2021

Post by anon_investor »

markcoop wrote: Mon Nov 22, 2021 9:52 am I believe some people wait here for the Dec 26 deal for Turbotax where Fed+state is 39.99 plus you get the $10 Amazon gift card bringing the net cost $29.99. No idea if they will offer that again.
I got that deal last year and I am waiting for it again *fingers crossed*.
MadHungarian
Posts: 237
Joined: Tue Jan 02, 2018 4:53 pm

Re: TurboTax TY2021

Post by MadHungarian »

So why does Intuit always charge more for TT before the end of the year? Because they can?
I'd think it should actually be cheaper or free, because we're actually beta-testing their software for them.
talzara
Posts: 2059
Joined: Thu Feb 12, 2009 7:40 pm

Re: TurboTax TY2021

Post by talzara »

cflannagan wrote: Tue Nov 23, 2021 3:10 pm Thinking about this some more, I have no idea why Intuit charges so much either for no-frills federal filing - let's assume there's no upgraded service (no advisor, no audit protection, etc). Once one sends in their federal e-filing, what does Intuit really do with the e-filing? Mostly nothing - they just forward the e-filing toward IRS. And pocket the cost you paid for that process.
Tax software is like patented pharmaceuticals. The marginal costs have nothing to do with the price. Intuit charges what the market will bear.

TurboTax Online has made it easier for Intuit to identify people who are less price-sensitive. The less money taxpayers earn, the more they're willing to pay to file tax returns. What the market will bear can be as high as $200 per return, almost seven times what some Bogleheads are paying to buy the desktop version of TurboTax:
Imperial wrote: We “were charged almost $200 for TurboTax while earning $32,877. ...

“My husband makes around $19,000 on disability and I make around $4,400 as commissions. ... we still had to pay ... $99.98 ...

He was charged a $154 fee by TurboTax. He wrote: “I’m 36 years old. … I make $15 an hour. ...

Craig Harbison helps his 87-year-old sister file her taxes every year. He wrote: “She is receiving social security, a military pension from her late husband, and a small dividend amount for an adjusted gross income of $11,009. This year’s charge to prepare and e-file state and federal taxes was $124.98.”

https://www.propublica.org/article/here ... -the-money
talzara
Posts: 2059
Joined: Thu Feb 12, 2009 7:40 pm

Re: TurboTax TY2021

Post by talzara »

MadHungarian wrote: Tue Nov 23, 2021 6:24 pm So why does Intuit always charge more for TT before the end of the year? Because they can?
I'd think it should actually be cheaper or free, because we're actually beta-testing their software for them.
Yes. If you think that's too much, then you should wait for a better deal or switch to different tax software.
Gryphon
Posts: 269
Joined: Sat May 07, 2016 11:43 am
Location: Missouri

Re: TurboTax TY2021

Post by Gryphon »

MadHungarian wrote: Tue Nov 23, 2021 6:24 pm So why does Intuit always charge more for TT before the end of the year? Because they can?
In a word, yes. People who gotta have it on day one are less price sensitive & willing to pay more. Same thing happens with movies. I paid $30 to get Black Widow on 4K back in September when it came out. Now 2 months later it's $23. Next year you'll probably be able to get it for under $20.

Don't wanna pay full price? Wait. Most folks don't need TurboTax before year-end anyway.
User avatar
LadyGeek
Site Admin
Posts: 77603
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: TurboTax TY2021

Post by LadyGeek »

This is a "No politics" forum. I removed some off-topic posts regarding TurboTax lobbying efforts. As a reminder, see: Politics and Religion
In order to avoid the inevitable frictions that arise from these topics, political or religious posts and comments are prohibited. The only exceptions to this rule are:
  • Common religious expressions such as sending your prayers to an ailing member.
  • Usage of factual and non-derogatory political labels when necessary to the discussion at hand.
  • Discussions about enacted laws or regulations that affect the individual investor. Note that discussions of proposed legislation are prohibited.
  • Proposed regulations that are directly related to investing may be discussed if and when they are published for public comments.
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.
User avatar
kilowattcorn
Posts: 49
Joined: Sat Jun 18, 2011 5:26 pm

Re: TurboTax TY2021

Post by kilowattcorn »

hotscot wrote: Fri Oct 29, 2021 1:35 pm
However TurboTax does not file CA Form 568 which is infuriating when they claim 'everything for your home and small business' on the box.
Thanks for highlighting this as a potential issue.

The Intuit website says that efiling 568 is supported (https://care-cdn.prodsupportsite.a.intu ... idual.html), and an Intuit forum post (https://ttlc.intuit.com/community/state ... 00/1921568) claims that it will efile 568 if only filing a single 568. I don't believe that this means it is implemented well, but the support seems to be there.
User avatar
anon_investor
Posts: 9480
Joined: Mon Jun 03, 2019 1:43 pm

Re: TurboTax TY2021

Post by anon_investor »

Amazon's Black Friday deal is $39.99 for TurboTax Deluxe with Fed + State:
https://www.amazon.com/TurboTax-Deluxe- ... 09CHRHJ8T/
User avatar
dodecahedron
Posts: 6043
Joined: Tue Nov 12, 2013 12:28 pm

Re: TurboTax TY2021

Post by dodecahedron »

TJat wrote: Tue Nov 23, 2021 10:53 am
sreynard wrote: Tue Nov 23, 2021 10:35 am
After many years of using TurboTax, last year I tried H&R Block Deluxe. It wasn't bad, but yesterday I went back to TurboTax Premier for $60 plus the Amazon $10 gift card. As much as I dislike Intuit's lobbying efforts, it is still a better value to me. I'm thinking I may try the 'paper' forms in parallel to see how difficult it really is these days. If it isn't too frustrating I may just switch to doing them by hand from now on.
Is the consensus that Turbotax is the best tax software? That seems to be the only one discussed on this board.
Actually, lots of us use (and have been talking about) Block software. Over 50 posts on this thread in the last 24 hours.

