Sched D removed from TT 2014 Deluxe

[explanade]

Quote:

Originally Posted by Texas Proud Once that happens I will go back to Block... I only use TT now because of getting it free (well, this year $10).... but use it for three tax returns... the cloud version only give you one efile...

But can't you just make additional accounts for the other filers?

[grasshopper]

Bogleheads are getting the Flagship $9.99 TT Premier, and than upgrading to H&B for $10, total cost H&B $19.99 + tax.

[Bestwifeever]

Quote:

Originally Posted by easysurfer With all the b*tching going on this year, I wonder if next year, Vanguard, Fido, Intuit will just decide to give Premier free next year. I can see the complaints using up the reps' valuable time crediting accounts. Or maybe they have nothing better to do anyhow

Sort of funny that the most important part of TT relative to these firms might actually be the ease of automatically populating schedule D, so I would hope this is a strong possibility. Maybe we should all call our reps and ask a lot of questions about filling out schedule d.

[Jerry1]

As a CPA (non-practicing and working in industry for decades), I look at any of these alternatives as an absolute bargain. Sure, as a frugal shopper, I want to get the best deal possible, but I've been using TT for decades and have no intention of changing for the sake of a few dollars. Yes, it's irritating that they do this and I agree that if they would allow e-file on the Deluxe version, that would be good, but I'm not interested in learning a different product or dealing with the transfer issue that are bound to be there.

Back to the bargain - When I think of the value these programs hold and think back to when I was preparing taxes, they are not even a single billed hour of a professional. What a deal for all that knowledge and ability to run scenarios and to be very confident that you're keeping up with tax law. I just wish companies would be forthcoming with this type of change and explain themselves instead of doing it on the sly.

Since I'm not too concerned about whether I mail or e-file, I'll probably just use the Deluxe version and mail. I print out a copy anyway so one more and a few stamps is no big deal. Did it that way for clients (as jr accountant) and did it that way for myself for many years but it was nice to click and file.

[easysurfer]

Quote:

Originally Posted by Jerry1 .... Back to the bargain - When I think of the value these programs hold and think back to when I was preparing taxes, they are not even a single billed hour of a professional. What a deal for all that knowledge and ability to run scenarios and to be very confident that you're keeping up with tax law. I just wish companies would be forthcoming with this type of change and explain themselves instead of doing it on the sly.

I really can't complain even if I paid full price for TT as compared to the old way. Ah, the memories of going to the library or post office in hopes they had the forms I needed so I can photocopy. Or having to flip through the various tax reference books (like Ernest & Young) to help interpret how to fill out a form.

The changes are irritating. As I wonder how many folks will not look and just pick up the same version as the previous year and only discover the changes come Schedule D or efile time.

Ah, the memories of sending in those Intuit's rebates

[Texas Proud]

Quote:

Originally Posted by explanade But can't you just make additional accounts for the other filers?

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...

[BrianB]

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?

[MichaelB]

Quote:

Originally Posted by MissMolly We get our Turbo Tax from here. Much better deals. Download to desktop. KingDeals4u

Does this price include state efile? The website is evasive on that, which usually means it doesn't.

Caveat emptor

[imoldernu]

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.

Virtue is its own reward.

umm... am I supposed to declare the gold that's buried in a coffee can in the back yard?

[Lsbcal]

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?

[MissMolly]

Quote:

Originally Posted by MichaelB Does this price include state efile? The website is evasive on that, which usually means it doesn't. Caveat emptor

Yes, it includes one state.

[MissMolly]

Quote:

Originally Posted by Lsbcal 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?

I have never taken a home office deduction since it's not used exclusively for my consulting business.

[aja8888]

Quote:

Originally Posted by Lsbcal 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?

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).

[RE2Boys]

Quote:

Originally Posted by Lsbcal 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?

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.

[Lsbcal]

Quote:

Originally Posted by RE2Boys 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.

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.

[pb4uski]

Quote:

Originally Posted by Jerry1 As a CPA (non-practicing and working in industry for decades), I look at any of these alternatives as an absolute bargain.....

+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).

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.

[Spanky]

Thanks to this thread that I was able to download TT Premier for $10.71 (Tax included) as a flagship member.

[ejman]

Quote:

Originally Posted by pb4uski +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). 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.

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.

[BarbWire]

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.

[meierlde]

Quote:

Originally Posted by BarbWire 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.

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.