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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Treb3 on February 08, 2020, 11:26:06 AM

Title: TurboTax
Post by: Treb3 on February 08, 2020, 11:26:06 AM
Those of you who use Turbo Tax, do you pay for any of the upgrades? I paid for the live assist last year but felt like my money was wasted because the CPA wasn't familiar with my state's laws. My taxes are comparatively simple. One W2, no dependents, bought house last January, and most of my stache is in retirement accounts. I do have one small investment account of about $15k but my emergency fund in a bank that both generate taxable interest. TurboTax says I should do the TurboTax Premier but I'm not sure if the upgrade is worth doing over the free version?
Title: Re: TurboTax
Post by: Michael in ABQ on February 08, 2020, 12:39:32 PM
I use the small business version but no, I don't pay for any of the upgrades. The audit protection and all of that other stuff is like buying an extended warranty - almost pure profit for them and probably worthless to the buyer.
Title: Re: TurboTax
Post by: pk_aeryn on February 08, 2020, 02:05:17 PM
You should only need the Deluxe version if you donít rent out any property.  Itís cheaper to buy the download version over the online version - you will get a state return for free that way, whereas you have to buy it separately for online.
Title: Re: TurboTax
Post by: ctuser1 on February 08, 2020, 02:12:32 PM
Delux with no upgrades work just fine for me.

We are MFJ with two W2 jobs, two separate state returns, a bunch of investments/dividends, 401k/Roth/HSA/529 and taxable brokerage accounts. I also file a small amount (<$100) of Schedule C to cover any profits I make from ebay/craigslist selling. No rental property or any other complicated small business operations.

I suppose the answer can change if your return is much more complicated.
Title: Re: TurboTax
Post by: Duke03 on February 09, 2020, 11:59:52 AM
Just use FreeTaxUSA.  It's free but charges a small amount of state returns if your state requires it.  It will do everything you need it to do plus more.