Personally, I had used TurboTax for many years until a combination of a TT glitch and a tip for a one-day Amazon sale on Block software posted on this forum back in Jan 2014 convinced me to kick the tires on Block. The rest is history. I have been a happy camper with Block ever since (and saved a lot of money compared to what I used to spend on TT.)

A number of folks on this forum have also sung the praises of FreeTaxUSA, which is indeed free (at least for federal. There is a $15 charge for state.)
JediMisty
Posts: 756
Joined: Tue Aug 07, 2018 7:06 am
Location: Central NJ

Re: TurboTax TY2021

Post by JediMisty »

anon_investor wrote: Fri Nov 26, 2021 7:54 am Amazon's Black Friday deal is $39.99 for TurboTax Deluxe with Fed + State:
https://www.amazon.com/TurboTax-Deluxe- ... 09CHRHJ8T/
Got it! Thanks!
pshonore
Posts: 7427
Joined: Sun Jun 28, 2009 2:21 pm

Re: TurboTax TY2021

Post by pshonore »

anon_investor wrote: Fri Nov 26, 2021 7:54 am Amazon's Black Friday deal is $39.99 for TurboTax Deluxe with Fed + State:
https://www.amazon.com/TurboTax-Deluxe- ... 09CHRHJ8T/
This past Monday's deal was even better (same price but included a $10 Amazon Gift card)
DV Nayak
Posts: 23
Joined: Tue Feb 18, 2020 11:33 am

TurboTax 2021 fed+state Mac downloaded

Post by DV Nayak »

[Thread merged into here --admin LadyGeek]

Just got TT fed+state Mac downloadable file at Amazon for $39.99
User avatar
anon_investor
Posts: 9480
Joined: Mon Jun 03, 2019 1:43 pm

Re: TurboTax TY2021

Post by anon_investor »

pshonore wrote: Fri Nov 26, 2021 9:06 am
anon_investor wrote: Fri Nov 26, 2021 7:54 am Amazon's Black Friday deal is $39.99 for TurboTax Deluxe with Fed + State:
https://www.amazon.com/TurboTax-Deluxe- ... 09CHRHJ8T/
This past Monday's deal was even better (same price but included a $10 Amazon Gift card)
Thought that one didn't include state.

If you only need Fed it is $39.99 + $10 GC.
User avatar
LadyGeek
Site Admin
Posts: 77603
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: TurboTax TY2021

Post by LadyGeek »

I merged DV Nayak's thread into the ongoing discussion.
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.
Uncle Morris
Posts: 51
Joined: Sun Jul 12, 2020 8:13 pm

Re: TurboTax TY2021

Post by Uncle Morris »

Uncle Morris wrote: Mon Nov 22, 2021 4:22 pm Alas, Amazon.com won't let me buy the download version since I live outside the US - not even after selecting a US address I use for e-"delivery", and not even after setting the VPN to be in the US.
Update: today I was able to buy the CD version and have it mailed to me.
User avatar
CRC_Volunteer
Posts: 76
Joined: Fri Sep 10, 2021 10:57 am
Location: Southeast USA

Re: TurboTax TY2021

Post by CRC_Volunteer »

For tax-advantage accounts, I have been using TurboTax Deluxe for years. I now have a taxable account and am wondering if TurboTax Deluxe will handle gains and loses too? Or do I need to upgrade to TurboTax Premier, as recommended by Intuit?

I always file electronically (Federal and State), so printing out a form and mailing in my returns is not a consideration.
“To err is human; to forgive, canine” | | 60/32/08 | 8% CASH | 16% VAIPX | 16% VSIGX | 48% VTSAX | 12% VTIAX
02nz
Posts: 7499
Joined: Wed Feb 21, 2018 3:17 pm

Re: TurboTax TY2021

Post by 02nz »

BMWrider1986 wrote: Sat Nov 27, 2021 12:26 pm For tax-advantage accounts, I have been using TurboTax Deluxe for years. I now have a taxable account and am wondering if TurboTax Deluxe will handle gains and loses too? Or do I need to upgrade to TurboTax Premier, as recommended by Intuit?

I always file electronically (Federal and State), so printing out a form and mailing in my returns is not a consideration.
No, you do not. I used Premier for years because it was advertised as being better for rental income and investments. When I switched to Deluxe I noticed no significant differences. Lots of others have said the same on this forum.
User avatar
CRC_Volunteer
Posts: 76
Joined: Fri Sep 10, 2021 10:57 am
Location: Southeast USA

Re: TurboTax TY2021

Post by CRC_Volunteer »

02nz wrote: Sat Nov 27, 2021 12:27 pm
BMWrider1986 wrote: Sat Nov 27, 2021 12:26 pm For tax-advantage accounts, I have been using TurboTax Deluxe for years. I now have a taxable account and am wondering if TurboTax Deluxe will handle gains and loses too? Or do I need to upgrade to TurboTax Premier, as recommended by Intuit?

I always file electronically (Federal and State), so printing out a form and mailing in my returns is not a consideration.
No, you do not. I used Premier for years because it was advertised as being better for rental income and investments. When I switched to Deluxe I noticed no significant differences. Lots of others have said the same on this forum.
Thank you.
“To err is human; to forgive, canine” | | 60/32/08 | 8% CASH | 16% VAIPX | 16% VSIGX | 48% VTSAX | 12% VTIAX
Post Reply