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Started By
Message
TurboTax- need a hassle rating
Posted on 3/21/23 at 11:55 am
Posted on 3/21/23 at 11:55 am
Currently use an accountant but am thinking of dropping him and doing the taxes myself. I was wondering how much of a hassle it would be using TurboTax for the following situation:
Two W2 incomes. Wife works out of state.
Irrevocable trust holding an inherited Ira that passes through the RMD to three Irma accounts.
Has anyone used TurboTax for a trust return?
Two W2 incomes. Wife works out of state.
Irrevocable trust holding an inherited Ira that passes through the RMD to three Irma accounts.
Has anyone used TurboTax for a trust return?
5
Posted on 3/21/23 at 12:45 pm to MSTiger33
quote:
Irrevocable trust holding an inherited Ira that passes through the RMD to three Irma accounts.
This alone would have me at a CPA. Not because Turbo Tax can't do the task its that a CPA can represent you when the IRS comes calling. And with scenarios like this, they love to come calling. Especially with the current environment.
Posted on 3/21/23 at 1:35 pm to MSTiger33
Nothing can make me go back to turbo Tax
CPAs are the best
CPAs are the best
Posted on 3/21/23 at 2:15 pm to RolltidePA
TurboTax can represent you if you get audited for an additional fee. I pay for it each year just for the peace of mind. The one year I didn't use TurboTax and went to a CPA instead, the bastard almost cost me $2,700 in tax payments. If it weren't for me looking over the paperwork it would've gone unnoticed. I brought it up to him and he was like "oh yea I'll fix that" all nonchalantly. Needless to say, that CPA was a one and done for me and I went back to using TurboTax every year.
Posted on 3/21/23 at 4:38 pm to MSTiger33
Can't speak for your exact situation, but I like H&R Block tax software better than TurboTax as I switched this year after being a long time TurboTax user. H&R Block software is slightly less expensive, but it is H&R Block's technical support that is much better.
First off, I don't want to pay for any support. TurboTax is difficult to get support. H&R Block has a free technical support number that is very easy to reach a live support person quickly. Technically speaking this is not for tax accounting type support. But when I had an "Oil Royalties" issue while doing dual state returns (we moved from GA to AL last year), they walked me through the associated entries to first make sure I was entering them correctly and then they offered a workaround that fixed my issue. So in effect they were providing accounting type support when they checked my entries to make sure I was entering everything correctly.
First off, I don't want to pay for any support. TurboTax is difficult to get support. H&R Block has a free technical support number that is very easy to reach a live support person quickly. Technically speaking this is not for tax accounting type support. But when I had an "Oil Royalties" issue while doing dual state returns (we moved from GA to AL last year), they walked me through the associated entries to first make sure I was entering them correctly and then they offered a workaround that fixed my issue. So in effect they were providing accounting type support when they checked my entries to make sure I was entering everything correctly.
Posted on 3/22/23 at 7:35 am to MSTiger33
quote:
Two W2 incomes.
Easy
quote:
Wife works out of state.
This is a little more complicated, but as long as you fill out the turbotax screens correctly, this should not be a huge deal.
quote:
Irrevocable trust holding an inherited Ira that passes through the RMD to three Irma accounts.
Has anyone used TurboTax for a trust return?
Yeah I would not do that. It could "maybe" work out if nothing changes from year to year, and you just compare the current year TT return to the CPA provided prior year return.
Posted on 3/22/23 at 7:40 am to MSTiger33
quote:
Irrevocable trust holding an inherited Ira that passes through the RMD to three Irma accounts.
You are filing for the trust or you are just filing the K-1 for your personal taxes from the trust? Or whatever the tax form is you get from the Trust income? I would consider the CPA expense for filing for the trust as the cost of doing business and have a CPA do it, but just a K-1 from a trust for your personal taxes is super simple.
Posted on 3/22/23 at 7:57 am to baldona
The trust is finding and k-1 all income to the UTMAs which are picked up on my return. I know the mechanics and how it’s supposed to look. Just not sure how accommodating the software would be to prepare and carry over everything correctly.
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