Announcement

Collapse
No announcement yet.

Turbo tax

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Tim
    replied
    TurboTax

    "Federal return rejectionReject Code FED_Taxable_Inherite"
    IRS rejected the return! It clears TT review. Text message said I was supposed to get an email for steps to fix. No email received. The forms are correct and there is not Inherited IRA of any type. Only the BD roth. TT says a program fix is in process and expected on 3/5/21.


    Leave a comment:


  • JBME
    replied
    Originally posted by Lithium View Post
    Every time I tried to do the back door Roth in FTUSA. (doing exactly what finance buff said), it counted the 1099-R as $6k in taxable income. I must be an idiot. And then there’s the Form 1116 issue.

    I’ve had the best luck lately with Free File Fillable Forms.
    you must be doing something wrong. I followed it to a T and it's not counting it as $6k in taxable income for me. You can write a comment on the blog post and Harry will write back. Without knowing what's going on, in the post maybe it's getting messed up either at the section where he write "Find the IRA Contributions section under the “Deductions / Credits” menu." or below.

    Leave a comment:


  • Lordosis
    replied
    Originally posted by Peds View Post

    Or use something else....
    I could but that would require more work and learning a new system. It would take years to make it financially "worth it". I would rather just complain about it 🙂

    Leave a comment:


  • Jaqen Haghar MD
    replied
    I didn’t even know they still had “disks”. Been using the online for years now. It’s like $70 for federal. Additional if you live in a state with state income tax and need to file that too. You can upgrade from there if you want. I did mine a week ago.

    Leave a comment:


  • Lithium
    replied
    Every time I tried to do the back door Roth in FTUSA. (doing exactly what finance buff said), it counted the 1099-R as $6k in taxable income. I must be an idiot. And then there’s the Form 1116 issue.

    I’ve had the best luck lately with Free File Fillable Forms.

    Leave a comment:


  • Peds
    replied
    Originally posted by Lordosis View Post
    I have to upgrade to the 70 dollar TT because I tax loss harvested this year.
    Or use something else....

    Leave a comment:


  • Shant
    replied
    The physical market is just market segmentation. Even paying for the CD, packaging and distribution costs the marginal cost of adding each user has attractive margins once you've developed the software.

    Leave a comment:


  • Lordosis
    replied
    I have to upgrade to the 70 dollar TT because I tax loss harvested this year.

    Leave a comment:


  • nephron
    replied
    Originally posted by Zaphod View Post
    You know you can just buy the "disc versions" off amazon, download/install instantly? This is what we're talking about?
    Yes, this is what I was talking about. I keep seeing turbo tax discs for sale (10 dollars off list price) at Amazon and a similar deal at Costco. I have been just going to the turbo tax website and doing it all online, but it looks like it would be cheaper to purchase the program from a store and do my taxes that way. I just don't know why turbo tax would want you to go to amazon or costco to purchase their product for cheaper when it would cost them less to just let you use the online version because costco/amazon would not get a cut of their sales that way. I have finished my taxes but not submitted them, it still looks like I am going to end up paying some $170 to file for federal plus 2 states which still seems much more then if I were to purchase one of the discs myself. I'm not sure if it is because it is filing my taxes as partially self employed/business because I pay a nanny though.
    https://www.amazon.com/TurboTax-Desk...4037123&sr=8-3

    Leave a comment:


  • Peds
    replied
    Originally posted by CFEonline View Post

    What is the catch?
    Where do they make their money?

    And can they handle an HSA? This was the first year I thought I could get away with free turbo tax...and it won't do my HSA without "upgrading"
    no catch, they realize that filing tax returns is incredibly low work.
    you pay for state filing, and you can pay for enhanced filing (like unlimited re-submits or whatever), and you can pay to get like a bound official printout.
    ive been using for years ....theres still no catch.

    i had a HSA last year, it is correctly accounted for on my 1040....so yes.

    Leave a comment:


  • Zaphod
    replied
    You know you can just buy the "disc versions" off amazon, download/install instantly? This is what we're talking about?

    Leave a comment:


  • chrisCD
    replied
    I have used TT for years and have always used the Disk version. When I bought the company I kept the same CPA the company has had and he know does my Corp and personal taxes. I could do it with TT, but I don't mind paying and saving myself time. I still purchase TT and help my kids with their taxes which are fairly simple and routine except for one who has a Robinhood account. The import feature worked great so not really a big deal.

    cd :O)

    Leave a comment:


  • JBME
    replied
    Originally posted by CFEonline View Post

    What is the catch?
    Where do they make their money?

    And can they handle an HSA? This was the first year I thought I could get away with free turbo tax...and it won't do my HSA without "upgrading"
    They make you pay if you file a state return. I don't have an HSA so I can't speak to that but this is my first year using FreetaxUSA and I've had a decent experience. I think it's $13 to file the state taxes. So far I've had an account for a month and I don't see a catch

    Leave a comment:


  • CFEonline
    replied
    Originally posted by Peds View Post
    just another vote for freetaxusa.

    my name is peds, and i was a turbotax user.....
    What is the catch?
    Where do they make their money?

    And can they handle an HSA? This was the first year I thought I could get away with free turbo tax...and it won't do my HSA without "upgrading"

    Leave a comment:


  • Larry Ragman
    replied
    I use TaxAct vice TT, but the same issue pertains. I use the online version and let them keep the data. I used to be concerned about the data, and used the desk top version to save the data locally. But I eventually decided to trust the online security and only keep a hard copy for my records.

    Leave a comment:

Working...
X