Friday, January 7, 2011

Tax Software. TurboTax Deluxe Federal + e-File + State 2010

Tax Software. The software is about the same as it has been in years' past. And, as in years' past, if you have not strictly set up your Quicken categories the way TurboTax expects to see them, you will experience some incorrect entries when you import from Quicken. Similarly, TurboTax does a pitiful job importing stock option trades from Quicken, primarily using the real Date Acquired info as the Date Sold and then leaving the Date Acquired field blank, so you have to manually go in and change these 2 dates for each of your transactions. Still, it eventually gets the job done and is much easier than trying to fill out paper forms. And I guess I have just become numb to the cutesy "We just saved you $7 in taxes!" gibberish and the plugs to upgrade to a more expensive version every time you have a tax circumstance that would prompt Intuit to want you to upgrade.


I've been using TT since it was released in DOS, and as part of the installed base, have stuck with it since.

Quite frankly, tax software is now indepensable for me - - - transfer of profile info to the new year, transfer of state carryover payments, carry forward losses, IRA cummulative contributions, etc., integration with State filings, etc. It cuts down the overhead time.

The Question & Answer process continues, and it seems to be a good approach to cover your tax situation. My advance edition is really just a template to carry over your previous data from the 2009 filings. With significant Federal incentive tax changes (like 1st time house credit, green energy credits, etc.) and last minute tax changes in 50 states, I'm sure the Intuit progarmmers are hard at work updating Fed & State forms and schedules. Any TT version you buy and updated will continue to show the "Do Not File" watermark on any return you produce until later in January.

Although I don't remember compared to 2009, the 2010 version will show 2009 numbers side-by-side with 2010 in many places if you import 2009 data to your 2010 file; it helps to give you a visual look at year-to-year variances and perhaps prompt you to do some error-checking on your own.

Last year, I began using the uploading feature that uploads reporting documents/numbers from many financial institutions & payroll processors (like 1099's, W-2, etc.). It's a big convenience but I have a concern on privacy as you have to disclose a lot of confidential data for TT to enter the portals of the FI's and processors. You have to trust TT to dispose of your data once it enter the portals.

In previous years, I had several serious issues w/ TT.

In the California (CA) state from around 2004-2006, it would not transfer my Federal capital losses to Form 540 which has various CA income adjustments such as interest on Federal debt, state debt interest, special CA IRA treatment, etc. Instead, TT added back my Federal carryover capital losses that were used in my Fed Form 1040. This happened for several years but seemed to have been fixed in recent years. I didn't catch this TT error until years later and then I filed a CA 540X to claim the capital losses which amounted to several $thousands in CA tax refund.

In filing Amended CA tax, the older years were very clunky to use -- it was manual, but TurboTax gave me good access to the downloard versions of state software that I purchased on-line years ago but no longer on my current PC. The newer years for State (calif), beginning 2008, were much easier to use when doing amended returns.

I used New York (NY) TT before 2004 and found that the state software did NOT use the HIGHER of standard Deduction and Itemized Deduction. Because NY is a high income tax state, I normally itemized in my Fed 1040, but NY state income tax is not deductible in NY, so typically for me Standard NY Deduction is higher than my Fed Itemized (minus state income tax for NY filing), but TT would transfer my Fed Itemized status to NY. I had to OVERRIDE NY TT to in order to use the higher Standard NY Deduction which resulted in $hundreds of lower NY tax.

Both the above demonstate TT quality assurance is not sufficient.

Creeping State Version price --
Although a State version is packaged w/ most of TT's Federal versions, have you noticed that pricing for a 2nd State is creeping up -- if you work in NY and live in NJ or CT (or DC/VA/MD), have income from a non-resident state, or moved, you will need to buy a 2nd state. The State version used to cost $19.95, then went to $24.95/$29,95 and it's now $39.95 for the 2010 -- can you feel their figurative hand on private parts ?

TuboTax made a big mistake on my 2009 return. The program incorrectly calculated the taxable value of a lump sum payment. This mistake cost me $245 in taxes and penalties. Others have posted notes on TurboTax Community boards about this mistake. Intuit provides ABSOLUTELY NO WAY to contact them about an issue. All you can do is either go to their pre-formatted help guides or post a note on the Community board. So, I am done with TurboTax after 10 years of use. I do not recommend TurboTax because they provide no way for their own customers to contact them directly - no phone number, no email, no mailing address. Nothing. So, good luck with that.

