I can get my tax return completed in about two hours and fairly stress free. I don't have to worry that someone else makes a mistake, it's all done here.
What's great about it: Turbo Tax walks me through a fairly stressful time for me.
What's not so great: Sometimes I get overwhelmed with all the deductions and such that don't apply to me.
Problem 1: I use a simple Excel worksheet to simulate the IRS tax tables and compute my tax. I checked my TT work and checked the IRS tables and could not make my Excel numbers match what I was seeing on TT 1040. TT shows the Taxable Income and the computed tax so it should be easy to match with IRS tax tables. But somewhere in the back ground, TurboTAx uses the qualified dividends to lower my tax. The amount of tax lowering or why the tax computed doesn't match the IRS tables is not explained. This caused me an hour of frustration.
Problem 2: I made several IRA distributions in 2013. TT was computing its tax based on the assumption that 100% of the distributions being taxable. It did not ask me the question about whether I had kept track of prior non-deductible contributions. Normally TT brings the form 8606 IRA basis information forward from the prior year, but it did not do that this year. It was not until I went back to do a what if on an IRA contribution, that it asked me about the IRA basis. As soon as I said I kept track of my basis, I went from TT showing me owing $1000 to showing a $2500 refund. I deleted the what if IRA contribution because now TT said I owed no money. But I could not figure out why, when I had changed Nothing, (I thought) did the tax calculated make a $3500 swing.
Later, while painstakingly going through each section of the 1099s and the IRA interview questions, TT finally asked me for the current value of all IRAs. When i entered that amount, the $2500 tax refund went to a tax owed of about $800. I finally realized that by entering the IRA value that TT was creating a pro rate formula so that not all of my IRA distributions were taxable. But the way this all happened was very confusing and frustrating.
TT should have asked me about my non-deductible contributions as soon as it realized I had made an IRA distribution rather than when I was doing a what if on an IRA contribution. That's the root cause of an hour of frustration.
What's great about it: most of it worked as expected
What's not so great: I had difficulty with understanding why TT was changing numbers.
I have used TurboTax since I worked for an accountant 20 some years ago - and he used it. I have generally been very happy with it. Only problem I have had is the past 2 years the HSA forms were not right and when I filed my son's taxes, he got a different refund than what we sent in for. I like to file my taxes early, but this year I waited until March 1 hoping all updates to forms and calculations have been made. So, this experience has made me a little nervous!
What's great about it: Carry over from previous years
What's not so great: Produces some forms that I don't think were needed...such as student loan - don't have one!