Turbo Tax - Use Responsibly

I am sure that Turbo Tax is a good program. Same for Tax Cut (or whatever they are calling it now). BUT...

Garbage in - Garbage out!

Just because you can get the program to do what you want it to does not mean it is right. I am hearing reports that the IRS is looking at self-prepared returns where commercial software has been used. It is catching honest mistakes but they are also finding examples of people manipulating their answers to the software's questions to get the result they want. If you answer a series of questions and the answer is no, chances are you didn't get it wrong. The answer is no.

If you run into problems, grab a IRS Publication 17 and look it up. You can download at the IRS web site.

Comments

[Keith Murphy]

Yes, the season to be ripped off by HR Block, Was told over the phone that I could walk out with a check, I had completed my tax return in turbo tax like I have for the past 10 year because it cost 50 dollars, but I need the money to do repairs on my home. I was scheduled to get an 11,730 return for buying a home last year.

After using there service which was not updated to current tax regulations IE schedule A with student teachers deductions, or the new home buy credit. They wanted to charge me$$$$ 419.00 dollars for there services that I had to tell the guy how to fill out the form in computer and he has been doing this for 4 years.

With comments like, what’s per deim, then when I was supposed to get a check they hand me 253.00 dollars on an 11,730.00 that’s thousand on my return. Or I could wait 6 weeks for direct deposit. I could have had it direct deposited in my checking account by turbo tax in 7 days. To top it off I have to file an amendment because they forgot the homebuyers’ credit.

What an F ‘ed up operation. No wonder they could not even get there own taxes right. I will never leave turbo tax ever again!!!!!!!!

Keith Murphy
Sewell, NJ

[Kathleen]

I have been stressing for years the fact that Turbo Tax is easy to enter data but if you don't know the laws it's even easier to make a mistake and never realize it until IRS informs you.

[Chandler AZ CPA]

Beware of Turbo Tax...some people are like a kid in a candy store and they think they get all any and all deductions. Beware.

[dale]

Garbage in, garbage out is exactly correct. Turbo Tax is an excellent program and will provide you an accurate tax return, provided you've entered in accurate information.

Every year I have new clients that come to me with a CP2000 on a computer self prepared return. It only takes one mistake like that for me to gain a client for life.

[Jeff @ Taxattorneys4u]

I can see where people get into problems with tax software. Most of them are 'wizards' that you click through, you still have to understand the questions correctly.

Having said that, I think TaxAct is excellent compared to some of the bigger commercial products. Been using it for years.

[Austin TX CPA]

Turbo tax is a decent software package, but many taxpayers still don't know how to use it. There are so many questions that they must scroll through that mistakes can easily be made. These mistakes can sometimes result in an audit.

[Accountant Marketing]

If you are uncomfortable with Turbo Tax make sure to find yourself a CPA quickly. Turbo Tax can work well for folks who have some basic understanding, but it certainly is not for everybody.

[Land Investment]

I have found that the maze of questions that Turbo Tax asks often confuses people. Some folks just don't have a clue how to answer. Better to look for a CPA.

[Real Estate Tax Tips]

I had a guy come to me recently who said that he could not put 2 1099-Cs into turbo tax. With all the foreclosures, what good it is?

[Mundelein il CPA]

Turbo tax works for some, but you still have to carve out a Saturday and keep your fingers crossed. For many, it's not worth it.

[Chicago IL CPA]

Yes...if you use turbo tax you just have to keep your fingers crossed!

[Canadian US Real EstateTax]

Turbo tax just won't work for the more complex returns.