Historically, I have paid a CPA for state and federal tax return preparation. My long time accountant will be retiring soon. As an experiment, I recently purchased Turbo Tax in order to prepare a "dummy" return of my own, just to compare my self-preparation results to what will likely be the last CPA-prepared return (at least with this particular accountant).
To say that I am "underwhelmed and unimpressed" by Turbo Tax would be a polite understatement. Data entry was easy enough, but I question how thorough the product really is. The software has already declared to me that "you're done and ready to file" --- but I am very dubious.
For specific examples on my skepticism, the software asks about IRA contributions during the year (none, in my case). However, nowhere does the software seem to ask about (taxable) IRA distributions, as near as I can tell, whether MRD or non-mandatory. I'm over 59 1/2, so could take IRA distributions (but haven't yet ever done so). I'm not yet 70 1/2, so am some years away yet from any minimum required IRA distributions. However, the software does not seem to ask anything at all about distributions withdrawn, mandatory or otherwise. Really? How can it not at least ask? I also see no inquiry or any entry option for reporting allowed carry over capital losses from prior years. Really? How can it not at least ask? I'm no tax guru so frankly don't even know what else it fails to ask about before prematurely and incorrectly declaring a return "done and ready to be filed".
I am not looking to start a tax discussion or request any tax advice --- not at all. I am instead asking strictly about your first hand, direct experiences, informed input or personal opinion about this (or any other) commercially available tax preparation software. My own initial reaction after sticking my toes in those waters is that I sure hope that there are better products out there than the truly unimpressive Turbo Tax product that I've just been toying around with.
To say that I am "underwhelmed and unimpressed" by Turbo Tax would be a polite understatement. Data entry was easy enough, but I question how thorough the product really is. The software has already declared to me that "you're done and ready to file" --- but I am very dubious.
For specific examples on my skepticism, the software asks about IRA contributions during the year (none, in my case). However, nowhere does the software seem to ask about (taxable) IRA distributions, as near as I can tell, whether MRD or non-mandatory. I'm over 59 1/2, so could take IRA distributions (but haven't yet ever done so). I'm not yet 70 1/2, so am some years away yet from any minimum required IRA distributions. However, the software does not seem to ask anything at all about distributions withdrawn, mandatory or otherwise. Really? How can it not at least ask? I also see no inquiry or any entry option for reporting allowed carry over capital losses from prior years. Really? How can it not at least ask? I'm no tax guru so frankly don't even know what else it fails to ask about before prematurely and incorrectly declaring a return "done and ready to be filed".
I am not looking to start a tax discussion or request any tax advice --- not at all. I am instead asking strictly about your first hand, direct experiences, informed input or personal opinion about this (or any other) commercially available tax preparation software. My own initial reaction after sticking my toes in those waters is that I sure hope that there are better products out there than the truly unimpressive Turbo Tax product that I've just been toying around with.
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