Free TurboTax Premier from Fidelity

[Cobra9777]

Has anyone seen this offer for 2018? Seems like it's usually around this time that the link appears on the Fidelity home page after logging in. But I'm not seeing it yet. Maybe I'm a few days too early? Or looking in the wrong spot?

I was hoping to start finalizing some tax stuff for 2018. I've got everything estimated in a spreadsheet. But with all the changes this year, I'd like to validate with TurboTax before I get too far down the path of tax loss harvesting and Roth conversions. I've already made my HSA contribution.

Just wondering if anyone has seen or heard anything about this offer for 2018?

 

[audreyh1]

Oops - I thought you were letting us know it was available already!

I don't remember when in Dec, but it's usually late in the month.

 

[COcheesehead]

I remember it happening around the holidays, so it should be soon.

 

[audreyh1]

According to this thread, folks (including me) started downloading it from Fidelity on 12/19 of last year. http://www.early-retirement.org/forums/f28/turbotax-2017-amazon-available-nov-15-a-89327.html

 

[Clone]

Not a free copy, but I have loaded the 2018 version of Premier Home & Business. There are many pieces that are not yet functional. I was able to use it to get what I needed (this years depreciation schedule). I had to manually adjust one obvious error in order to get what I believe to be a representative swag at what my taxes will look like.

 

[Cobra9777]

According to this thread, folks (including me) started downloading it from Fidelity on 12/19 of last year. http://www.early-retirement.org/forums/f28/turbotax-2017-amazon-available-nov-15-a-89327.html

Ahhh, that's helpful, thanks. Looks like I posted in that thread on the 20th. I'll just wait.

Not sure how useful it will be at this point anyway, for the reasons Clone mentioned. I've read similar reports elsewhere, like on the early Amazon reviews... whole sections missing or incomplete.

 

[Dtail]

Funny you ask, coz just had a meeting with Fidelity and the rep said the deal was $20 or 20% off (don't remember which). He said it wasn't for free.
I have Private Client status.

 

[pb4uski]

Ahhh, that's helpful, thanks. Looks like I posted in that thread on the 20th. I'll just wait.

Not sure how useful it will be at this point anyway, for the reasons Clone mentioned. I've read similar reports elsewhere, like on the early Amazon reviews... whole sections missing or incomplete.

I think your best bet may be to use the What-If worksheet in TT 2017 and tick the box to use 2018 tax rates.... it is exactly the same result as my Excel workbook using 2018 tax rates.

 

[Cobra9777]

I think your best bet may be to use the What-If worksheet in TT 2017 and tick the box to use 2018 tax rates.... it is exactly the same result as my Excel workbook using 2018 tax rates.

Perhaps so, although as you say, that's essentially what my spreadsheet is... 2017 rules with 2018 rates. I just don't recall the new TT being so incomplete at this point... which makes me question the usefulness of TT2017 what-if with new rates. IOW, if it was that easy, why is the new software still so incomplete?

 

[pb4uski]

I dunno but my return is pretty easy and I have a high degree of confidence in the overall result. Perhaps the delays have to do with itemizing deductions.... but I use the standard deduction for the first time in a long time in 2018.

 

[braumeister]

In all fairness, I think there have been more (and more substantial) changes to the tax code this year than usual. And the process of writing the law, then writing regulations to implement the law, then translating those regulations into actual software (and paper forms) that will apply the changes is, in my mind, a rather formidable task. Considering the big cuts to their budget the IRS has been taking in recent years, I think we have to cut them a little slack on the schedule. I'm sure TurboTax is racing madly to get their package out, but I've usually seen a steady stream of updates to it all the way through tax season and beyond. I'm not a bit worried, and I certainly don't expect to see anything from Fidelity this early. Before the holidays, most likely, but not yet.

 

[MichaelB]

In all fairness, I think there have been more (and more substantial) changes to the tax code this year than usual. And the process of writing the law, then writing regulations to implement the law, then translating those regulations into actual software (and paper forms) that will apply the changes is, in my mind, a rather formidable task. Considering the big cuts to their budget the IRS has been taking in recent years, I think we have to cut them a little slack on the schedule. I'm sure TurboTax is racing madly to get their package out, but I've usually seen a steady stream of updates to it all the way through tax season and beyond. I'm not a bit worried, and I certainly don't expect to see anything from Fidelity this early. Before the holidays, most likely, but not yet.

+1. Add to that, there was a bit iof a tussle between IRS and OMB over which dept. should lead the effort to write the new regs. Treasury prevailed (I think) but specific guidance is still being written and released.

 

[COcheesehead]

Funny you ask, coz just had a meeting with Fidelity and the rep said the deal was $20 or 20% off (don't remember which). He said it wasn't for free.
I have Private Client status.

Here we go again with trying to figure out client status at Fido. I got a full ride last year, free federal and state. I "think" I am only a private client, but who knows anymore.

 

[cathy63]

Perhaps so, although as you say, that's essentially what my spreadsheet is... 2017 rules with 2018 rates. I just don't recall the new TT being so incomplete at this point... which makes me question the usefulness of TT2017 what-if with new rates. IOW, if it was that easy, why is the new software still so incomplete?

