Turbotax: "I predict your first year with the program will prove frustrating."
Right again. I am spending hours and hours going through this thing over and over - misc. incomes, royalties, real estate, depreciation, stocks, foreign tax credits. Isn't helping when I have to redo stuff because I find my input mistakes/omissions. (e.g. I had to write a check April '05 to pay off state '04 taxes. I knew that check was deductible for me this year, but I didn't understand that because I also paid estimated '04 state taxes in Jan '05 too, that payment also was deductible. Turbotax asked the question, but at first I didn't understand it and didn't check that box yes. Just happened later to read an article on typical deductions people overlook, and that item was mentioned.) Every broker keeps sending me and sending me revisions to 1099 forms, and I'm learning to quickly re-enter the revised numbers.
So far, I'm pretty impressed with what Turbotax does and how imputs are reflected in the bottom line (no waiting a week to get results). Although I miss my tax guy, Turbotax appears like it might work for me okay this year. One thing that's helpful to me is that I have my completed stuff from my accountant from last year and my tax situation doesn't seem to have changed (afaik), so that I can use last year's results to help figure this year's. For example, my real estate amortization amount (straight line) for this year ought to be the same as last year, and after several tries (hours), I understood the Turbotax questions enough to put the numbers in the right places in Turbotax to see Turbotax come up with the same dollar figure I was expecting.
Just my experience.
Thanks, guys, for the assistance and comments here regarding Turbotax (and Turbotax vs. 'astute' tax advisors). Informative and very helpful to me. |
