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2021 Tax returns...who does their own??

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  • 2021 Tax returns...who does their own??

    Hi all,
    For the past several years I have been so close to doing my own taxes but I continue to wimp out at the end and pay someone else to do them...for a price of $1100. Not sure if you think that's high or low, but I'm convinced my taxes aren't that hard. Married filing joint, husband W2, me K1, 2 homes, etc...I finally switched accountants this year after several frustrating interactions when opening up a DAF at the end of 2021. I REALLY like the new guy (he's old school) and he has spent a lot of time talking to me. BUT...I submitted all my documents to him including a prefilled 8606 for both me and my husband. I just scrutinized every page of the 52 page return and realize he totally messed up the 8606 forms!! I know I shouldn't panic (even though I am) because we can file amendments, but I'm super annoyed that he overlooked or chose to not input the forms the way I submitted them.

    So...who in here does his/her own taxes? I've heard turbo tax sucks and I've tried on turbo tax to do my own but get hung up on the 401K and QBID stuff. For those of you who do your own, is it pretty easy to just go direct to the IRS and file online? I have printed out all the documents I would need to submit and I'm going to see if I can match what my CPA did this year (minus his biff of the 8606). Curious to hear from you self preparers!

  • #2
    Bump to help this thread get off the ground. But, seriously,
    • TurboTax does not suck - it’s good at what it needs to be good at for a cheap, limited-purpose solution.
    • If you are handing in pre-prepared forms to your CPA and paying him $1,100 to NOT understand the code better than you, we have a problem.
    Talking to you a lot is not a prerequisite for an accomplished, physician-focused CPA. Knowledge, respect for your time and intellect, and experience are what matter. (Personally, my mission is to avoid people who talk to me a lot, but I’m probably a little different in that regard.)

    Given what you’ve provided, I think you should DIY.
    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087


    • #3
      Two different issues here. First, If the guy you paid $1100 bucks to did them wrong, take them back and insist he either fix them or show you why he is right and you are wrong.

      Second, you can absolutely do your taxes with Turbo a tax or one of the other major programs (I use TaxAct). The all allow either direct entry or a Q&A method. To pick, you might consider that different mutual fund companies partner with different tax prep software. For example, Turbo Tax will import Vanguard 1099s.

      Anyway, do a trial run and compare your results with your CPA prepared return. I suspect you will find it is easy enough. Generally, people need tax strategists more than they need tax preparers. If all you need is the latter, do it yourself.


      • #4
        Sorry that you paid so much and didn't get a proper return filed. Thankfully, you knew enough to catch the error! I agree, definitely take it back and have them fix it or explain why they did what they did. There is another post on here saying that a tax preparer did the same thing - messed up backdoor roth.

        I use Turbo Tax and it works for me - cheap and effective for what I need. At some point, I imagine that my needs will outgrow TT but until then I keep using it. That said, you have to be very specific about how you enter the backdoor roth. Follow this tutorial if you try the program to match CPAs result. Other than that, I don't have issues. I always do the backdoor roth entry first. Then check to make sure it entered correctly on 1040, then I fill out the rest of the return. That way if it doesnt go in correctly and I have to start fresh, then I don't have to re-enter everything from scratch.