2020 tax reporting.

[stevej37]

In the past few years, I have used H&R Block for tax returns. It takes the gal a total of about 10 minutes to type everything in and come up with the final figures.
The rate has gone from $220 to $438 in three years. I asked why and was told it's because they charge according to how many and which forms they have to use.
I do have investment reporting from Edward Jones. Other than that...nothing unusual.

I saw a mobile office set-up for Jackson-Hewitt and asked yesterday what they charge for the same forms.....$543

Anyone use the on-line Turbotax? Is it easy to use? Or should I just pay the price with H&R?

[sammyg2]

We used turbo tax for years back when our taxes were simple.
It was effective, cheeeep and easy to use.
But then I started more getting income from different sources: investments, stock options, etc.
Our tax returns got very complicated with all sorts of obscure forms, 1099 and 5498 this and that, went from a few pages to a short book.
That's when it made sense to use a professional.

So if your tax returns aren't complicated, turbotax is fine.

[David]

My taxes are a little complicated and include some very small oil & gas investments which have unusual tax rules.

I used 2 different accountants years ago and was very disappointed (maybe because I'm an engineer). I use TurboTax and it's handled almost anything I've thrown at it and their voice support has been able to help me figure out the tough stuff.

I tried H&R software a couple years ago because I got mad that TT raised their price. H&R didn't even have all the forms I needed! I went back to TT.

[Rot 911]

I go back-and-forth between TurboTax and H&R block. Which ever one is cheapest on Amazon. I’ve got rental property and other investments and managed to find the forms and easily fill them both on both programs.

[masraum]

Turbo Tax has the ability to import data from many/most of the big brokers. They can probably import from Edward Jones.

I think your taxes have to be pretty complex before turbo tax is a bad option.

I like to have the TT software vs doing it online. I buy the software almost always from Amazon, and it's almost always the cheapest way to get it. I think I have been paying $30-40 a year for TT Deluxe.

Granted, my taxes are fairly simple.

[KFC911]

Been using TT for decades ... preferred buying the CD originally. Went to the online version years ago ... no issues.

[stevej37]

I'm leaning to the on-line TT.
Yes..EJ data can be imported...I just noticed that last week.


That's prob what I'll do...TT online. Thanks!!

[LWJ]

Prior accountant was under $500. I have some K1's, rentals, a cost segregation credit, and a solar credit.

New accountant estimated $750.

I love that I use an actual accountant. There is security for me, and possibly additional tax savings.

[GH85Carrera]

I used Turbo Tax for years. Then I started a business that is a LLC. The LLC business pays zero taxes, it all is paid buy the owners of the company. Only the US congress can make tax code that is so complex and just a full employment bonus package for CPAs.

There is simply no reason for a 74,608-page-long federal tax code. None.

[id10t]

Turbo Tax for me - Federal (no state taxes), married filing jointly. My CU gives me a discount but I can never get logged into my account AND have the discount applied.

$50 or $60, does my wife and me, like you I have a basic investment account (Fidelity) and it imports all that for me.

[MRM]

If you make less than $72,000 a year you can use any of a number of free tax software available at the IRS' Free to File website. https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

I did my sons' taxes last year in an hour or so each. This year will be quicker because I can use last year's form to pre-populate this year's return. I used both the H&R Block version and someone else's because you could only file one email address per free tax software. I strongly preferred the H&R Block version, FWIW.

[stevej37]

^^^ I'll check in to that. I'm retired..should be some break.

[MRM]

And if you have last year's tax form saved on your desktop the free IRS form can automatically upload that information into this year's form and you're that much farther ahead. It handles dividends and capital gains, too. I was impressed.

[stevej37]

^^^ I don't.
H&R did the whole works. That's another reason why I am not happy with the $438 cost.
They have it on their computer..

[KFC911]

Originally Posted by MRM

And if you have last year's tax form saved on your desktop the free IRS form can automatically upload that information into this year's form and you're that much farther ahead. It handles dividends and capital gains, too. I was impressed.

That's why I went to the online version of TT instead of having it on my own device like I did for years. They keep all your info & data ... device independent. Works for me...

[MRM]

I think if you know the exact amount of your income from last year the IRS will let you download from their copy of your previous year's return too. I seem to recall a process for that, but since I didn't have the boys' prior year's returns, I couldn't follow the steps.

[stevej37]

I think it all boils down to the weird forms that EJ spits out for my account.
I'll try the online TT and see how it goes.
Past years, when I tried TT on CD, I always came to a point where I wasn't sure of what they were asking. With the direct online reporting...it might go a lot easier.

[Tidybuoy]

I use Turbo Tax and besides myself, I have been doing taxes for several people at work. I buy the disk version as well as the home/business version since I have rental property. I've never used the online version. Speaking of all the forms, it seems like they have multiplied over the years with the exact same type of data. Turbo tax selects the forms you need and will walk you thru the whole process if you need it or you can select your own processes. My only objection is that their fees seem to have increased over the years (I'm speaking of the fees that they charge to direct deposit and e-file. It used to be free but is now about $60).

[stevej37]

^^^ I assume I should look to turbotax.com for online version?

[KFC911]

Yep .... When I first started the online version, it was a link from my CU's website... the past few years.... direct. There is no difference between the CD and online versions ... just where it's running.