Because the IRS is running late on releasing draft forms and there are 6 new schedules for the 1040 alone. Lots of numbers have to move from the 1040 to the new schedules, so there's lots of programming to be done. Schedules A & F draft instructions also just came out yesterday.

All this moving around of the data on the most frequently used forms, and especially the delay on Sch A is what creates the inability to complete enough of TTax for so many users. If the IRS was just late with form 965, nobody would be complaining because hardly anyone files that one.

The 2017 What-If worksheet works fine if you have pretty simple taxes and don't need to account for any inter-form logic. When you add Roth conversion income on the what-if worksheet, it doesn't know to adjust carry-over losses and credits that phase out at various income levels, so as long as you don't have those things, it should work fine for you. If you have a situation like mine, where adding Roth income causes your Sched E numbers to change, then the worksheet is a lot less useful.

 

[Cobra9777]

Because the IRS is running late on releasing draft forms and there are 6 new schedules for the 1040 alone. Lots of numbers have to move from the 1040 to the new schedules, so there's lots of programming to be done. Schedules A & F draft instructions also just came out yesterday.

All this moving around of the data on the most frequently used forms, and especially the delay on Sch A is what creates the inability to complete enough of TTax for so many users. If the IRS was just late with form 965, nobody would be complaining because hardly anyone files that one.

The 2017 What-If worksheet works fine if you have pretty simple taxes and don't need to account for any inter-form logic. When you add Roth conversion income on the what-if worksheet, it doesn't know to adjust carry-over losses and credits that phase out at various income levels, so as long as you don't have those things, it should work fine for you. If you have a situation like mine, where adding Roth income causes your Sched E numbers to change, then the worksheet is a lot less useful.

Thanks cathy, that's very helpful. I do have Sch E for rental real estate, including a loss carry-forward from last year. But I've never noticed Roth conversion income affecting numbers on Sch E, at least not in the past. So not sure if I'm safe relying on the 2017 what-if, or not. Either way, I guess that's the best I can do at this point beyond my own spreadsheet.

I'm not being critical of anyone (IRS, TT). I understand the circumstances. But at the same time, folks like me out in the hinterland need some sort of authoritative tool in order to take certain actions before year-end. It's still early, but...

 

[stepford]

Funny you ask, coz just had a meeting with Fidelity and the rep said the deal was $20 or 20% off (don't remember which). He said it wasn't for free.
I have Private Client status.

I recall my utterly useless Fido Private Client rep telling me the same thing last year. At which point I looked on the web site and found the free Premier deal for myself.

 

[Dtail]

I recall my utterly useless Fido Private Client rep telling me the same thing last year. At which point I looked on the web site and found the free Premier deal for myself.

Thanks good to know.

 

[zinger1457]

Can always use the TurboTax online version to check your numbers, only have to pay when you file.

 

[cathy63]

Thanks cathy, that's very helpful. I do have Sch E for rental real estate, including a loss carry-forward from last year. But I've never noticed Roth conversion income affecting numbers on Sch E, at least not in the past. So not sure if I'm safe relying on the 2017 what-if, or not. Either way, I guess that's the best I can do at this point beyond my own spreadsheet.

Regarding Sch E, it's line 22 that comes from form 8582 - Passive Activity Loss Limitations. Losses are limited to the rental activity's net income plus half the difference between 150K and your MAGI*. So if your MAGI is below $150K and your carryover loss is greater than your activity net income, each additional $100 of Roth conversion reduces your allowed loss by $50 and increases your taxable income by $150. It took me quite a while to figure this out last year.

Sometimes taxes are like a web. Tug a little here, and something over there moves.

* I'm not sure if this is the same MAGI as is used for ACA tax credits, form 8582 might define it differently.

 

[GravitySucks]

Funny you ask, coz just had a meeting with Fidelity and the rep said the deal was $20 or 20% off (don't remember which). He said it wasn't for free.
I have Private Client status.

Well I just might be moving to Vangaurd or Chuck

 

[nwsteve]

FWIW, our Private Client rep (there has been 4 in 20 yrs) has always been happy to credit our account for whatever I buy that year's TT. I scan the receipt and email and $ show up in our account

 

[Bamaman]

Shoot! I just got through sending my taxes in on 10/14/2018 for 2017.

Hard to think about turning around and doing taxes again so fast.

 

[FrankiesGirl]

My understanding is the free TT is only to Fido clients with over 1 million AUM. In my case, it showed up on the landing page one day on login around the end of the month. You'll see the discounted version offer or the free offer as a section on there at some point.

 

[Montecfo]

I think your best bet may be to use the What-If worksheet in TT 2017 and tick the box to use 2018 tax rates.... it is exactly the same result as my Excel workbook using 2018 tax rates.

Same for me. Nice to have the spreadsheet validated.

 

[Dtail]

My understanding is the free TT is only to Fido clients with over 1 million AUM. In my case, it showed up on the landing page one day on login around the end of the month. You'll see the discounted version offer or the free offer as a section on there at some point.

We have over 1mm and Private Client status. Hope I see it, otherwise will search further on the site or rake the rep over it.