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Tax Software for Investment Income?
Posted by: mrlynn
Date: March 12, 2020 03:15PM
Ever since we've had businesses and/or other complex tax data to deal with, I've used tax accountants. But we're down to SSI, RMDs, and investment income now (cap gains and dividends), and last year my tax firm charged $400. So I'm thinking of maybe doing taxes myself this year, using TurboTax or some other software.

Does TurboTax know how to deal with all the different numbers that investment firms put on 1099s, e.g. 'ordinary dividend', 'qualified dividends', 'Section 199A dividends', etc., etc.? Can you just enter the summary data from the tax reports without getting into the nitty-gritty and will the software follow all the complex rules and come up with the right tax?

Is TT the best option, or are there other comparable products? Which would you recommend? I see from an earlier thread that TT for 2019 taxes won't run on Sierra, which I have on my iMac. Would rather not upgrade yet.

/Mr Lynn



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Re: Tax Software for Investment Income?
Posted by: mattkime
Date: March 12, 2020 03:20PM
Any tax software should be able to handle it. I used TurboTax this year but will consider TaxAct, TaxFyle, and others next year.



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Re: Tax Software for Investment Income?
Posted by: Fritz
Date: March 12, 2020 03:23PM
just one mans opinion, you will regret trying it yourself.
Ask the tax firm to reconsider the fee, but $400 doesn't seem a lot to me.
we just did an "expose" on TT, but it won't air for a couple weeks.
it was pretty negative.
.
So's you know, the average American spends something like 12 hours to DIY. Seems like your tax firm is charging you 3 hrs.



!#$@@$#!

If there are spelling issues, please pardon, Owen the cat is sitting on my keyboard.
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Re: Tax Software for Investment Income?
Posted by: hal
Date: March 12, 2020 03:30PM
That's what tax software does

I used to do my own taxes, then my money life got more complicated and hired a great bookkeeper to do it. She retired and I thought I'd take a look at doing it myself again. Something happened in those years - I got older, the taxes more complicated. I couldn't make any sense of it. Found another bookkeeper.
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Re: Tax Software for Investment Income?
Posted by: DeusxMac
Date: March 12, 2020 03:32PM
Quote
Fritz
So's you know, the average American spends something like 12 hours to DIY. Seems like your tax firm is charging you 3 hrs.

Don’t leave out the hours those tax-firm-using Americans must spend preparing information they need to provide to their chosen firm from that calculation.
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Re: Tax Software for Investment Income?
Posted by: raz
Date: March 12, 2020 03:33PM
I've been using TT for years. I just go through the pile of 1099s, W2s, ... and enter them. The big advantage is next year, all the data carries over so you don't need to enter anything but new numbers.



--------------

Embarassing myself on the Internet since 1978.
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Re: Tax Software for Investment Income?
Posted by: Fritz
Date: March 12, 2020 03:49PM
Quote
DeusxMac
Don’t leave out the hours those tax-firm-using Americans must spend preparing information they need to provide to their chosen firm from that calculation.

so far MoneyDance has covered that as I'm sure Quicken would or other less expensive apps.

I'd be more concerned with missing things to my advantage.
But my income is derived from W2s and corp 1099s as well as investment. Too much 5h1t to bother with.
Also, Owen the cat would object about the loss of lap time.



!#$@@$#!

If there are spelling issues, please pardon, Owen the cat is sitting on my keyboard.
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Re: Tax Software for Investment Income?
Posted by: Michael
Date: March 12, 2020 04:02PM
Turbotax will import information from brokerages. I have information sent from Fidelity and from Lendingclub. It automatically populates the various forms correctly. I always check manually against the paper that comes in the mail but there's never been a mistake.
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Re: Tax Software for Investment Income?
Posted by: mrlynn
Date: March 12, 2020 09:34PM
Quote
mattkime
Any tax software should be able to handle it. I used TurboTax this year but will consider TaxAct, TaxFyle, and others next year.

Why would you change from TT?

TaxAct seems to be Windows only (for download, anyway)

I don't understand TaxFyle. Doesn't seem to be online or desktop or online software, but an online accountant who will charge a set fee. . .?

Others?

/Mr Lynn
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Re: Tax Software for Investment Income?
Posted by: mrlynn
Date: March 12, 2020 09:43PM
Also, BTW, if I upgrade from 10.12.6 to 10.13 (High Sierra), will that break any applications that run all right in Sierra? E.g. I wasn't able to get Office Mac2011 to run in 10.14 on my MBA.

/Mr Lynn
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Re: Tax Software for Investment Income?
Posted by: mattkime
Date: March 13, 2020 12:08AM
Quote
mrlynn
Why would you change from TT?

I hold Intuit in extremely low regard.

I'm not sure how the others compare but I have some pretty financially savvy coworkers who are willing guinea pigs. I will enquire with them next year. A couple used the options above. Looks like TaxFyle is more expensive unless I'm missing something. It is available for individual use.



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Re: Tax Software for Investment Income?
Posted by: Bill in NC
Date: March 13, 2020 06:12PM
Even H&R Block Deluxe will handle that no problem...for those who don't like Intuit or are cheap H&R Black Deluxe & State gets down to around $25 near Black Friday or in February if you wait.



Edited 1 time(s). Last edit at 03/13/2020 06:12PM by Bill in NC.
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Re: Tax Software for Investment Income?
Posted by: mrlynn
Date: March 13, 2020 06:48PM
Quote
Bill in NC
Even H&R Block Deluxe will handle that no problem...for those who don't like Intuit or are cheap H&R Black Deluxe & State gets down to around $25 near Black Friday or in February if you wait.

Will look at those. Too late for Black Friday (or February, too)!

/Mr Lynn
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