Tax Prep DIY

I've used TaxAct for 5+ years. Always seems thorough for us. Carries forward info from prior year so input is less on ours. Also, stock losses are automatically filled in from prior years.

I also have used for state returns...Easy there too.

Likely all do this, just my experience.
 
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Lstansbury said:
I did start a rental this year and I have a K1 to deal with from enterprise partners. But I really want to do this myself because I know how valuable it is for understanding my finances now and especially as I FIRE. I did take the Jackson Hewitt tax prep course one fall and worked for them for a season. But this K1 us the most complicated darn thing I've ever seen. It scares me so much I actually thought about selling my shares just so I didn't have to deal with the tax paperwork. But then, a sale triggers tax issues too! So it seems best that I learn this stuff once and for all
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The K1 in TurboTax is super easy. You just copy the info from the numbered boxes on the form into the same numbered boxes in Turbotax.
 
I use TT Premier. I split the cost with the ole man he mails his in, I take the free e-file for getting the software loaded on his PC. Turns out to be cheaper for us sharing. Its a sharing economy now right?

K-1 is not an issue. The only issue I have run into with all tax software (besides manually double-checking the final forms for issue) is when their are percentages at play, ie you lived in one state part of the year and another the rest, or, I've even lived in 3 states in one year. You need to make sure your final numbers add up to 100% between the states otherwise turbotax craps out with errors that when you read them its not obvious.

My taxes were over 100+ pages before and TT chugged through them easy peasy.
 
Just_Steve said:
I need to do 4 fed and 4 state are any cheaper with this amount of returns?
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At least with H&R Block (aka TaxCut), I don't think there's any limit on paper-filed returns although you need to ensure that you buy at least the 'Deluxe + State" version if you need to do a state return. If you want to efile, I think it limits you to 5 federal returns. They charge $20 each for efiling state returns. I generally efile my Federal and paper-file my state as I don't generally get a state refund. My partner insists on paying the $20 to get his state refund a little sooner.
 
I am trying FreeTaxUsa. $12.95 for state return Fed is free.

So far I am liking it, actually seems a little easier than TaxAct.

TaxAct raised their price to $40 plus another $10 to efile state.
 
burch64 said:
I am trying FreeTaxUsa. $12.95 for state return Fed is free.

So far I am liking it, actually seems a little easier than TaxAct.

TaxAct raised their price to $40 plus another $10 to efile state.
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Thanks for the tip. Just tried it myself. I've always used TurboTax in the past, but have been experimenting this year. So far I like FreeTaxUSA the best, Taxact second, and TurboTax third. (Based on usability, not price).

Will see if I still feel that way after dealing with my 1099-Bs. That was the killer last year. Only TurboTax handled a messy 1099-B correctly.
 
Ian S said:
At least with H&R Block (aka TaxCut), I don't think there's any limit on paper-filed returns although you need to ensure that you buy at least the 'Deluxe + State" version if you need to do a state return. If you want to efile, I think it limits you to 5 federal returns. They charge $20 each for efiling state returns. I generally efile my Federal and paper-file my state as I don't generally get a state refund. My partner insists on paying the $20 to get his state refund a little sooner.
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Thanks I'll look into that.
 
burch64 said:
I am trying FreeTaxUsa. $12.95 for state return Fed is free.

So far I am liking it, actually seems a little easier than TaxAct.

TaxAct raised their price to $40 plus another $10 to efile state.
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Thanks for this post. I actually only paid about $28 for TA for fed/state as I pre-ordered, but have been considering FreeTaxUSA. Only thing that has held me back is I can't find enough reviews from users. I for one would very much appreciate your posting an update review of FTU after you've completed filing. Perhaps I will try FTU next year.
 
Ian S said:
Link says that deal has expired. :(
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It's not, check the last posts. Sometimes stuff gets moved to Deal Talk when it's still active.

