I was caught off guard when trying to dtermine where to enter 1099 s information. It was time consuming to find the 1099 s information in Turbo Tax and the blog gave too many conflicting answers.
Honestly, if you have a small business and you don't like people knowing your business this is the perfect way to go. They ask all the questions that need to be asked and have help right there at a click of the mouse.
I know what the tax return should have looked like and TurboTax filled out the forms correctly. However, there should be set of cautions either in a separate screen or cautions shown as one fills out the screens. The cautions should be highlighted. Example: I uploaded my stock transactions from my broker. When I entered the sales from the K-1s the transactions were entered on Form 8949. I realized that I needed to then delete the uploaded transactions from my broker- otherwise the transactions would have been duplicated. A warning message would have be helpful for those not checking their 8949s carefully.
Turbo Tax is perfect software for the average taxpayer who keeps good records and knows the basic requirements for tax return preparation. If you have kept all your records in a jumble in a shoe box, you need to hire a tax-preparer who is willing to do your organizational work for you. If you know where your records are and you can tolerate a few hours to yourself to work through the process, then you, like me, can fairly easily and reasonably get your own, and both your sons' (one of whom has multiple states to report to) begun and finished in one day of answering the questions. It could only be easier if you did not have to do it at all.
I've used the "Estimated F8" feature to tag fields I was ballparking for an intial return, then refined my return by going over those estimated fields and putting in more accurate values. I've found this a real time-saver to get the initial estimates of costs so I can have my money properly allocated. This year, the error checker did not catch estimated fields! In several cases I could *NOT* un-flag an estimated field after I used it. After a decade of loyal TurboTax use, I will *NOT* use the product again.
Home and Business version is required to handle a rather uncommon situation of selling a property by Land Contract.
Having used the TurboTax Home & Business for the past 4 years, each year it is uncertain the correct way to enter the appropriate information and whether or not the entries are consistent with the previous year. Also the implications to depreciation of the property, Capital gain, calculation of Tax Liability on principle and interest, etc is hidden in the software calculations rather than summarized in a year to year progression. This would be a simple and very helpful capability. Having experienced the Default of a Land contract, this becomes a real burden to scour back through the TT details.
I find similar ambiguities in the menus entering details from 1099-R for rollover. the references to 401K and IRA accounts are vague and confusing without clear delineation of original account, new account etc.
The uncertainty of these items is almost sufficient to encourage working with a professional preparer even though I have prepared my own taxes since 1977 and with TT assistance since the 90's.
Pros: My job status changed this year (switched jobs, lost a job, got a raise or promotion)