Comments on: Me and TurboTax

By: Richardsson

Richardsson — Wed, 17 Apr 2019 07:10:33 +0000

I used Turbo Tax from the 1990’s until last year. I sold a stock I owned for a long time last year because the stock got a new transfer agent with whom I previously had a really bad experience. When you sell a stock you go through a terrible rigamarole figuring out the capital gains. So I went to H. & R. Block and they had a terrible time with it as well, but they guarantee their work. Our income tax system is a penny pinching, stupid waste of time.

By: ymarsakar

ymarsakar — Tue, 16 Apr 2019 11:47:32 +0000

The risk of an audit is quite remote, really. In my highest income years of the 1990s, I was audited only once. No faults no penalty no recurrence.

The risk is still there, especially if you decide to red flag yourself ala Tea Party style.

Once the Red Flag is on you… well, heh.

The IRS is generally more interested in money laundering. Having businesses with more money going out (expenses) than coming in…. is usually a yellow flag at least.

I realized there are too many self employed land lords in Neo2’s comment section. Coincidence?

The status quo lives here!

By: JP Kalishek

JP Kalishek — Tue, 16 Apr 2019 09:44:03 +0000

I used to use TurboTax and then they started the “Free” but wait, you need to pay for this that and the other, and I forget what I used. 2004 taxes I knew I needed something (multiple jobs and a failed self employ/contracting etc) so I knew going in I’d have to pay Turbo for the 1040 version and it was reasonable enough I gladly did it. After, with my simple needs it wasn’t needed, but TurboTax decided I make too much and had to pay, even though my needs were met be the “free” version.
Credit Karma is what I use now. Works fine for my needs, got more back this year than last. My employer sucks at getting deductions right. (2016 I had to file in a state I do not live in, because they messed up).

By: Cicero

Cicero — Tue, 16 Apr 2019 04:23:10 +0000

What is remarkworthy is that Americans file their “returns” (cute play on words-return to the Federals) voluntarily. The risk of an audit is quite remote, really. In my highest income years of the 1990s, I was audited only once. No faults no penalty no recurrence.

By: Tom R

Tom R — Tue, 16 Apr 2019 04:11:55 +0000

I was surprised at how easily Turbo Tax handled transactions in cryptocurrencies. I was able to download files from Coinbase then upload them into TT. It calculated my net capital gain while documenting 19 transactions early in the year.

By: J.J.

J.J. — Tue, 16 Apr 2019 03:53:32 +0000

My income varies by a few hundred dollars from year to year. But my deductions vary quite a bit due to medical costs, interest rates, sales tax rates, and charitable giving. So, although I do my own returns, I have to keep good records and make sure I get every last deduction allowed. Takes me a day or two to get all that done. The rest is easy.

My early calculations were that I would pay about the same under the Trump tax cut as I have before. I pay estimated taxes and try to pay enough each year as to just be legal. Surprise! I got a $1500 refund. Thank you, President Donald J. Trump.

I hope many more people got tax cuts as well.

By: ALP

ALP — Tue, 16 Apr 2019 02:55:08 +0000

I am another one that has done their taxes by hand, hard copy. I had rental property, up and down income, along with subsidized healthcare for a time. I knew exactly how this story would end. I am so used to seeing all my forms, schedules, and back up documentation all spread out – I can take it in with a glance. Yeah, way better.

Last year I sold the rental property and hired H&R Block to handle figuring that all out, since the sale was taxed at capital gains. She worked her butt off going over 10 years of taxes, finding errors that originated with the early CPAs I had used before I took it all back and did it myself again. Ten years she went through and in the end, I paid H&R $350 which was a screaming deal. You’d be better off paying a professional to do it to make it easy rather than screwing around with Turbo Tax.

By: ymarsakar

ymarsakar — Tue, 16 Apr 2019 02:12:41 +0000

Self-employed and business owner, with multiple (relatively small) sources of income. Some investments with interest or dividends, a few modest capital gains and losses, and until recently I itemized my deductions. Then there’s the state.

The primary benefit of self employed turbo tax is item expense deductions for various different types of businesses.

And of course it (now) has easy website icons explaining the tax code in a general fashion, thus no need to google it up.

Combined with Quickbook’s self employed app for cataloging expenses via receipts and other stuff… that sounds strangely attractive.

By: ymarsakar

ymarsakar — Tue, 16 Apr 2019 02:09:20 +0000

I can kind of get why you don’t like UI on the computer for taxes, Neo. It is for the same reason why I refuse to get Windows 10 and Microsoft’s micro transanction shop that goes with it.

However, it is pretty much impossible to do capital gains and losses by hand. Once you exceed say 20-50 trades a month.

By: ymarsakar

ymarsakar — Tue, 16 Apr 2019 01:59:58 +0000

In fact, if we ever really wanted to have tax simplification, the way to do it would be to require every Congressperson to do his or her return by hand.

That’s a good idea, but it doesn’t work. First you have to get Congress to be penalized by the laws they sign, such as O care. The aristocrats are never gonna be burned by the Laws they put you peons to work on.