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Question about Turbo Tax for My Tax Situation
Posted on 1/25/15 at 10:23 am
Posted on 1/25/15 at 10:23 am
Every year I've used Turbo Tax and have been happy with the results.
Last year was a bit more complicated for me as we had our first child in 2013, and I was self-employed starting in June of 2013. Received a W-2 for January-May.
Still, I was able to figure out how to plug in the numbers and came away with a nice refund.
In 2014, my situation became more complicated. I went from being self-employed from January - July 2014 to being a graduate student on fellowship from August - December 2014. I also moved into a rental house and am renting the house I own to tenants.
Can I still use Turbo Tax for my taxes, or do I need to pay someone to help?
EDIT - I also opened a Roth IRA in September of 2014 and put $3200 in if that matters.
Last year was a bit more complicated for me as we had our first child in 2013, and I was self-employed starting in June of 2013. Received a W-2 for January-May.
Still, I was able to figure out how to plug in the numbers and came away with a nice refund.
In 2014, my situation became more complicated. I went from being self-employed from January - July 2014 to being a graduate student on fellowship from August - December 2014. I also moved into a rental house and am renting the house I own to tenants.
Can I still use Turbo Tax for my taxes, or do I need to pay someone to help?
EDIT - I also opened a Roth IRA in September of 2014 and put $3200 in if that matters.
This post was edited on 1/25/15 at 10:27 am
2
Posted on 1/25/15 at 10:42 am to StringedInstruments
You can't prepare your return with the basic version of TurboTax since you will be filing Sch. C & E. There are issues you might have with depreciation for the termination of your business and conversion of your personal residence to a rental property. The interview questions in TurboTax, and other similar software, require yes or no type answers and report information based on your responses. Sometimes the software does not ask the right questions necessary to get the best result possible.
Other issues to consider, what does your spouse do? Are you sending your child to day care? How should your fellowship money be reported? Are your education expenses deductible or eligible for some type of credit? How do any health insurance premiums get reported?
Other issues to consider, what does your spouse do? Are you sending your child to day care? How should your fellowship money be reported? Are your education expenses deductible or eligible for some type of credit? How do any health insurance premiums get reported?
Posted on 1/25/15 at 2:07 pm to Poodlebrain
My wife is a public school teacher. We are sending our child to day care.
From what I understand, the fellowship money is a wage and my tuition is a waiver. I don't believe I need to report the tuition.
My education expenses are something I definitely need to look into. Wouldn't Turbo Tax or some other program help me with that?
Health insurance is through my wife, and it's always been easy peasy.
From what I understand, the fellowship money is a wage and my tuition is a waiver. I don't believe I need to report the tuition.
My education expenses are something I definitely need to look into. Wouldn't Turbo Tax or some other program help me with that?
Health insurance is through my wife, and it's always been easy peasy.
Posted on 1/25/15 at 9:25 pm to StringedInstruments
Whenever friends ask me the "Should I use a CPA" question, this is how I respond:
The value of a Tax CPA is knowing what is income, and what is not income... and what is deductible, and what is not deductible. The software interviews only get you so far.
The value of a Tax CPA is knowing what is income, and what is not income... and what is deductible, and what is not deductible. The software interviews only get you so far.
Posted on 1/25/15 at 10:03 pm to LSUFanHouston
quote:
The value of a Tax CPA is knowing what is income, and what is not income... and what is deductible, and what is not deductible. The software interviews only get you so far.
This. Hire a CPA.
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