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I am considering buying TurboTax

Hi, I am considering buying TurboTax for the first time in hopes of avoiding the ever increasing fees from local CPA firms. I have a few investments and a small self employed business, and work a full time job. If anyone has an opinion, pro or con, about using TurboTax with Quicken, please share your thoughts. Thanks.
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Best Answers

  • The KeeperThe Keeper Member ✭✭✭✭
    Accepted Answer
    Not sure what you mean about using Turbo Tax with Quicken. Quicken was originally developed by Intuit, the same company that develops and operates QuickBooks, but Quicken was sold to H.I.G. Capital in 2016. Quicken is a valuable resource if you are going to use Turbo Tax inasmuch as you can generate numerous reports in Quicken concerning your spending such as charitable donations, medical expenses, business expenses etc.
    I have used Turbo Tax for many years and I am happy with its performance.
  • thecreatorthecreator SuperUser ✭✭✭✭✭
    edited February 16 Accepted Answer
    osowitt said:
    Hi, I am considering buying TurboTax for the first time in hopes of avoiding the ever increasing fees from local CPA firms. I have a few investments and a small self employed business, and work a full time job. If anyone has an opinion, pro or con, about using TurboTax with Quicken, please share your thoughts. Thanks.



    That the best place to ask questions about Turbo Tax.
    thecreator - User of Quicken Subscription R31.20  USA & Quicken 2017 HBRP R20.6 USA
                       Windows 10 Pro 32 & 64-Bit Build 21322.1000
    also            Windows 10 Pro 64-Bit Build 19042.804

    Note: Product What's New in Quicken is grayed out.. Also Year is stuck on 2020 and Copyright Date is stuck 2018 in About Quicken.

    View: https://community.quicken.com/discussion/7859218/work-with-copies-of-your-actual-quicken-data-files/p1?new=1

  • FrankxFrankx SuperUser ✭✭✭✭✭
    Accepted Answer
    Hi @osowitt,

    As is noted above, especially since Quicken and TurboTax were once owned by the same company - and Quicken still uses Intuit for part of its transaction downloading process - there is a close relationship between the two entities, which provides an advantage for Quicken users to use TurboTax in general, and to use the import of Qucken data into TurboTax in particular.

    That being said, moving from using a professional firm to doing one's own income tax preparation can be a big jump, depending on a) one's knowledge of the tax regulations, and b) more importantly, how complex one's financial affairs are. 

    But in general, I have found that TurboTax works very well for individuals with W-2 income, social security income, interest/dividend income, itemized deductions, etc.  And I think that if you keep accurate records in Quicken for your "small self-employed business" I expect that the you should be able to import that data reasonably well into TurboTax. I would then suggest that you spend a fair amount of time comparing the data in TurboTax this year with your prior year tax returns, especially with respect to the business, to ensure that you haven't missed something.

    Also, I am not sure of this, but you may be able to "try out" TurboTax for free before actually buying it, which may give you a feel for how easy/hard it is to use the application.  Also, TurboTax does have a fair amount of On-line help available for its users, and maybe even the availability of talking/chatting with their tax "specialists" for difficult areas.

    Hope this helps.

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
  • FrankxFrankx SuperUser ✭✭✭✭✭
    edited February 13 Accepted Answer
    P.S.

    Oh, one more thing that I didn't mention - TurboTax does allow you to "upload" your prior year tax returns from last year (depending on the software that was used) or you can enter prior year data from those returns manually.  Which is a feature that could help with this year's tax preparation, because the application will ask you about whether you have "missed" inputting similar income or deductions that appeared on your prior year returns.

    [edited to clarify the uploading of prior year tax data]

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
  • volvogirlvolvogirl SuperUser ✭✭✭✭
    Accepted Answer
    The link to the Turbo Tax forum posted above from thecreator is to the Canada Turbo Tax.  The USA forum is https://ttlc.intuit.com/community/home/misc/03/en-us 
  • Chris_QPWChris_QPW Member ✭✭✭✭
    Accepted Answer
    I done my own taxes every year since 1975 except for one year where I bought a house and decided that I would see what a professional would do for that case.  In reality he didn't do anything "surprising".

    So my opinion is about doing it yourself (with whatever program you choose) or having someone else do it.

    The tax programs (including TurboTax) are pretty good, but just like where Quicken's ads say something to the effect that all you have to do is start the program and in a couple of minutes you are done, isn't realistic, the tax programs would like you to believe that if you follow their instructions that there isn't any way you can do anything wrong and you will always get the best result (highest refund/pay lowest tax).  This isn't true.

