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Changes To TurboTax Lead To Consumer Revolt, Opportunity For Competitors
Consumerist web site ^ | 1/23/15 | Laura Northrup

Posted on 01/25/2015 8:35:30 AM PST by ken in texas

- begin excerpt -

What Intuit did for tax year 2014 is change which services come with each tier, shifting some of the forms to the more expensive versions. They made the same changes to the pricing tiers on their Web-based service for 2013, so the change is not entirely unexpected.

The first rumblings came as soon as the software was released last year, and some true early birds got a head start on their returns. They noticed that something was missing: some pretty common forms that had always been part of TurboTax Deluxe. These included:

Schedule C (self-employment expenses and income)
Schedule D (capital gains and losses––stock sales)
Schedule E (supplemental income like royalties or rental income)
Schedule F (farm income)

Those are forms that most people don’t file. For people who do file them, though, those forms are an essential part of their tax return. When TurboTax customers discovered that forms they expected to have as part of the TurboTax “interview” interface weren’t there, the 1099-MISC hit the fan.

- end excerpt -

(Excerpt) Read more at consumerist.com ...


TOPICS: Miscellaneous
KEYWORDS: taxes; taxsoftware; turbotax
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To: Mr Rogers; ken in texas; Retired Chemist

If your income is high, or you need complicated forms, you can file electronically for free with Free Fillable Forms:

https://www.freefilefillableforms.com

They’ve got everything you need. I typically file a 1040 with Schedules A, B, and D and the AMT form 6251. You just have to be able to read the IRS instruction booklets and put the right numbers in the right place.

I keep spreadsheets with the IRS line numbers on them, and just plug in my new numbers every year. You do have to check the IRS booklets for amounts though; things like the AMT allowance can change from year to year.


21 posted on 01/25/2015 10:10:49 AM PST by proxy_user
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To: Extremely Extreme Extremist

Why make it harder on yourself just to “punish” a government that probably is never even going to look at your books.


22 posted on 01/25/2015 10:15:11 AM PST by discostu (The albatross begins with its vengeance A terrible curse a thirst has begun)
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To: discostu

In 2010, I received an audit card in the mail indicating that I had not claimed $9.10 in interest in 2001. Made sure I got that paid. Nothing else came of it, or any other questions. Gave it to the accountant to add to tax info. Matter closed.


23 posted on 01/25/2015 10:29:15 AM PST by healy61
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To: ken in texas
For the past half dozen years I've gotten a schedule k-1 and had to file a schedule E. That was in Turbo Tax Basic until this year. I was about to buy it again until I saw the review and found that Basic wouldn't work. Deluxe wouldn't work either. I had to jump up to Premiere. So I jumped to H&R Block's software instead.

Between this and Intuit's Quicken 2014 idiocy where control-X, -C and -V stop working in the banking registers after a while but always work in the investment registers and how the program will sometimes intercept keystrokes when other programs have the focus I've just about given up on Intuit. Intuit had seven update versions of Quicken 2014 and still never got it right.

24 posted on 01/25/2015 10:34:48 AM PST by KarlInOhio (The IRS: either criminally irresponsible in backup procedures or criminally responsible of coverup.)
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To: ken in texas

I discovered the hard way I am in this exact situation due to royalty payments for mineral rights. The amount is almost negligible with the collapse of oil prices but it has to be declared on Schedule E and it hardly seems worth the upcharge. According to the article, Intuit will rebate the in-app fee, at least this for tax year, so thanks for posting this article!


25 posted on 01/25/2015 11:34:30 AM PST by Menehune56 ("Let them hate so long as they fear" (Oderint Dum Metuant), Lucius Accius (170 BC - 86 BC))
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To: coloradan

I did my taxes last evening. Both the state and Fed online forms can be filled in. You then save the form to your computer and print them. The state also looks up the taxes owed or not owed. In my case I gotta pay $32 dollars....

With the Fed one I had to look the amount of tax up in the instructions. I am getting quite a bit back this year. If I had to have obamacare and did not pay they would have taken that refund even though my deductible is estimated at $10,500 before I get my “free” healthcare.


26 posted on 01/25/2015 11:35:19 AM PST by minnesota_bound
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To: KarlInOhio

Have you formed an opinion yet on the H&R Block software? I’m in somewhat the same situation... due to a one-time situation I will need Premier this year.


27 posted on 01/25/2015 11:43:20 AM PST by ken in texas
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To: coloradan

Well if the Rats have their way, you’ll get your wish:

How much did you make last year _______________.

Send it in.


28 posted on 01/25/2015 11:45:29 AM PST by dfwgator
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To: proxy_user

A careful person can do their own taxes. But there are some traps that can screw up someone who doesn’t pay attention to detail. I help military do their tax returns, and the rules vary from state to state on what military pay is taxed when, and what happens if the spouse is from a different state. Education credits can also screw people up, as can child tax credits and EITC. I’ve seen people who have prepared their taxes on good software, but who were off by over $1000 dollars - in each direction!

File a state tax return claiming a $1500 refund when you can only legally get $200 back is a good way to get in a heap of trouble...and that was on a return that could be done on a 1040 EZ! And yes, it was an error, not fraud.

There are also military guys claiming to be from Florida for tax purposes, yet who own property, vote and have driver licenses in other states - another good way to get in trouble.


29 posted on 01/25/2015 12:34:02 PM PST by Mr Rogers (Can you remember what America was like in 2004?)
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To: ken in texas
Have you formed an opinion yet on the H&R Block software?

I played around with it a little, but since I don't get the K-1 until the end of March I can't do much do I haven't dug deep. From what I have seen it isn't as user friendly as TurboTax was, but for a $60 savings I'll put up with it. I should just reenter last year's tax info to see what it is like.

Overall my tax situation is pretty simple and I would do my taxes by hand except that I get that *#$(#($ K-1 from work instead of a W-2. I tried to figure out the instructions the first year about which line on the K-1 matches up with my tax forms, but then ran off to get some tax software.

30 posted on 01/25/2015 12:55:25 PM PST by KarlInOhio (The IRS: either criminally irresponsible in backup procedures or criminally responsible of coverup.)
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To: Mr Rogers

I am more at the other end of the spectrum. I know things like how to amortize bond premiums, calculate AMT, and calculate the tax when the income is mostly qualified dividends.


31 posted on 01/25/2015 12:56:58 PM PST by proxy_user
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To: ken in texas

I used Turbo Tax Home & Business last year for the first time. It cost me about $100, as I recall.

This year it’s about $10 more, but I keep getting emails offering me a $15 discount.

At least 95% of the software is the same from year to year, and yet they want nearly the full price every year.

And it’s really annoying that they charge extra for state taxes. Not for preparing the forms, but for on-line filing. That’s a rip off.

It worked OK for the Federal tax, but I had a lot of trouble with the state return, it kept telling me I had an error, which I didn’t, and I had to fight with it. I eventually figured out how to fool it and filed the old fashioned way, with paper in the mail.

That was my first time filing as a sole proprietor small business, so I don’t regret using TT, but I don’t think I will pay them again.


32 posted on 01/25/2015 1:12:15 PM PST by Fresh Wind (The last remnants of the Old Republic have been swept away)
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To: Fresh Wind
re: I used Turbo Tax Home & Business last year for the first time. It cost me about $100, as I recall.

I received an email this morning from Amazon showing Home & Business retailing for $99.99 but with a price of $62.99.

33 posted on 01/25/2015 1:29:46 PM PST by ken in texas
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