Turbotax 2016

[Potstickers]

Quote:

Originally Posted by sengsational HRB Basic and Deluxe ask the same questions about pulling from tIRA's. I ran the two side-by-side last year and could not tell the difference.

The only place I saw a big difference last year was in helping DD complete her tax return as a partial year resident of NYC. TT's Q&A wasn't easy, but it at least made some sense. HRB flipped us off to go read a bunch of NYC/NYState tax pages. Not what I was expecting from tax software. Ended up buying TT after having already purchased Block.

[JP.mpls]

I realize this is a side track comment from the original post.

I've been reluctant to use Turbo Tax, because I don't want to post all of my critical information on another on line data base.

Doesn't this bother anyone else?

If I get the CD, can I keep all of the information on my computer, or does it still require placing it into the Turbo Tax database?

Thanks,


JP

[jonat]

Only TurboTax Online uploads your data. If you install from a CD or download, everything stays on your computer.

[JP.mpls]

Jonat,
Thanks. It has been about 5-6 years, but downloaded a cheap or free copy at one point, and I thought it was saving everything remotely. I will take a chance based on your comment, and purchase a copy this year. JP

[LastOfTheBoomers]

Quote:

Originally Posted by jonat Only TurboTax Online uploads your data. If you install from a CD or download, everything stays on your computer.

Sort of - if you efile the data does travel through TT servers as it goes to the fed and state DOR servers. I'm sure they keep a copy for statistical analysis.

So the only way to be sure is to use the CD version - then print off the returns and mail them in to the IRS and your state

[zinger1457]

Quote:

Originally Posted by LastOfTheBoomers Sort of - if you efile the data does travel through TT servers as it goes to the fed and state DOR servers. I'm sure they keep a copy for statistical analysis. So the only way to be sure is to use the CD version - then print off the returns and mail them in to the IRS and your state

From TurboTax:

Quote:

The online editions of TurboTax store your completed tax return on the TurboTax servers (cloud if you will). You can download the completed return as a PDF to your computer and also the actual tax data file for the tax year completed. The desktop editions of TurboTax only store the returns on the computer where the return was created. The desktop return is NOT stored by TurboTax using the online servers.

[pb4uski]

I normally just buy TT out of habit. Looked at TaxCut this year. Looked like TaxCut was going to be $35 and TT $40 so it was an easy decision to just buy TT since I'm used to it. In both cases I get federal and one state and 5 electronic federal e-filings.

[mystang52]

Bummer! I previously posted about free Turbo Tax by having any bank account with State Farm Bank. No more. Looks like I'm not renewing my small CD with them!

[karen1972]

BJs just posted a decent deal on Turbo Tax, another $15 off, bringing Premier down to $54 which is seems about right

[pb4uski]

Sometimes I swear that TT is dumber than dumb. I do my aunt's tax return and she has a $17 refund... I talk with her and she decides to apply it to next year's tax rather than deal with a $17 refund, so I apply $17 to next year's tax, resulting in no refund or balance due.

TT then says:

Quote:

Now That's Great Tax Planning! This is a situation we don't see often - you don't owe any money and you aren't getting a refund.

Duh!

[RobbieB]

I think they meant it's unusual to hit estimated taxes within $20?

[pb4uski]

No, because I didn't get the message if I didn't apply the overpayment to next year's tax and had the $17 refunded... I noticed the same thing when I did my own return last year and my overpayment was ~$300 and I applied it to next year's tax.

[braumeister]

Yeah, TurboTax's pumped-up enthusiasm does make me cringe at times.

Great news! You're getting the standard deduction!

[RobbieB]

I guess it means that most people with a refund take it and don't apply it to estimated taxes then.

Last year I had a refund and took some and applied the rest.

I agree that they do get a bit dramatic with all the "good news you saved..." stuff all through the process.

[Huston55]

Quote:

Originally Posted by pb4uski No, because I didn't get the message if I didn't apply the overpayment to next year's tax and had the $17 refunded... I noticed the same thing when I did my own return last year and my overpayment was ~$300 and I applied it to next year's tax.

TT is colluding with the IRS!

Oh my god, it brings TTIRS to my eyes!!!

[W2R]

Quote:

Originally Posted by RobbieB I guess it means that most people with a refund take it and don't apply it to estimated taxes then.

I never apply a refund to estimated taxes. I can't bear to let go of it!! I snatch it from the toothy jaws of the IRS and hold it close to my beating heart, and worry about next year's taxes next year.

[pb4uski]

Quote:

Originally Posted by W2R I never apply a refund to estimated taxes. I can't bear to let go of it!! I snatch it from the toothy jaws of the IRS and hold it close to my beating heart, and worry about next year's taxes next year.

For $17? You may be on the line between frugal and cheap W2R!

[pb4uski]

Quote:

Originally Posted by braumeister Yeah, TurboTax's pumped-up enthusiasm does make me cringe at times. Great news! You're getting the standard deduction!

Yeah... even after the tax benefit of itemizing it is still net money out the door.

I was just surprised that they program would not recognize that the reason for the $0 balance is because the refund had been applied to next year's tax... if it had be $0 before that then the message would make perfect sense.

[RobbieB]

If it means I don't have to make one (or more) estimated payments I just let them keep it. One less check to write, one less date to remember.

If it's more than half my estimate, I have them send me the rest.

[W2R]

Quote:

Originally Posted by pb4uski For $17? You may be on the line between frugal and cheap W2R!

Well, I never had a refund of just $17. I try! But never seem to get an estimate quite that close. (Good job!)