TurboTax Deluxe was designed to make it easy for you to get the biggest tax refund possible, checking for accuracy and uncovering 350+ deductions and credits. Includes free Federal Efile and TurboTax State for completing your state taxes.

Everything you need to do your taxes with ease.


Finds All Tax Deductions and Credits You Deserve to Get Your Biggest Refund


Maximizes Your Tax Deductions
Asks simple questions about your income, family situation and changes in your tax situation and credits. Then, based on your answers, searches for more than 350 deductions and credits to get you the biggest tax refund—guaranteed.
Looks for Deduction Opportunities as You Go
Shows you which deductions you've taken. Which deductions you haven't. And tells you how to qualify for just about any deduction, so you don't miss any opportunities to save.
Gets You the Maximum Deduction for Donations
ItsDeductible (included) helps you accurately value items you donate to charity–no more guessing. Plus, it tracks other donations such as cash, mileage and stocks, to help you get every charitable deduction you're entitled to.
Handles Your Life Changes
Changed jobs? Got married? Bought a home? Had a baby? TurboTax guides you through common life changes, explains how the changes will impact your taxes, and tells you what you can deduct.
Helps with Medical Expenses
Does all the math and tells you if you qualify to deduct your medical expenses for maximum tax savings.

Helps You Reduce Audit Risk

Tracks Your Audit Risk
Audit Risk Meter checks your tax return for common audit triggers. Shows whether your risk is high or low. And provides tips to help you reduce your chance of an audit.
Includes Downloadable Audit Support Center
Gives you step-by-step guidance on everything you need to know and do if the IRS contacts you.
Also Available: Audit Defense
Provides full-service representation by a trained tax professional. You will never have to meet with the IRS, unless you want to.

Does the Hard Work for You

Asks Easy Questions, Tailored to You
Guides you step by step through your tax return and puts your answers on the right tax forms for you. Skips interview questions that don't apply to you, so you can finish your return faster.
Automatically Fills in W-2 and 1099 Info
Gets your W-2 and 1099 data directly from over 100,000 participating employers and financial institutions and automatically puts it in the right tax forms. A brief summary lets you review and edit downloaded information if necessary.
Transfers Last Year's Tax Info
No retyping necessary. Fills in information from your previous year's return to save time and increase accuracy. Shows you what you're importing and where it goes in your return. You can also import from other tax software including TaxACT and H&R Block's TaxCut.
Imports a PDF of Last Year's Tax Return
Easily imports prior year tax data/documents from TurboTax, other tax software brands4 and tax stores.5 Imports Your Financial Data — Imports information from your financial software (including Quicken, QuickBooks 2007 and higher, and Microsoft Money) so you can skip the cut and paste this year.
Makes it Easy to Hold Your Place
Flag areas in your tax return so you can get back to them easily.
Why TurboTax Deluxe is the easiest choice for you...
TurboTax Deluxe was designed to make it easy for you to get the biggest tax refund possible. Choose TurboTax Deluxe if any of the following apply to you:
  • You own your home
  • You donated to charity
  • You have significant education or medical expenses
  • You have childcare expenses
  • You have lots of deductions
If you own investments or rental property, choose TurboTax Premier. It has everything in Deluxe PLUS will provide extra guidance so you get the most from your investments.
If you are a sole proprietor, consultant, 1099 contractor, or single-owner LLC, TurboTax Home & Business has everything in Premier and will help you make the most of your business and personal deductions.
If you own an S Corp, partnership, C Corp, or multiple-owner LLC, choose TurboTax Business.

Why make the switch?
TurboTax is easy and it could save you money.

