In 2012 the Federal Carryover Worksheet appropriately showed a nonrecaptured net Section 1231 loss of 18600 from the sale of a rental property. Since I am a retired enrolled agent, I knew that I either needed to file a 1045 and carryback or I needed to elect to carry forward. It would be nice for others in this situation that the loss be * (starred) to consult with a tax professional to see how best to handle this situation. DO not IGNOR, because it probably has favorable tax consequences for you in a prior or future year.. The election to carry forward needs to be made timely. Since the 2013 program had no way to know that I filed 1045, it still shows the Section 1231 loss as a carry forward on the 2013 Federal Carryover .Worksheet. Another minor item, I filled in the 3rd party designatee information, but did not check the box. This was not picked up in error check. I notice when reviewing the return. I have used Turbo Tax since I retire in 1999. I've recommended to many others.
Had to guess which of the 5 files I had to click. Not quite clear. Had to click and hope. But once I got to the right screen then all is well that ends well.
ps. am not so pc savy that is why I had always ordered turbo tax for years. this year was different.
What's great about it: easy to follow after initial entry
What's not so great: not clear what to click when it first opened. It has 5 files and had to guess which one to open or download.
I had some unusual circumstances last year. So I thought I would try Turbo Tax to see if it would be easy or if I should hire a tax professional. I figured if it works, then great, if not I'll get help. Well, Turbo Tax walked me thru step by step and did the job without having to hire another tax professional. I feel really good about my returns and I did it myself!! Thank you Turbo Tax. Why anyone would hire someone else is beyond me!
What's great about it: Simple and straight forward..
Turbo Tax does it again. This is 4th or 5th year we have used it. Never going back to a "professional" preparer again. And we plan to have rental property and more retirement investments next year. Staying with Turbo Tax..
What's great about it: Easy to use, updates, compares to last year
Pros: My job status changed this year (switched jobs, lost a job, got a raise or promotion)
I have been using turbo tax for the last 5 or more years and have been pleased. As long as you are honest with your entries, you will avoid any red flags. Thanks