    What I would do to make sure that the tax program gives you the result you want is to use your last year's taxes as a guide of what needs to be filled in.  The tax programs have an interactive question mode and you can also switch to the forms.  I would do the interactive mode, but before filling I would switch to the form mode and make sure that the same areas have been covered.
    (I'm using the latest Quicken subscription version)
  • Chris_QPWChris_QPW Member ✭✭✭✭
    edited February 13 Accepted Answer
    osowitt said:
    Thank you Chris for this very interesting and thorough explanation. It is very helpful. Your note add that you are using the latest Quicken subscription version. Is that a helpful factor in regards to this issue?
    That part below is my "signature" for this forum.  It is helpful when posting questions about Quicken to know what version of Quicken they are using, so I just have that to let people know that I always use the latest version of Quicken.

    On the subject of Quicken and Taxes.  Some people swear by being able to export from Quicken into TurboTax.  Personally I have found that not too useful, whereas you can get caught up in just the process of making it work right.  Like there is a thread on here back and forth about how Quicken doesn't provide a complete list of tax lines and as such the person couldn't export his wife's and his gross social security amounts separately.  All that for what is in fact two numbers that have to be entered and where the official numbers really come from the 1099s.

    BUT what is very important for any taxes is complete records, and the ability to pull up that kind of information.  Quicken does a good job of that and as such is helpful in this process.  On the other hand it isn't magic.  We have people come in every year asking how to get a year's worth of data into Quicken so they can export it to TurboTax.  Well getting the transactions is only part of the problem you have to properly categorize everything.  Quicken can make guesses at this, but it certainly shouldn't be just Quicken's guesses.  Doing it throughout the year as the transactions comes in makes it relatively easy to do, and then at the end of the year you have this to help you.

    TurboTax also has features that allow you to get a lot of this data directly from the financial institutions.
    (I'm using the latest Quicken subscription version)
  • TurbofastTurbofast Member ✭✭
    Accepted Answer
    Dear Osowitt,
    I've used Windows TurboTax (TT) probably since it started. It's been a great tool. TT has grown and improved a lot over the years. First time using it, use the interview and answer all the questions. Time consuming but worth it. Highly recommend TT. But read on, please.

    Over the years, tracked complex spending on multi linked Excel worksheets for Farming, Rental Property, and Employee Expenses. I fought against using Quicken but took the plunge May 2020. All last year, I've been uploading, categorizing, tagging, memo'ing, etc., everything into Quicken Home, Business, Rental Property.

    Here's the kicker. Now it's time to import the data into TT and wouldn't you know Quicken has a long-time bug in their Tax Schedule Report since before 2018 (read that this morning) which does not accurately transition tax data into TT? (What??) I was on the phone with Quicken for two hours day before last and they were stumped on why Quicken was unable to resolve "unspecified tax line items" for the import into TT.

    Go to Reports, Tax, Tax Schedule. If there are entries which say something like, "Schedule E:Unspecified Rental Expense", Schedule C:Unspecified..." my understanding is either Quicken can't import and/or TT won't accept?

    If I sound disappointed and defeated, I am. I thought Quicken was going to solve importing 12 months of collected data into TT.

    I'm not sure how others have imported their data without finding this. Maybe they just trusted the data landed accurately?

    I'd love for someone to prove me wrong and I'll buy you a beer! Or send you a coupon for a beer. And we'll forward your solution to Quicken Tech Support.

    Thanks for the question. Aren't you glad you asked?

Answers

  • The KeeperThe Keeper Member ✭✭✭✭
    Accepted Answer
    Not sure what you mean about using Turbo Tax with Quicken. Quicken was originally developed by Intuit, the same company that develops and operates QuickBooks, but Quicken was sold to H.I.G. Capital in 2016. Quicken is a valuable resource if you are going to use Turbo Tax inasmuch as you can generate numerous reports in Quicken concerning your spending such as charitable donations, medical expenses, business expenses etc.
    I have used Turbo Tax for many years and I am happy with its performance.
  • thecreatorthecreator SuperUser ✭✭✭✭✭
    edited February 16 Accepted Answer
    osowitt said:
    Hi, I am considering buying TurboTax for the first time in hopes of avoiding the ever increasing fees from local CPA firms. I have a few investments and a small self employed business, and work a full time job. If anyone has an opinion, pro or con, about using TurboTax with Quicken, please share your thoughts. Thanks.



    That the best place to ask questions about Turbo Tax.
    thecreator - User of Quicken Subscription R31.20  USA & Quicken 2017 HBRP R20.6 USA
                       Windows 10 Pro 32 & 64-Bit Build 21322.1000
    also            Windows 10 Pro 64-Bit Build 19042.804

    Note: Product What's New in Quicken is grayed out.. Also Year is stuck on 2020 and Copyright Date is stuck 2018 in About Quicken.

