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  • Drop it into MD Drop it into MD 
    Participant
    Status: Physician
    Posts: 440
    Joined: 09/20/2018

    I just did my taxes using TurboTax for the first time. It was far easier then I expected. I used a CPA in the past and I cannot believe I paid someone all these years to plug in numbers. Thanks for the help and confidence everyone. I just saved a few hundred bucks.

    #189153 Reply
     ZZZ 
    Participant
    Status: Spouse
    Posts: 182
    Joined: 06/18/2018

    Yep.

    Hard to believe tons of people with a single W2 taking the standard deduction pay someone to do their taxes, right?

     Peds 
    Participant
    Status: Physician
    Posts: 2699
    Joined: 01/08/2016

    oh boy….wait for the CPAs to show up…

    #189204 Reply
     hightower 
    Participant
    Status: Physician
    Posts: 1260
    Joined: 12/07/2016

    I have been doing my taxes for years with Turbotax.  Initially it was very simple since we had only our W2 income to report and didn’t need to itemize.  It got more complex after residency when I started itemizing and doing backdoor Roth’s.  The last 2 years it’s become much more complex since I have multiple streams of income, including an airbnb room my wife manages.  I’ve almost contemplated getting someone to do our taxes, but so far TurboTax has been working well enough that I still feel comfortable that I’m doing it right.

    #189208 Reply
    Liked by StarTrekDoc
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 6697
    Joined: 01/09/2016

    oh boy….wait for the CPAs to show up…

    Click to expand…

    And do what? Anybody with just a W2, especially who doesn’t itemize, is probably wasting money on a CPA unless she just doesn’t have time to deal with her taxes. I’ve told that to several initial consults recently. Seriously – you guys are DOCTORS.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

     Larry Ragman 
    Participant
    Status: Other Professional
    Posts: 361
    Joined: 08/30/2018

    I have been doing my taxes for years with Turbotax.  Initially it was very simple since we had only our W2 income to report and didn’t need to itemize.  It got more complex after residency when I started itemizing and doing backdoor Roth’s.  The last 2 years it’s become much more complex since I have multiple streams of income, including an airbnb room my wife manages.  I’ve almost contemplated getting someone to do our taxes, but so far TurboTax has been working well enough that I still feel comfortable that I’m doing it right.

    Click to expand…

    The one issue with your situation is that it is easy to overlook tax opportunities as the return gets more complex. TT will keep working if you do it the same way, but that does not mean you are taking full advantage. It remains on you to stay educated so you can fill the forms in correctly (e.g., safe harbor election for the rental business, home office simplified or traditional, donating noncash items to charity, etc). One way to deal with this by checking in with tax professional every 5 years or so to make sure you are still on track.

    #189382 Reply
     octopus85 
    Participant
    Status: Resident
    Posts: 121
    Joined: 08/13/2017

    Don’t use TurboTax….owned by Intuit which lobbies hard against tax simplification/reform (plus it’s expensive).

     

    Freetaxusa. Totally free federal in all situation, and much cheaper state returns.

    #189388 Reply
    Liked by Jarpee
    Jarpee Jarpee 
    Participant
    Status: Physician, Small Business Owner
    Posts: 83
    Joined: 02/06/2017

    Don’t use TurboTax….owned by Intuit which lobbies hard against tax simplification/reform (plus it’s expensive).

     

    Freetaxusa. Totally free federal in all situation, and much cheaper state returns.

    Click to expand…

    Yes! Using FreetaxUSA for the first time this year (from taxact) and I can’t be happier. Only 7 bucks for “deluxe” with unlimited amendments and live chat support.

    #189389 Reply
     Larry Ragman 
    Participant
    Status: Other Professional
    Posts: 361
    Joined: 08/30/2018

    Don’t use TurboTax….owned by Intuit which lobbies hard against tax simplification/reform (plus it’s expensive).

     

    Freetaxusa. Totally free federal in all situation, and much cheaper state returns.

    Click to expand…

    Yes! Using FreetaxUSA for the first time this year (from taxact) and I can’t be happier. Only 7 bucks for “deluxe” with unlimited amendments and live chat support.

    Click to expand…

    Jarpee, I sort of feel locked in to Tax Act because I don’t want to reenter a bunch of depreciation data. Did you have any to transfer? If so, could you import it to “freetax” or did you just reenter it?

    #189437 Reply
     hightower 
    Participant
    Status: Physician
    Posts: 1260
    Joined: 12/07/2016

    I have been doing my taxes for years with Turbotax.  Initially it was very simple since we had only our W2 income to report and didn’t need to itemize.  It got more complex after residency when I started itemizing and doing backdoor Roth’s.  The last 2 years it’s become much more complex since I have multiple streams of income, including an airbnb room my wife manages.  I’ve almost contemplated getting someone to do our taxes, but so far TurboTax has been working well enough that I still feel comfortable that I’m doing it right.

