Sched D removed from TT 2014 Deluxe

explanade said:
But can't you just make additional accounts for the other filers?
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I think that I read you had to pay for additional efilings.... so when I file for mom and one sister.... it would cost additional money...
 
I just received notification that my Quicken 2012 will "expire" in April 2015.
Kingsoft has the package: "2014 TurboTax Premier & 2015 Quicken Premier DEAL" for $64.99
Is this the best deal around? Does the price of TT usually go up or down as tax season approaches?
 
Tax Act since 1998.
Being poor helps here. Takes about 20 minutes to complete, as almost everything is the same for us every year.
Works well... No federal or state taxes since. :dance:

Virtue is its own reward.

umm... am I supposed to declare the gold that's buried in a coffee can in the back yard?
 
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I actually exchanged a few emails with the Intuit VP who was commenting on Amazon. DW has a very small art business which forces us to do a Schedule C. If we had to purchase TT Home & Business the cost would go from about $30 (with state efile) to about $120. The Intuit guy saw the problem and could offer us a workaround if we asked him for it.

But we are going to use TT Deluxe with the Schedule C and not claim the home office. The home office complicates the returns and I think DW has enough deductions to practically zero out the art income anyway. Anyone see a problem with just dropping the home office deduction? I wonder if it can be taken up again in some future years?
 
Lsbcal said:
I actually exchanged a few emails with the Intuit VP who was commenting on Amazon. DW has a very small art business which forces us to do a Schedule C. If we had to purchase TT Home & Business the cost would go from about $30 (with state efile) to about $120. The Intuit guy saw the problem and could offer us a workaround if we asked him for it.

But we are going to use TT Deluxe with the Schedule C and not claim the home office. The home office complicates the returns and I think DW has enough deductions to practically zero out the art income anyway. Anyone see a problem with just dropping the home office deduction? I wonder if it can be taken up again in some future years?
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I have never taken a home office deduction since it's not used exclusively for my consulting business.
 
Lsbcal said:
I actually exchanged a few emails with the Intuit VP who was commenting on Amazon. DW has a very small art business which forces us to do a Schedule C. If we had to purchase TT Home & Business the cost would go from about $30 (with state efile) to about $120. The Intuit guy saw the problem and could offer us a workaround if we asked him for it.

But we are going to use TT Deluxe with the Schedule C and not claim the home office. The home office complicates the returns and I think DW has enough deductions to practically zero out the art income anyway. Anyone see a problem with just dropping the home office deduction? I wonder if it can be taken up again in some future years?
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Taking a home office deduction puts you in the camp of having to declare it when selling the home someday and adjusting the cost basis of the house based on the depreciation you took for that part of the home office deduction. Complicates things paying the recapture gains on the home sale. (Usually not worth the hassle).
 
Lsbcal said:
But we are going to use TT Deluxe with the Schedule C and not claim the home office. The home office complicates the returns and I think DW has enough deductions to practically zero out the art income anyway. Anyone see a problem with just dropping the home office deduction? I wonder if it can be taken up again in some future years?
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Yes, the home office deduction can be started again in future years. As an example, some years you may have not met the exclusive use requirement to take the deduction.

Starting in 2013, the IRS came up with a simplified method for figuring the home office deduction that does not have the ramifications of recapture of depreciation when you sell the home. Essentially, the simplified method allows a deduction of $5 times the number of square feet used EXCLUSIVELY AND REGULARLY for business purposes. It does not allow for the carryover of any unused home office deduction and all mortgage and RE taxes are entered on Schedule A.

Just remember to keep track of any depreciation allowable in previous years as that will effect the taxable portion of any gains when you sell the house. It doesn't matter if you took the depreciation or not. It was allowable and the IRS deems you took it when you filed for the home office deduction using the actual cost method.

See IRS Pub 587, page 11 for details.
 
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RE2Boys said:
Yes, the home office deduction can be started again in future years. As an example, some years you may have not met the exclusive use requirement to take the deduction.

Starting in 2013, the IRS came up with a simplified method for figuring the home office deduction that does not have the ramifications of recapture of depreciation when you sell the home. Essentially, the simplified method allows a deduction of $5 times the number of square feet used EXCLUSIVELY AND REGULARLY for business purposes. It does not allow for the carryover of any unused home office deduction and all mortgage and RE taxes are entered on Schedule A.

Just remember to keep track of any depreciation allowable in previous years as that will effect the taxable portion of any gains when you sell the house. It doesn't matter if you took the depreciation or not. It was allowable and the IRS deems you took it when you filed for the home office deduction using the actual cost method.

See IRS Pub 587, page 11 for details.
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Thanks for mentioning this RE2Boys.

