Tax software functionality and deals

[target2019]

Quote:

Originally Posted by Retire2023 Where is that box in Turbo Tax? I have never done "what ifs" there, but would like to.

Search forms for "what-if". This is in the desktop client.

[Souschef]

Quote:

Originally Posted by Z3Dreamer TurboTax Deluxe 2021 Tax Software, Federal and State Tax Return with Federal E-file [PC/MAC Download] for $39.95 plus tax at Walmart.com. This is what I use. Done.

Got it! Thanks

[BubbaChris]

For 2020 I bought TT Home & Business because I thought it would handle trust distributions. It does, but only if you're the recipient.

I needed to file for the first time for my deceased mother's Trust, and that needed TT Business to generate the K-1's.

I haven't started checking yet, but I suspect I'll need to buy two copies again. One to handle our return and the Trust will buy one for it's return.

I'm holding my sister's portion of the estate in the trust until she resolves some liabilities. This is per her request and the Trust's earnings pay a substantial tax rate. But it works for her needs.

Best regards,
Chris

[Retire2023]

Quote:

Originally Posted by target2019 Search forms for "what-if". This is in the desktop client.

Got it, thanks!

[pb4uski]

Quote:

Originally Posted by pb4uski No need to buy early in my opinion. Best bet is to use the What-If Worksheet for your 2020 tax return in TurboTax 2020. Be sure to check the 2021 checkbox near the top of the column. I've grown to prefer https://www.irscalculators.com/tax-calculator over dinkytown, but either are fine.

Quote:

Originally Posted by Time2 I looked at it and tried a few things, it seems like it is to simple. I don't see any place to put my age so I don't get the extra on my standard deduction. It doesn't separate dividends from interest or qualified dividends and lumps in tax deferred account withdrawals in the same category. But maybe I just haven't pushed enough buttons yet. * I don't have a good understanding of qualified vs non qualified, I have mostly VTSAX and VTI, but I do have several REITs that pay didvidends. those are all in tax deferred accounts. So, I think they are all qualified.

Under filing status they have Single and Single over 65 and Married Filing Jointly, Married Filing Jointly one over 65 and Married Filing Jointly both over 65. Selecting the right one gets you the extra standard deduction.

The Capital Gains box is used for both qualified dividends and LTCG since they are treated the same for tax purposes. Interest and tax deferred account withdrawals and other ordinary income other than wages are in Unearned Income since they are all ordinary income.

Re: qualified vs non-qualified dividends, you only have to consider taxable account dividends. Most domestic equities and domestic equity funds and ETFs, most income dividends and LT capital gain distributions are qualified income and ST capital gain distributions would be ordinary income. IIRC VTSAX and VTI dividends are usually all qualified dividends.

[pb4uski]

Quote:

Originally Posted by Time2 I'm not locating the "what if worksheet". Can someone walk me through the proper clicks to get there? Search was no help.

Open your 2020 return in TT 2020. Go to Forms View and then select Open Form. In the search box in the top, type in "What-If" and select What-If Worksheet in light gray and then Open Form.

Be sure to select the "Check box to use 2021 tax rates".

[Sunset]

Quote:

Originally Posted by Time2 I looked at it and tried a few things, it seems like it is to simple. I don't see any place to put my age so I don't get the extra on my standard deduction. It doesn't separate dividends from interest or qualified dividends and lumps in tax deferred account withdrawals in the same category. But maybe I just haven't pushed enough buttons yet. * I don't have a good understanding of qualified vs non qualified, I have mostly VTSAX and VTI, but I do have several REITs that pay didvidends. those are all in tax deferred accounts. So, I think they are all qualified.

Anything inside a tax deferred account is not taxable until you take it out of the account, at that point, it is taxed as plain income similar to interest. (exception is if you put previously taxed money in the account, as then you get to claim a % as non-taxable)

[homestead]

Quote:

Originally Posted by LRDave HRB Deluxe + State is $31.98 on the large South American river right now. I think I'll wait to see how things look as we near Thanksgiving.

Yes, but that is last years version.

[Qs Laptop]

Quote:

Originally Posted by Brat H&R Block is offering $15 off Delux + State - $39.95, download available November 7. What has been the history of those offers to pre-existing customers?

I get H&R Block deluxe state every year. There is typically a sale sometime between Black Friday and Christmas for $24.95. Then as tax day approaches, usually in late March, it goes on sale again for $24.95. I didn't see it on sale in March 2021 because of COVID, which was OK because I had bought in December. I usually buy from Amazon.

[Time2]

Quote:

Originally Posted by target2019 What-If is in TurboTax.

That's what I am looking in.

[braumeister]

Time2, post #46 here was very explicit and clear.

[Time2]

Quote:

Originally Posted by pb4uski Open your 2020 return in TT 2020. Go to Forms View and then select Open Form. In the search box in the top, type in "What-If" and select What-If Worksheet in light gray and then Open Form. Be sure to select the "Check box to use 2021 tax rates".

Perfect, found it, now need to use it.
Thanks

[SnowballCamper]

Any drawbacks or significant limitations to using taxhawk.com ? It's free federal filing, but yes, only online as far as I can tell... with optional upgrades that seem very reasonably $$.

[rickster55]

With the H&R Block CD, if you stop installation just short of giving payment info they will offer you a further $5 discount to continue with the install. Been doing this for several years. Might even work with the download version. Someone give it a try and let us know.

[JeKa]

Quote:

Originally Posted by Brat H&R Block is offering $15 off Delux + State - $39.95, download available November 7. What has been the history of those offers to pre-existing customers?

My experience with the different software offerings is that the past years customers do not get any deals or offers for using the same program years after year. I look for the lowest deals late in December before I buy.

[Raymond01]

Does Credit Karma free tax filing support 1099-B and most other things that we might need?

[RobbieB]

I only need it after the first. And then well into January as the 1099's come in. Nobody sends them before, so what's the rush?

[sengsational]

The rush for me is that I don't wait for the 1099s... It's easy enough for me to know those values before the 1099s come. Why go through the trouble of estimating? Because I can fine-tune a December Roth conversion so it works with the PPACA tax credit. The conversion must be done before year-end, and it is nice to have confidence of a "completed" tax return to support the conversion amount.

[RobbieB]

Ah yes, ACA credits.

[USGrant1962]

Quote:

Originally Posted by RobbieB I only need it after the first. And then well into January as the 1099's come in. Nobody sends them before, so what's the rush?

I'll do a mock tax return in December to figure if my 4Q estimated tax payment is right and explore contributions to my i401(k). Due to ARP stuff, which won't be covered in 2020 tax software, things are different this year. So for plus or minus $5, I might as well buy it on Black Friday.

But yea, if you have a standard and predictable income there is no rush.