    Click to expand…

    The one issue with your situation is that it is easy to overlook tax opportunities as the return gets more complex. TT will keep working if you do it the same way, but that does not mean you are taking full advantage. It remains on you to stay educated so you can fill the forms in correctly (e.g., safe harbor election for the rental business, home office simplified or traditional, donating noncash items to charity, etc). One way to deal with this by checking in with tax professional every 5 years or so to make sure you are still on track.

    Click to expand…

    I don’t disagree with you on that suggestion.  But, I will say that the deluxe versions of turbotax are very thorough.  It really hunts for a lot of various deductions.  All of the things you mention are on there plus a lot more.

    #189475 Reply
    Liked by Tim
     FIREshrink 
    Participant
    Status: Physician
    Posts: 776
    Joined: 01/11/2017

    Don’t use TurboTax….owned by Intuit which lobbies hard against tax simplification/reform (plus it’s expensive).

     

    Freetaxusa. Totally free federal in all situation, and much cheaper state returns.

    Click to expand…

    Yes! Using FreetaxUSA for the first time this year (from taxact) and I can’t be happier. Only 7 bucks for “deluxe” with unlimited amendments and live chat support.

    Click to expand…

    Jarpee, I sort of feel locked in to Tax Act because I don’t want to reenter a bunch of depreciation data. Did you have any to transfer? If so, could you import it to “freetax” or did you just reenter it?

    Click to expand…

    We are also locked into TaxAct for the same reason. But they always have coupons. Recently I found a 40% off coupon so I started my return over (it doesn’t take long) and am paying $17 for Deluxe.

    TA had a glitch that they just fixed this week. Until then no one could enter non-deductible IRA contributions. But we’re back in business now.

    #189476 Reply
    Jarpee Jarpee 
    Participant
    Status: Physician, Small Business Owner
    Posts: 83
    Joined: 02/06/2017

    Don’t use TurboTax….owned by Intuit which lobbies hard against tax simplification/reform (plus it’s expensive).

     

    Freetaxusa. Totally free federal in all situation, and much cheaper state returns.

    Click to expand…

    Yes! Using FreetaxUSA for the first time this year (from taxact) and I can’t be happier. Only 7 bucks for “deluxe” with unlimited amendments and live chat support.

    Click to expand…

    Jarpee, I sort of feel locked in to Tax Act because I don’t want to reenter a bunch of depreciation data. Did you have any to transfer? If so, could you import it to “freetax” or did you just reenter it?

    Click to expand…

    I did not have any depreciation. I just re-entered everything else.

    #190618 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 1441
    Joined: 01/03/2017
    Disability Insurance

    I’m an H&R Block guy myself but it’s mostly a creature of habit thing and the fact that all the general information is filled.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #190623 Reply
    Liked by WWillkie
     MVrays08 
    Participant
    Status: Physician
    Posts: 4
    Joined: 02/13/2019

    I have been considering doing my own taxes for the first time this year. I have W2 income and a small 1099 side income. We also employ a nanny for our kids. Would this be something TurboTax could handle?

    #190626 Reply
     Tim 
    Participant
    Status: Accountant
    Posts: 1121
    Joined: 09/18/2018

    TaxHawk Inc. owns Freetaxusa. I had the question, how do they make money and of course the security issues.
    Efiling is free. Most here are looking for more robust services
    Don’t use a CPA firm if you just need basic data processed.
    Don’t use online software if you have complex issues. You can research online, but if yo don’t find your answers, go to a CPA.
    Tax preparation business is for profit. You give information, then YOU are responsible. Little recourse is available when something goes wrong.
    My point is, software is pretty cheap regardless which one you use. Do your homework and move when dissatisfied.

    Comment from BBB in Utah:
    “Free Tax USA unlike the name IS NOT FREE to file your return as their name and web site suggests. You don’t find out it’s not free until you spent hours running through their software So they say it’s $12.95 to electronically file your return and then when you agree to that because it’s not that big if a deal, you spend another 15-20 minutes going through the program and then they want to charge you another $20.05 to take the $12.95 out of my refund for a total of $33! At this point I complained and they said they would refund my fee. I filed and then it took from 01-22-2018 until 03-072018 to get my refund because I had to call the IRS twice and go down to the local IRS office to verify my identity because according to the clerk at the IRS they don’t trust the Free Tax USA Software it has security issues. Now Free Tax USA are saying this, “The fee you pay is for preparation of the state forms. Federal returns are free and the fee is not for e-filing.??You were charged $33 because you chose to pay the preparation fee with your tax refund. It costs $19.99 to pay us with your refund. This fee is non-refundable as described on our web page when you purchased the product. The $12.95 charge won’t show up as a separate payment to your account, it will just be added to your refund. Regards, Billing Department” The $12.95 was never added to my refund, I was supposed to get $2467 and $2434 is what I received.

    #190694 Reply
    Liked by jfoxcpacfp

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