Income Tax Time*****

Fidelity offers TurboTax Premium free to their customers. It includes e-filing of Federal and State returns and all of the Fidelity tax forms are automatically downloaded. I had no trouble logging in, but I did need to enter a verification code that they provided by phone.

Our taxes were filed over a month ago, it took me about 90 minutes and the modest Federal refund hit our bank in a week. I would have been done in half the time, but I had to wait for the Mrs to access her non-Fidelity dividend and HSA contribution forms.
 
I'm sorry to see others are having problems with TurboTax this year. I thought I downloaded it, but had nothing but problems for two days. I finally went to their site and downloaded it again. Apparently it did not download correctly the first time. Finally got everything to work, but I had more than a few choices words for TT for two days.

Before I got it to work, I also was going to have a tax accountant do my taxes. Every one I called was not taking new clients! I was sweating there for a while.
 
No problem using TT this year as I have being using for the past 10 years. However when I printed off copies to file I noticed that the Fed took 4 pages but the state was 14 pages. Good grief how does the state make things so complicated.
 
I've been using Turbo Tax for years and never had a problem with it. I just use the online version. I thought they quit with the separate software years ago. Huh.

I could do it manually but it would be a lot more work.
 
I have read through al of the posts, and if you can accurately prepare your own tax return-go for it! With all of the turmoil and mayhem in D C these days, IF you have a tax return problem you may be facing some tough challenges.

Tax preparers are important if you don't know the applicable tax law for a situation, know how to perform tax research, or understand the tax laws that are applicable to your situation.

I am still working on my tax clients who don't understand what an "RMD" is. They are eligible for a "QCD" to reduce their income taxes but are still itemizing their deductions just as they always have.

Can you read every block of a 1099 R and understand how it affects your tax return? Do you have a "Cost Basis" in that taxable distribution? Can you determine if the Trustee made a mistake in the "Distribution Code"? What do you do if the Trustee refuses to issue a "Corrected" 1099 R?

The TCJA expires this year on December 31st. Will you be prepared in 2026?

True story-the taxpayer wanted a check from the Trustee for a QCD. The form was completed incorrectly (that's another issue). The funds were returned to the Trustee. This is a qualified rollover. The Trustee issued the 1099 R with a Code 7 in the "Distribution Box" [Normal distribution=fully taxable] We notified the Trustee who refused to issue a "Corrected" 1099 R (Distribution Code G = Rollover, $0.00 taxable). The taxpayer initially owed $4,520.00 in additional income taxes using the original 1099 R. I did my research and correctly modified the tax return. She will now receive a $4,396.00 tax refund. The net change is the sum - $8,916.00.

As Clint Eastwood has said - that really made my day!

By all means, complete your own tax return. BUT, if you need assistance, contact a friendly tax preparer!

Cheers!
 
Two experiences for me:

Over twenty years ago I over reported income and over paid on the taxes I submitted, needless to say the IRS only recognized the over reporting and they wanted 17k immediately. Independent professional help ever since.

Tick season and tax season dovetail perfectly where I live, Hmmm.......?
 
I started using tax software in 1999 when I started my business. Initially I used TaxAct for a few years but didn't like them. I've been using TurboTax for at least 15 years now and love it.

I always got the CD, just because. This year I did the download. Easy peasy, no problem. What I like about it is that every year it knows who you are and populated half of the stuff from last year's data, which is already on your computer. If I buy a new computer it's an easy transfer.

People have told me to hire a guy. I looked into it and it would probably cost me about 100 bucks more. Plus, using a guy would be too frustrating. Now I set up the program and add stuff as the bank forms arrive. If I had to put all that stuff together and carry it to the guy it would for me be a pita.
 
I have used TT for several years, once I found out an accountant that I had been paying was using it as well. I access TT through USAA and get a (small IMHO) discount.

Had to pay Fed again, which always seems to coincide with a Dem in the WH for the particular tax year in play.

However, my state has been okay and given me a refund in recent years. But we've also had a Republican governor in office since 2003.
 
Many eons ago I was a tank commander. Every year I would note how much I paid in taxes. First tank range after tax day, when we pulled up to the ammo pad I had a goal.

Back then, the Army paid about a buck a shot for caliber .50 ammo. Each can contained a belt of 100 rounds. So if the tax bill was 1200 bucks, I put 12 ammo cans on the fender.

I figured, I paid for 'em and I was going to be the one shooting 'em! It was a paltry compensation, but it helped.
 

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I have no problem with income tax. I have no money invested, no income outside SS. So My SS is not enough that makes the amount that requires filing a return. So I don't.
 
I have almost always done my own taxes and still do. The auto upload of forms etc. has streamlined the process. Used Tax Act then went to TT when they raised their prices.

I think the average person can do their taxes especially now with the ability to look up definitions forms designations etc. It was much more tedious when you had to go to the library get all the forms fill them out then attach all the docs and mail them.

The 2 years I had a CPA do them was due to multi state income one year and a complex real estate transaction the next year. I just wanted the CPA designation on the preparer line assuming that might lend credibility to the return.

I hope everyone realizes and heads up if you don't, you are responsible for the accuracy of the return to the best of your knowledge not the preparer.
 
llowry61 said:
I have almost always done my own taxes and still do. The auto upload of forms etc. has streamlined the process. Used Tax Act then went to TT when they raised their prices.

I think the average person can do their taxes especially now with the ability to look up definitions forms designations etc. It was much more tedious when you had to go to the library get all the forms fill them out then attach all the docs and mail them.

The 2 years I had a CPA do them was due to multi state income one year and a complex real estate transaction the next year. I just wanted the CPA designation on the preparer line assuming that might lend credibility to the return.

I hope everyone realizes and heads up if you don't, you are responsible for the accuracy of the return to the best of your knowledge not the preparer.
Click to expand...

True but a good preparer will accompany you to the goverment tax office and work with the agent. They all speak the same lingo, it does help straighten things out.

I have had some complicated returns and having a bit of help was beneficial to me. She is quite good and the most I have to pay or get back is usually under a $100. I also do not like giving the goverment a interest free use of my money!
 
Had many issues with TurboTax myself this year.
Kept looping on me.
Would not accept some info.
It finally worked correctly but thats 2 hours of my life I wont get back.
I am done with them myself. :(
 
I've been using Turbo Tax for years also. This year's version, the one you have to download, gave me fits too. Printing a copy of my forms ended up being a nightmare and I wasted a lot of time and paper getting them right. I will have to say that this year's version was the first time I've had a problem with them. I hope they iron out the glitches or I will find a different one next year. BTW, they do have excellent customer service IF you find the right representative.
 
Marine Corps Air said:
By all means, complete your own tax return. BUT, if you need assistance, contact a friendly tax preparer!

Cheers!
Click to expand...

I had been doing my own income taxes for something like 50 years. The promised simplification of income taxes never happened and I found I was spending a week preparing and then triple checking my tax returns, all to the tune of a lot of stress. It seemed to become a case of by the time I realized I needed an accountant it was too late to get one.

But ahead of the 2022 tax year, a tax accounting firm opened up a satellite office in my town. I went to that office and had a long talk with the one of the preparers and I felt like he understood what I wanted done with my taxes. So I engaged that office for 2022. What a blessing! The preparer found enough proper credits that I knew nothing about to pay for the preparation fee. And all with no stress.

Alas though, all was not roses. The preparer who did my taxes determined that the drive from the main office to my town was a little too much to bear, and the satellite office was closed. However, I was able to find a long practicing Enrolled Agent in the next town and have engaged him ever since. Just for the sake of my health his fee is worth every penny.
 
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