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Anyone use Turbo Tax?

BATMANs

BATMANs

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I've been using the same CPA/Tax attorney that used to be a judge and worked for the IRS. Needless to say, pretty dam good background.

My younger brother has been using Turbo Tax for years. He said it's a no brainer.

He's just straight salary, no investments like property, ESPP, etc. I imagine that's pretty straight forward.

For someone with ESPP, stock grants, property, etc. is turbo tax Premier suffice enough?

I like to hear from those that have actually used the software instead of "I heard from a friend's friend...." response.
 
BATMANs said:
I've been using the same CPA/Tax attorney that used to be a judge and worked for the IRS. Needless to say, pretty dam good background.

My younger brother has been using Turbo Tax for years. He said it's a no brainer.

He's just straight salary, no investments like property, ESPP, etc. I imagine that's pretty straight forward.

For someone with ESPP, stock grants, property, etc. is turbo tax Premier suffice enough?

I like to hear from those that have actually used the software instead of "I heard from a friend's friend...." response.
Click to expand...

Turbo tax. What did the government start charging tax if you drive a turbo:biggrin: Sorry had to say it
 
I have used Turbo Tax since, I believe, at least 2002 and have used almost every conceivable aspect of it at one time or another including combinations of income sources, business ownership, rental properties, self-employment tax, AMT, capital gains/losses calculations, etc, etc, etc.

IMO it has gotten better and easier each year especially by importing prior year's returns and carrying things forward, importing investment information from online sources and asking every conceivable question to jog your memory about a particular source of income or deduction.

After having a few years backed up on an external in order to carry data forward/import past returns, I have been able to produce a return with all my necessary schedules and work sheets numbering well over 100 pages after about an hour's worth of data input. But, once again, it carries forward my prior returns so much of the information is there for me and automatically filled in.
 
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I have used turbo tax for the last five plus years. I like it, it's pretty straight forward. I own property and stocks. So it might just depend on how complex your taxes are or aren't. I do like the fact that it remembers your information and brings it into the new tax files. Makes it a lot easier.

Plan on using it again this year.
 
I've been using the online version since my year 2000 filing. It handles everything and guides you through all the things you mentioned. I don't really have any complaints. I can't imagine paying someone more money to plug these numbers into their own version of the same software..
 
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About 10 years ago I worked in an office with a telecom sales organization where while we all had different backgrounds, we were all pretty much in the same financial situation. The salesforce consisted of guys with no degree, a couple of guys with a PhD, guys with J.D.'s, MBA's and a single CPA.

We all decided to do our taxes at the same time using TurboTax, with the CPA giving guidance on deductions. Almost without exception, the TurboTax standard deduction tables returned less liability. I mean, we really tried to go for the max while not throwing red flags and still the TurboTax standard deductions won. Kind of makes the process seem silly after all the questions, when we could have just bypassed the whole thing.

Since then I've sat with other folks going through the same process and ultimately ending up going with the TurboTax 'standard deduction' as it was far greater than our itemized deductions.

Just my experience and based on a fairly straightforward return.
 
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I've used it for the past 8 years. One of those years, I strayed and used the H&R Block software. I hated the H&R Block version and went straight back to Turbo Tax. I like it alot and it's very easy to use. It guides you through everything very easily and like others have said, it pulls past years returns and automatically fills in what is necessary.
 
queenlives said:
your sig:



reminds me of doug's breathalyzer chick....
Click to expand...

:biggrin: We need to track this woman down and get them back in touch with eachother.
 
I've used the online version since 2001 and haven't had a problem. ESPP, stock options, rental property, business income, etc. I usually block out 3-4 hours to get everything ready and input the data. If you already compile all of your data/info for your tax guy, then it's only one more step to enter it in TT. The thing I like most is that you don't have to wait for someone to do it for you, and you can do it at practically any time of the day or night. I'm usually done with it in early Feb.
 
smooth said:
I usually block out 3-4 hours to get everything ready and input the data. If you already compile all of your data/info for your tax guy, then it's only one more step to enter it in TT. The thing I like most is that you don't have to wait for someone to do it for you, and you can do it at practically any time of the day or night. I'm usually done with it in early Feb.
Click to expand...