Leading Tax
Store
TurboTax
Asks you questions and fills in the right tax forms
Gets you every deduction and credit you deserve
Tips and advice tailored to your unique tax situation
Support in case of an audit (fees may apply)
Handles tax impact of changes in your life
Years of expertise to help answer your questions
Up-to-date with all the latest tax laws
Federal efile included at no extra charge
Prepare and file your taxes anytime, 24/7
Do your taxes yourself, without leaving home

Provides Help and Advice When You Need It

Live Tax Answers
Get live answers online from TurboTax experts and other TurboTax users in our Live Community2. Plus you'll have instant access to answers to commonly asked tax questions on every screen.
Straightforward Guidance & Advice
Find help on any tax topic from anywhere within TurboTax. Get plain-English explanations of specific tax areas and helpful examples when you need them.
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Start your return and efile with Turbotax today. Intuit will submit your return when the IRS starts accepting them on January 14, 2011. The IRS will email you a confirmation within 48 hours.
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TurboTax guides you through your taxes, like a GPS, with extra help for first-time users.
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Guide Me
Not sure how to answer a tax question? We'll guide you to the right answer, making your taxes even easier.
Explains Your Return
Shows you a summary of your return, including income, tax, credits and payments so you know your taxes are accurate. Provides recommendations to help you get an even bigger refund next year.
Free Technical Support
Got a software question? No problem! Get answers from a TurboTax expert via e-mail, phone, or live chat.

Spots Errors and Shows How to Fix Them

Smart Check Scans for Mistakes
Smart Check double-checks your return for errors, so you can be confident your taxes are done right.
Guaranteed Accurate Calculations
If you should get hit with an IRS or state penalty or interest due to a TurboTax calculation error, we'll pay you the penalty and interest.
Keeps You Up-to-Date with the Latest Tax Laws
With a single click you can check for updates each time you start to ensure your return includes the latest IRS and state tax forms. No more disruptions while you work on your return.

Get Your Refund Faster with Included Federal Efile

Shows Your Tax Refund in Real Time
Watch your refund add up as you complete your return. Our Dual Refund Monitor constantly displays and updates both your federal and state refunds (or taxes due) as you complete your federal return.
Federal Efile Included
Get your refund in as few as 8 days with efile and direct deposit. Free federal efile is included with TurboTax at no extra charge. If you're a returning user, we'll automatically transfer your efile information from your previous year's return to save you even more time.
New Options to Get Your Refund Fast
Direct deposit your tax refund on a TurboTax Refund Card, a reloadable Visa prepaid card that can be used everywhere Visa debit is accepted. Or put your refund on a prepaid card you already have.

Here's how it works:

Special guidance for first-time users
TurboTax works like a GPS, walking you step by step through your taxes, with guidance designed especially for people who are new to tax software. We ask you questions in plain English and put your answers on the right tax forms. Then, just e-file or print your tax return. It's that simple.
All the help you need
Answers to your questions are just a click away in the Solve it Center:
  • Online chat
    Get real-time help from TurboTax expert via online chat. (available 8:00 a.m. - 5:00 p.m. Pacific)
  • Ask the community
    Get your tax questions answered by our Live Community of tax experts and TurboTax customers like yourself.
  • FAQs and answers
    Browse or search our award-winning support website.
  • Talk to a person
    Free product support from our Customer Care representatives is just a phone call away (Basic and above). Additionally, with our Ask a Tax Expert feature, you can get personalized, one-on-one tax help by phone (fees apply).
Get Your Refund Fast: Efile Your 2010 Taxes with TurboTax
Here's how efile works: Start your return and efile with Turbotax today. We'll submit your return when the IRS starts accepting them on January 14, 2011. The IRS will email you a confirmation within 48 hours.

Compare TurboTax Products


TurboTax TY 2010 Disclaimers
100% accurate calculations guaranteed
If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
Maximum Refund Guarantee--or Your Money Back
If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.95 and a refund of your state purchase price paid.
Claims must be submitted within sixty (60) days of your TurboTax filing date and no later than 6/18/11. E-file, Audit Defense, Professional Review, Ask a Tax Expert, Refund Transfer and technical support fees are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee.
You're never alone with TurboTax; you can get answers with free product support when you need it through chat, online community, and by phone.
Technical support (phone and chat) hours are limited and vary by time of year.
#1 Rated, Best-Selling (tax software)
Based on aggregated sales data for tax year 2009 and press reviews for TurboTax Deluxe and Premier for tax year 2009.

Product Description

If you own a home, made donations or have medical expenses, TurboTax Deluxe will easily get you every tax deduction you deserve. Includes free state preparations and Federal e-File—receive IRS confirmation and get your refund in as fast as 8 days. State e-File available in certain states for an additional fee.

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