Finally figured out I needed to have 2 properties listed - 1 for rental and 1 for royalties payment on a gas royalty check I received. I had to delete my rental property info and lost and had to reinput my previous years history for the property. Should have some way to re-import history from a previous return without starting over?
What's great about it: As always easy to navigate, asks for all the right information
What's not so great: Had issues fileing a gas royalty payment on rental property
Very easy to use. Guides walk you through every possible deduction and income type. I typically purchase the CD each year so my returns just pull through. Last year - I filed on-line and while my 2012 return is on my computer and saved as a .pdf as it was supposed to be saved, it would not pull through as the current 2013 CD software said that it couldn't find it. Wasn't too much of an issue but I do like to compare years.
What's great about it: Very Easy to use
What's not so great: I flied on-line last year and the CD software couldn't find my return
I am concerned about all the new rules about Health Insurance. For the first time I had an HSA account and, to be honest, I don't know what its true value is other than I was able to sock away some money to pay for medical expenses without paying taxes on it. As for my health insurance premiums, I took just eight months of those expenses, because, while I was pd a full twelve months of premiums, my employer for the first four months OFFERED health insurance, but it was too expensive and I went out to the private market. But, as i understand, I can't write off the those premiums. I hope this info is not too personal but this whole health insurance stuff got complicated quickly.
OH, I guessed on how to spread the premiums across 1099 income. I assigned premiums against 1099 based upon the % that 1099 represented for all my self employment. I hope that was right. Turbo Tax provided NO instructions on how to do that.
Next year's TurboTax will need to be complete ready to ask for and explain the health care costs and the taxable event associated with them.
What's great about it: As usual, it was straight forward and it covered all aspects
What's not so great: Being a first self-employed person, this section was challenging.
Pros: My job status changed this year (switched jobs, lost a job, got a raise or promotion)
Easy to use and thorough. I just went step by step and answered the questions. Any omissions or wrong numbers were flagged and the program asked about them later.
What's great about it: The product is similar from year to year so once you learn it the next year is easier.
What's not so great: The price for the optional audit support seems high considering that only 1% of returns by individuals are audited.