Would like to add that if you're using the online version, you can login and logout as your schedule permits, and it will pickup where you left off. So, 30 minute or 1 hour chunks here and there= less pain for some of us. :biggrin:
 
I've looked at the website but how much are you guys actually paying to use TT...it looks like the cheapest federal (non simple) plus state will be about $65? Is that about right? At that rate I'd stick with my tax acct. for the 90 bucks he charges me.
 
chumch said:
I've looked at the website but how much are you guys actually paying to use TT...it looks like the cheapest federal (non simple) plus state will be about $65? Is that about right? At that rate I'd stick with my tax acct. for the 90 bucks he charges me.
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I think in the past I have paid around $40 if not less, you can get deals online for the software. I always get the deluxe version, which includes state. The software also checks for any updates, to make sure it's the latest and greatest.

http://www.us-shoppingonline.com/index.php?i=B002RS8F0K&gclid=CNPv6YqIraACFRednAodDA-faA

You can check ebay as well.
 
I and an accountant do omg taxes for several years. However, in 2007 I started using Turbo Tax and the return was not much different than paying $300-400 for a CPA to do it. I haven't looked back since. Turbo Tax is very user friendly and hard to make a mistake unless you enter the wrong numbers
 
I use TurboTax too for the past few years, but manually update it for my stock trades. I do a bunch of trades each year and TurboTax can't handle that volume so I use TradeLog to create the Schedule D-1 and manually update Schedule D to refer to my D-1.

If you do 5000+ trades a year, TurboTax will still work but it takes several hours to import and if you delete one, it starts all over again so you have to wait another few hours for the software to respond. I think after 3000 TurboTax warns you about this too.
 
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I started using it when my stock trades started getting too much for the accountant.

You can import your stock trades directly from your broker, which made life so much easier for me.

Works like a charm.

I'm a loyal customer.
 
Turbotax Deluxe for personal returns: I'm a mac user and have used it since the mid-to-late 90's. For the most part, it's been a good experience. I got really irritated with intuit one year and voiced my complaints via email. They worked with me, and within a year, I was back on board. I typically buy from Amazon, Sam's, Costco or other to get a better price. As mentioned, you can usually find it with Federal e-file and State included. You'll have to pay a fee to e-file State if you want.

Turbotax Business for my partnership returns: This year is the first year I'm doing my partnership taxes on my own, having used an accountant in years past. Two complaints. First, Turbotax Business is only available for Windows users. Second, you cannot import data from Quickbooks unless the application is installed on that PC. So, since I use my mac to keep my books using Quickbooks, I'm s.o.l.
 
smooth said:
I've used the online version since 2001 and haven't had a problem. ESPP, stock options, rental property, business income, etc. I usually block out 3-4 hours to get everything ready and input the data. If you already compile all of your data/info for your tax guy, then it's only one more step to enter it in TT. The thing I like most is that you don't have to wait for someone to do it for you, and you can do it at practically any time of the day or night. I'm usually done with it in early Feb.
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So the first time that I use it (thinking about doing the online version) is the hardest time? And the subsequent years should be easier since it will pull past tax info?
 
chumch said:
I've looked at the website but how much are you guys actually paying to use TT...it looks like the cheapest federal (non simple) plus state will be about $65? Is that about right? At that rate I'd stick with my tax acct. for the 90 bucks he charges me.
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My guy charges me $600. Even after years of referring business to him he hasn't doled out any discounts to me.

Of course some of my friends that are using just a CPA, no tax attorney or any fancy connections/background are paying $150 - $300.
 
wctsao said:
I use TurboTax too for the past few years, but manually update it for my stock trades. I do about a lot transactions a year and TurboTax can't handle that volume so I use TradeLog to create the Schedule D-1 and manually update Schedule D to refer to my D-1.

If you do 5000+ trades a year, TurboTax will still work but it takes several hours to import and if you delete one, it starts all over again so you have to wait another few hours for the software to respond. I think after 3000 TurboTax warns you about this too.
Click to expand...


Thanks for the heads up. No I don't do much stock activity.
 
I've used TurboTax every year since 1993. Some years I've had to do every form except the Farm Income one (and if I could somehow call my wife's herb garden a "farm", maybe that one too).

However, I would also add that my wife is a financial analyst, and so knows her way around numbers. Usually I input all the data, then give it to my wife who then finds all my mistakes, and then I correct them.

For many people, it's a matter of time. I have a friend whose taxes are less complicated than mine, and for him it's not worth his time to do it himself. He much prefers just dropping his paperwork off at his accountant, and picking up his return a few weeks later.

Taxes are way too complicated, but TurboTax makes it about as easy as possible.
 

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