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It's not junk depending on what you need. For us Turbotax deluxe* is very easy to use with our particular Schedule C business and easily imports our brokerage account information. I tried H&R block one year and I could not get it to properly calculate our business tax credits even after opening a support ticket.
Also - an FYI for those that used TaxAct, H&R Block or TaxSlayer online services in previous years: There is a good chance they secretly sent data about you to Meta\Facebook: https://arstechnica.com/tech-poli...with-meta/
*In previous years there were some abilities you'd get with the physical disk that weren't included in the download copy. I haven't looked this year to see if that is still the case or not
Cause Intuit, maker of TurboTax, and other tax prep software companies have paid off Congress to make sure they don't allow this to happen. It's been contemplated for years and years.
Yes I switched to deluxe some years ago. Premiere is really only for those with rental incomes (depreciation and such) and some business stuff. And you get better support.
Deluxe will be $25ish between now and Feb. Fidelity also gives you free premiere if you are $1million+ but probably a lot of people aren't there anymore
Does this version support crypto any idea? Im in market to buy kn but not sure which version to get. TY
Each year, Americans pay billions of dollars to Intuit, the corporate owner of TurboTax, to help them navigate the byzantine nightmare of filing a tax return. And each year, Intuit reinvests a small sliver of that revenue into political contributions and lobbying efforts to keep taxes pointlessly complicated.
Trust me, it's not this minor TurboTax lobby that is making taxes a nightmare to navigate. It's the American government. Both parties have their reasons for wanting loopholes and deductions and ultra complicated returns. I'll add this though: the Dems want 87000 more IRS agents breathing down our necks in 2023 so better be extra careful this year. Even an honest mistake will result in an audit.
Last edited by jl2672a November 27, 2022 at 01:32 AM.
At checkout, it shows the gift card being mailed (i.e., a physical GC), even if you download TurboTax.
But how did you get burned by a physical GC?
Thank you! Really appreciate your post. At the moment I'm located outside of the 50 states, so the GC will not ship. Has to be within US. Very odd, that they would spend money on mailing a physical GC, rather than just provide an electronic GC.
They know. If you get any tax documents from an employer or investment firm, those companies are legally required to send the IRS the government version of the form. The only exception is if you have non covered investments that are like 10 or 15+ years old. The law didn't grandfather prior investments to help companies out a bit.
It's not even true....if a client gives me a 1099 that they paid me $8k....how does the IRS know my expenses for that job? I'll wait
Will Deluxe allow a user to log into their brokerage account and download/import the 1099 info, like Premier can do? I have seen wildly different answers in the past.
No. You cannot. However you can manually key in this information on deluxe so if there aren't many entries pretty easy to do and save $$ not buying the Higher version.
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'll add this though: the Dems want 87000 more IRS agents breathing down our necks in 2023 so better be extra careful this year. Even an honest mistake will result in an audit.
It's not even true....if a client gives me a 1099 that they paid me $8k....how does the IRS know my expenses for that job? I'll wait
Yes it is true. They know you're income and they know how much tax you should pay for that income. Now if you itemize, that's when you deduct business expense, property tax, medical bills etc.
The point of this convo wasn't that the IRS knows exactly how much you owe, it's that the IRS knows how much income was reported to them. From that they can assume how much tax you should pay vs what you've already paid through payroll deductions or quarterly tax payments. If you itemize, that's basically telling the IRS, your income calculation is correct but the tax due is not because I have these deductions you're not aware about.
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Also - an FYI for those that used TaxAct, H&R Block or TaxSlayer online services in previous years: There is a good chance they secretly sent data about you to Meta\Facebook:
https://arstechnica.com/tech-poli...with-meta/
*In previous years there were some abilities you'd get with the physical disk that weren't included in the download copy. I haven't looked this year to see if that is still the case or not
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Deluxe will be $25ish between now and Feb. Fidelity also gives you free premiere if you are $1million+ but probably a lot of people aren't there anymore
But how did you get burned by a physical GC?
I guess I'll wait for another deal.
EG
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The point of this convo wasn't that the IRS knows exactly how much you owe, it's that the IRS knows how much income was reported to them. From that they can assume how much tax you should pay vs what you've already paid through payroll deductions or quarterly tax payments. If you itemize, that's basically telling the IRS, your income calculation is correct but the tax due is not because I have these deductions you're not aware about.