I took a peak at page 11 (Pub 587) and it looks somewhat easy. I'll file this away for future use as this year we won't need it. If DW starts to achieve Picasso like status with her paintings, I'll consider this approach.
 
Jerry1 said:
As a CPA (non-practicing and working in industry for decades), I look at any of these alternatives as an absolute bargain.....
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+1 I'll admit a few times over the period of this thread being amused at both myself and other regulars who "have enough" to retire early getting their knickers in a twist over having to pay $30 for an upgrade from Deluxe to Premier to be able to do Schedule D (or $10 extra for Vanguard Flagship). :facepalm:

BTW, in the course of seeking to confirm the $30 cost difference it appears that anyone can now buy Premier for $9.99 and I even went through to checkout and that prices seems to stick (it doesn't revert to the regular price when you go to checkout like it did last weekend).

Now I'm PO'd that as a Flagship member that I'm not getting any better deal than Joe Schmoe. :D
 
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Thanks to this thread that I was able to download TT Premier for $10.71 (Tax included) as a flagship member.
 
pb4uski said:
+1 I'll admit a few times over the period of this thread being amused at both myself and other regulars who "have enough" to retire early getting their knickers in a twist over having to pay $30 for an upgrade from Deluxe to Premier to be able to do Schedule D (or $10 extra for Vanguard Flagship). :facepalm:

BTW, in the course of seeking to confirm the $30 cost difference it appears that anyone can now buy Premier for $9.99 and I even went through to checkout and that prices seems to stick (it doesn't revert to the regular price when you go to checkout like it did last weekend).

Now I'm PO'd that as a Flagship member that I'm not getting any better deal than Joe Schmoe. :D
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Since my wife's hobby farm (schedule F) unfortunately is profitable I do have to report those mystery $ showing up in our checking account , so I would have no choice but to get the Home & Business version which is about $80 which really upsets my sense of fairness since last years Deluxe version was perfectly fine. So Tax Act it is going to be after 15+ years of TT.
 
Great. I file a schedule D, and a schedule K-1 (partner's share from an S-corp). I've always been able to do that (as well as a C) with Deluxe...

Can someone tell me if Premier supports the schedule K-1? The Intuit website says I need to get Business ($149) for an S-Corp.

(I also do the S-Corp tax return, but I've always done that by hand -- dead simple).

Thanks.
 
BarbWire said:
Great. I file a schedule D, and a schedule K-1 (partner's share from an S-corp). I've always been able to do that (as well as a C) with Deluxe...

Can someone tell me if Premier supports the schedule K-1? The Intuit website says I need to get Business ($149) for an S-Corp.

(I also do the S-Corp tax return, but I've always done that by hand -- dead simple).

Thanks.
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Turbotax deluxe shows the K-1 that I use for the family partnership. Business is for if you have to prepare the return for the S-corp or a partnership which I do.
 
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Thanks. Since I prepare the return for the S-Corp by hand, it sounds like I have dodged the TT-Business bullet, and can get by with Premiere for the Schedule D....
 
Free now!

Got TT Premier download for free today (Flagship customer). Must be a new development in reaction to complaints.
Note on site says "this year only"; we'll deal with next year next year.
Happy New Year!
 
BOBOT said:
Got TT Premier download for free today (Flagship customer). Must be a new development in reaction to complaints.
Note on site says "this year only"; we'll deal with next year next year.
Happy New Year!
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Note if you purchased the Deluxe version tt is offering a 1 time upgrade to premier for free. I did generate a schedule D but it says it can not be filed, with Deluxe.
 
BOBOT said:
Got TT Premier download for free today (Flagship customer). Must be a new development in reaction to complaints.
Note on site says "this year only"; we'll deal with next year next year.
Happy New Year!
Click to expand...

meierlde said:
Note if you purchased the Deluxe version tt is offering a 1 time upgrade to premier for free. I did generate a schedule D but it says it can not be filed, with Deluxe.
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Wonder if the people who paid $10 will get it back...


I just 'bought' it for free before they change it.... but I bet it is set for this year....
 
Wow, this whole thing is turning into quite a drama!

I decided to wait until this year before I figured out how to get my copy.

I hope I can get that download from Fidelity for free.
 
Dang it, that's $8 less than I paid, and Amazon changed their price-change rebate program down to 7 days! :|
 
TT made a bad marketing move, customers (like me) are moving to other vendors. I don't need Sched D but their actions made me re-evaluate whether or not they are a good value. I have been their customer from their first edition but will be using Tax Act this year.

An acquaintance of mine works for H&R Block during the tax season (retired CPA). She told me that they have invested big time in software for ACA rebates.
 
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