Frustrating that we had to research how to correctly report multiple stock transactions. We chose to aggregate and report the total of all transactions rather than list each sale on a separate line of Form 8949. TurboTax did not have instructions for how to do this (ie., correct entry for box 1a of Form 8949 per IRS instructions). Did not contain information about using Form 8453 to submit a separate statement (namely, the 1099B from out broker) to show the aggregated individual transactions. Also did not let us enter M in box 1f as required by IRS instructions to indicate that we are sending in form 8453 w/copy of 1099B. TurboTax should have a way to choose this option as part of the step-by-step questionnaire. We tried to override to correct the entries on Form 8949, but then were unable to Efile, so ended up leaving them as originally set up by turbotax program. Very frustrating. Please correct/upgrade this component of the program for next year.
What's great about it: liked that turbo tax calculated maximum SEP IRA; questionairre format easy to use
What's not so great: multiple stock transactions not able to enter correctly
Apparently a portion of the standard mileage expenses relates to depreciation. This needs to be brought to the attention of Turbo Tax users BEFORE they begin claiming the deduction so they know what they are getting into and can keep adequate records. Turbo Tax should have been able to automatically populate the mileage data from prior years and done the calculations.
Error message like :Xbat-1 is too high" needs to be much better explained.
What's great about it: Mostly smooth and easy; have used it for 10 years.
What's not so great: Section on changing vehicle used for business was especially difficult
Turbo tax walk through is a review of income and deductions to ensure you make the correct calculations. It is an excellent tool for those with some accounting / tax background to allow for integration of Quickbooks and Turbo Tax to create the Schedule C necessary to include your business income in your personal tax filing. I have tried others and found Turbo tax to be the easiest to use year in and out.