Tax Return Fee

[pacergal]

Wondering what others pay to have their taxes prepared. Since selling my farm mine is as simple as it gets. Our joint return has nothing except S.S. income, pension income, one IRA distribution, and one Schwab brokerage account that pays dividends, and capital gains.. Very little activity in that account.. I pay $350.00 for my return..That seems high for a very simple return... ?

That's about what we pay. Yes, I could do our own again, did them for many years. However, I made an error one time, so now I pay for peace of mind.

 

[Ian S]

The most likely thing that would mess me up is my Schwab accounts..Even though my return is simple it is many pages..I think most of the forms have to do with dividends and long and short term capital gains that I get from my Vanguard bond fund. ( VFIDX). Does that require me doing some math or just transcribing those numbers off my Schwab 1099 which is about 9 or 10 pages?

Well with H&R Block (and I assume TurboTax and others) it's possible to download your 1099s directly into the tax program so all the data goes into the right spot. That ability may not be available for smaller 1099 issuers but it usually works for the big guys. Probably Schwab but i don't know for sure. You still have to check over the results carefully and possibly input cost bases for sales where the basis is not known or provided to the IRS. Worst case scenario is you have to manually input the numbers but if you use the software's "interview" process, that's pretty straightforward.

 

[lawman]

Well with H&R Block (and I assume TurboTax and others) it's possible to download your 1099s directly into the tax program so all the data goes into the right spot. That ability may not be available for smaller 1099 issuers but it usually works for the big guys. Probably Schwab but i don't know for sure. You still have to check over the results carefully and possibly input cost bases for sales where the basis is not known or provided to the IRS. Worst case scenario is you have to manually input the numbers but if you use the software's "interview" process, that's pretty straightforward.

Yeah I'm planning to do my own next year..Thanks

 

[Jackietime]

I've used OLT (OLT.com) for many years. It saves data so it saves me time and the federal return is free. State is $12.95. It allows you to see the forms before E-filing.

 

[GTFan]

Yep I used OLT via IRS Free File this year and it was every bit as good as TT and Block that I've used in prior years. And that's with SE income, investments, ACA credits etc. No issues.

Zero cost for both fed and state e-file if AGI is <= $73k.

 

[Skoach]

For me, of the most satisfying aspects of being an AARP TaxAide volunteer is when a little old lady with very low income is almost moved to tears when she finds out she does not have to pay for our service. Not having to spend $200 for tax prep is a big deal for some.

DW is also a volunteer and echos this 100%. However she is also frequently annoyed by the mid-lifers with jobs who use the service who could easily pay someone. Also those seniors with non-simple returns who clearly have the assets to get professional help.

I wish AARP put some limits in place to keep those folks away so they could more who are truly in need.

 

[Buckeye]

I always did our returns on Tax Act. Seemed to get more expensive every year.


2 years ago when we moved out of state we used a CPA because I just didn't want to deal with it. Charge was $325.



Then I got lazy and used the same firm last year and they made two major mistakes that I discovered and they had to do an amended return! Charge was $350. I made the mistake of not asking for a discount since they made the mistakes.



A glutton for punishment I gave them another chance this year and low and behold I discovered another mistake! And we have a pretty simple return!



All these mistakes would have resulted in us getting a much less refund! I asked for a discount on their fee this time so instead of $375 he charged us $300.


Next year I am going to try Turbo Tax as T Rowe Price offers a discount and their forms can be uploaded right into Turbo Tax, thus eliminating me having to input the brokerage info which I hate doing. Plus it will be less expensive than using the CPA and having to check his work.

I used TaxAct for many, many years until they went crazy with price increases after (I believe) they were bought out. I switched to TurboTax a couple of years ago and haven't looked back. I purchase TurboTax desktop version at Costco when it's on sale. I have been very happy with it and their support. And it's great to be able to do our return and family returns for less than $100.

I am a trustee for a friend's Special Needs Trust for which a tax return must be filed annually. TurboTax Business makes it possible for me to do the trust return myself and conserve her limited funds. It really is quite a simple return but I buy the $60 audit insurance so I'll have representation should the IRS have any questions in the future.

 

[GTFan]

Just say no to Intuit and their attempt to buy off the market. Lots of articles and research on how they've bought off pols and stalled attempts at free tax filing.

https://www.propublica.org/article/...oundbreaking-legal-battle-over-consumer-fraud
https://www.propublica.org/article/...op-americans-from-filing-their-taxes-for-free

 

[Koolau]

Just say no to Intuit and their attempt to buy off the market. Lots of articles and research on how they've bought off pols and stalled attempts at free tax filing.

https://www.propublica.org/article/...oundbreaking-legal-battle-over-consumer-fraud
https://www.propublica.org/article/...op-americans-from-filing-their-taxes-for-free

Keep in mind you have one source for this info. Not suggesting yea or nay. Just sayin'. I have no dog in this hunt so YMMV.

 

[lawman]

Just say no to Intuit and their attempt to buy off the market. Lots of articles and research on how they've bought off pols and stalled attempts at free tax filing.

https://www.propublica.org/article/...oundbreaking-legal-battle-over-consumer-fraud
https://www.propublica.org/article/...op-americans-from-filing-their-taxes-for-free

Could we really expect anything else?

 

[GTFan]

Keep in mind you have one source for this info. Not suggesting yea or nay. Just sayin'. I have no dog in this hunt so YMMV.

ProPublica is a well respected independent investigative outfit. They work with PBS Frontline, frex.

YMMV.

 

[Koolau]

ProPublica is a well respected independent investigative outfit. They work with PBS Frontline, frex.

YMMV.

Thanks for the update. I must say, even with credentials (such as working with Frontline) I like more than one source and that has become rare these days. YMMV