This is the same TaxCut deal we get on SD every year, with varying prices (it was $10 last year, free before then). So it's going up a little every year, but way cheaper than competitors. H&R Block sends out a variety of CD offers to get people to re-up with them, so you just have to wait for someone to post the best deal and then use it.

And don't forget creditkarma.com is going to offer completely free online filing this year (fed+state), have to sign up with them and get notified when it's ready.
 
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GTFan said:
It's not, check the last posts. Sometimes stuff gets moved to Deal Talk when it's still active.

This is the same TaxCut deal we get on SD every year, with varying prices (it was $10 last year, free before then). So it's going up a little every year, but way cheaper than competitors. H&R Block sends out a variety of CD offers to get people to re-up with them, so you just have to wait for someone to post the best deal and then use it.

And don't forget creditkarma.com is going to offer completely free online filing this year (fed+state), have to sign up with them and get notified when it's ready.
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Thanks! There was a lot of confusion in the comments but I was able to sort through, get the substitute xml file inserted and get the top of the line with the separate Business program for half price. Unfortunately, no additional $5 off or free state efile. Maybe those expired.
 
TaxAct doesn't work for me anymore, Im using old XP, and it didn't work.
 
Lstansbury said:
Any recommendations for the best tax prep software for a new DIYer? I've used a tax preparer in the past, but it's become very pricey and I was just being lazy. I have w-2 income, self-employment income and rental income. Thanks!
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A suggestion: If not sure, use a tax preparer AND a software program for one year & compare the results. Ought to be same. If so, then you know it should be OK for the future.
 
teejayevans said:
TaxAct doesn't work for me anymore, Im using old XP, and it didn't work.
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The 2000s called and want your XP back.

Seriously, you're in line for some nice hacking given that this OS hasn't had a security update in years now.
 
used taxhawk last year and had a paid preparer do my taxes also. taxhawk was free fed and 12.95 for state and really like the software. preparer was 62. including the state and fed efiles. the returns came in within a few dollars. will be using taxhawk this year. if your income is under a certain level both fed and state are free. you can do multiple returns using different usernames and passwords, but the same email.
 
GTFan said:
The 2000s called and want your XP back.



Seriously, you're in line for some nice hacking given that this OS hasn't had a security update in years now.
Click to expand...



I only use it for iTunes and taxact and occasionally other windows apps that don't run in Wine, so I run it in a virtual machine when I need to, for everything else I use Linux. I'll be looking to switch to either a free browser version or manually do it, mine is fairly simple.
I hate the new windows OS...I'll stop here before I start sounding like an old crotchety man talking about how things were better in the past.
 
kgtest said:
I use TT Premier. I split the cost with the ole man he mails his in, I take the free e-file for getting the software loaded on his PC. Turns out to be cheaper for us sharing. Its a sharing economy now right?...
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Do you know that you can both e-file since you can e-file up to 5 returns? So he could e-file if he wanted to.
 
FreeTaxUSA after seeing it on this thread. Used it for the first time this year. Works great IMHO and is free (I file State return with State on-line system). I submitted the completed Federal return on 1/9 and already got a "IRS Acceptance" acknowledgement number (although the IRS will not process it until 1/23). Previously I used Tax Act (even had a discount for this year's return) for about 8 years. As long as FTUSA is there I will be using it in the future.
 
Be very careful if you have a complicated K1. Last year I used TaxCut and a CPA to do my taxes and the CPA saved me about $4k. Three reasons: I missed a deduction buried in the notes of the K1 (not on the main front page), TaxCut wouldn't give me all the foreign tax credits I was entitled to without several tries knowing what the right answer was, and TaxCut switched me from "active" to "passive" on my K1 without warning.
 
Passive is a company that you have invested in. Active is a company that you are actively involved in the running of. The tax treatment can be slightly different between the two.
 
I've used the federal "Free File" option since tax year 2013, when we no longer had any business forms to fill out.

Our state also has a similar option that was supposedly updated this year to be even easier to use.

Obviously this only works with simpler returns, but I wanted to throw it out there for those (few) on this board who don't have complex finances.
 
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