I am thinking of doing my taxes for the first time in 40 years and using Turbo Tax for the first time. I had a great tax guy who once he retired I haven't found a suitable replacement. Current guy wants $650 to do my taxes which cost me $400 only 2 years ago. Is $650 reasonable? I live in NJ and am thinking of doing my own taxes with Turbo tax. My return consists of 2 Pension(mine and wife) SS for wife and I, Mortgage interest, real estate taxes, withdrawal from 401k and an after tax mutual fund which I get dividends and Capital gains as well as withdrawals from. I do think one of my mutual funds throws off a small amount of foreign tax. Nothing too crazy I believe. Any experiences with Turbo Tax? How difficult is this to do
Turbo Tax
- Thread starter raaizin
- Start date
I have successfully used Turbo Tax for years and have a similar tax situation as you. It works OK and asks all the right questions. Independent reviews show it to be average and others are better, but I started when they seemed to be the best and stuck with them. I find a Sam's Club or Costco instant savings coupon to reduce the cost. Read carefully about which version you need as they have three or four versions now.
Sam's pricing appears to be $83 for Premier (which may be what you need--two star reviews) or $95 for home and business. (4 star reviews at Sam website). Both are email delivery.
Sam's pricing appears to be $83 for Premier (which may be what you need--two star reviews) or $95 for home and business. (4 star reviews at Sam website). Both are email delivery.
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I've been using Turbo Tax for 25 years / easiest (less confusing) to use.
I log into www. turbotax .com and do it on their website.
Occasionally I try others but come back to TT.
The only problem I hear about TT is the price. (Premium was $159.)
With any software, consider it a learning experience that will become easier each year.
Even if I did NOT save any money doing it myself, the satisfaction is worth it (like doing an oil change yourself).
To make it easy for me, I have a list of 'needed' papers (from previous years return).
As long as I enter ALL the info, I'm good to go.
Last year I got back 1.3 mil ...... just kidding.
I log into www. turbotax .com and do it on their website.
Occasionally I try others but come back to TT.
The only problem I hear about TT is the price. (Premium was $159.)
With any software, consider it a learning experience that will become easier each year.
Even if I did NOT save any money doing it myself, the satisfaction is worth it (like doing an oil change yourself).
To make it easy for me, I have a list of 'needed' papers (from previous years return).
As long as I enter ALL the info, I'm good to go.
Last year I got back 1.3 mil ...... just kidding.
It's not hard. Remember you have to buy Federal and State individually. Sometimes a 1099-R etc will get downloaded automatically from the financial institution rather than you having to input it.
Actually I purchased Premier plus state in one fell swoop at Sam's or Costco. Seems they are packaged that way and I choose the state when I am ready. Used to have to pay for an extra state as my wife worked in Missouri and had to file there first in addition to Kansas.
I've used TT for thousands of years. I might try a free online app this time, just because I am a tightwad.
Get your papers together and give it a shot. Pretty much all my inputs are uploaded. Easy peasey.
Get your papers together and give it a shot. Pretty much all my inputs are uploaded. Easy peasey.
I may as well chime in:
I can't claim thousands of years, but I've used Turbo Tax since it came on floppies. It works well for me.
I can't claim thousands of years, but I've used Turbo Tax since it came on floppies. It works well for me.
- Joined
- Dec 20, 2022
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- 625
I’ve used TurboTax and FreeTaxUSA. I find the later to be a little more modern of a UI and free, unlike TT. Both worked fine.
I am a CPA. $ 650 for a tax return like that is outrageous. That said, it is easy to make big mistakes using any tax software without knowledge to back up what you are doing. Turbo Tax has been good at doing the foreign tax credit wrong in the past.
I do my Canadian income tax with Turbo Tax. Have done so for about 15 years. It does pretty complicated taxes quite competently - interest, dividends, capital gains, property sale with a capital loss, house sale with a capital gain, foreign income, split income, donations of cash, donations of shares with a tax free capital gain, pension income, salary, self employed income, partnership income, medical expenses, etc.
It's not perfect but it's relatively cheap and (if you watch what it's doing) quite competent.
It's always trying to up-sell me something (audit defense, let us do your taxes for you) but I just ignore them.
It's not perfect but it's relatively cheap and (if you watch what it's doing) quite competent.
It's always trying to up-sell me something (audit defense, let us do your taxes for you) but I just ignore them.
I’ve used H&R Block software as well as Freetaxusa after ditching the accountant. I like freetaxusa better. Any of the software makers can handle your taxes, you don’t have anything unusual. Give it a shot, I’d say mine take an hour and a half max.
I'm a tightwad too. I don't go around saying it though.
MY FIRM WONT DO A RETURN FOR LESS THAN 500
Keeps the riff-raf away....
Same here. I would start a simple spreadsheet, add:
the 2 Pensions,
SS, x 2, (you'll need to look at the instructions to figure out the taxable piece),
401k withdrawal which I get dividends and Capital gains as well as withdrawals from.
Look at the tax forms to see the taxable piece.
See whether the mortgage interest and taxes exceed the Standard deduction.
If you want to build up your spreadsheet skills, get the 1040 instructions and build some formulae with =if statements,
Make sure your "Taxable income" per your spreadsheet = Turbotax.
Then, below that, the foreign tax should generally show up as a credit. Look at last year's return.
Your return is not that complicated.
I used Taxslayer for the first time for 2024's taxes. Free and one of the recommended ones from the IRS. Was simple, but this time I'll have a bit more of a challenge, I believe. A couple new things I've never dealt with.
Have used TurboTax for the last 4-5 years...ever since the guy that owned the accounting firm that did our taxes told us either we utilize him as a financial/wealth advisor or he won't provide tax accounting services for us and he wanted $2500 to prepare a financial plan for us but told we didn't own the finished product. We found a better advisor.
I download it from Costco. It's great and I'm no accountant.
It's able to access our wealth advisor and all investment accounts for capital gains, etc... It applies the previous year's data where required. It makes PA state tax prep a breeze too. Worth every penny of the $60 for the Deluxe which includes a $10 credit for state e-filing.
I download it from Costco. It's great and I'm no accountant.
It's able to access our wealth advisor and all investment accounts for capital gains, etc... It applies the previous year's data where required. It makes PA state tax prep a breeze too. Worth every penny of the $60 for the Deluxe which includes a $10 credit for state e-filing.
I do not have a need to be greedy.