    View: https://community.quicken.com/discussion/7859218/work-with-copies-of-your-actual-quicken-data-files/p1?new=1

  • FrankxFrankx SuperUser ✭✭✭✭✭
    Accepted Answer
    Hi @osowitt,

    As is noted above, especially since Quicken and TurboTax were once owned by the same company - and Quicken still uses Intuit for part of its transaction downloading process - there is a close relationship between the two entities, which provides an advantage for Quicken users to use TurboTax in general, and to use the import of Qucken data into TurboTax in particular.

    That being said, moving from using a professional firm to doing one's own income tax preparation can be a big jump, depending on a) one's knowledge of the tax regulations, and b) more importantly, how complex one's financial affairs are. 

    But in general, I have found that TurboTax works very well for individuals with W-2 income, social security income, interest/dividend income, itemized deductions, etc.  And I think that if you keep accurate records in Quicken for your "small self-employed business" I expect that the you should be able to import that data reasonably well into TurboTax. I would then suggest that you spend a fair amount of time comparing the data in TurboTax this year with your prior year tax returns, especially with respect to the business, to ensure that you haven't missed something.

    Also, I am not sure of this, but you may be able to "try out" TurboTax for free before actually buying it, which may give you a feel for how easy/hard it is to use the application.  Also, TurboTax does have a fair amount of On-line help available for its users, and maybe even the availability of talking/chatting with their tax "specialists" for difficult areas.

    Hope this helps.

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
  • FrankxFrankx SuperUser ✭✭✭✭✭
    edited February 13 Accepted Answer
    P.S.

    Oh, one more thing that I didn't mention - TurboTax does allow you to "upload" your prior year tax returns from last year (depending on the software that was used) or you can enter prior year data from those returns manually.  Which is a feature that could help with this year's tax preparation, because the application will ask you about whether you have "missed" inputting similar income or deductions that appeared on your prior year returns.

    [edited to clarify the uploading of prior year tax data]

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
  • volvogirlvolvogirl SuperUser ✭✭✭✭
    Accepted Answer
    The link to the Turbo Tax forum posted above from thecreator is to the Canada Turbo Tax.  The USA forum is https://ttlc.intuit.com/community/home/misc/03/en-us 
  • Chris_QPWChris_QPW Member ✭✭✭✭
    Accepted Answer
    I done my own taxes every year since 1975 except for one year where I bought a house and decided that I would see what a professional would do for that case.  In reality he didn't do anything "surprising".

    So my opinion is about doing it yourself (with whatever program you choose) or having someone else do it.

    The tax programs (including TurboTax) are pretty good, but just like where Quicken's ads say something to the effect that all you have to do is start the program and in a couple of minutes you are done, isn't realistic, the tax programs would like you to believe that if you follow their instructions that there isn't any way you can do anything wrong and you will always get the best result (highest refund/pay lowest tax).  This isn't true.

    What I would do to make sure that the tax program gives you the result you want is to use your last year's taxes as a guide of what needs to be filled in.  The tax programs have an interactive question mode and you can also switch to the forms.  I would do the interactive mode, but before filling I would switch to the form mode and make sure that the same areas have been covered.
    (I'm using the latest Quicken subscription version)
  • osowittosowitt Member ✭✭
    Thank you Chris for this very interesting and thorough explanation. It is very helpful. Your note add that you are using the latest Quicken subscription version. Is that a helpful factor in regards to this issue?
  • Chris_QPWChris_QPW Member ✭✭✭✭
    edited February 13 Accepted Answer
    osowitt said:
    Thank you Chris for this very interesting and thorough explanation. It is very helpful. Your note add that you are using the latest Quicken subscription version. Is that a helpful factor in regards to this issue?
    That part below is my "signature" for this forum.  It is helpful when posting questions about Quicken to know what version of Quicken they are using, so I just have that to let people know that I always use the latest version of Quicken.

    On the subject of Quicken and Taxes.  Some people swear by being able to export from Quicken into TurboTax.  Personally I have found that not too useful, whereas you can get caught up in just the process of making it work right.  Like there is a thread on here back and forth about how Quicken doesn't provide a complete list of tax lines and as such the person couldn't export his wife's and his gross social security amounts separately.  All that for what is in fact two numbers that have to be entered and where the official numbers really come from the 1099s.

    BUT what is very important for any taxes is complete records, and the ability to pull up that kind of information.  Quicken does a good job of that and as such is helpful in this process.  On the other hand it isn't magic.  We have people come in every year asking how to get a year's worth of data into Quicken so they can export it to TurboTax.  Well getting the transactions is only part of the problem you have to properly categorize everything.  Quicken can make guesses at this, but it certainly shouldn't be just Quicken's guesses.  Doing it throughout the year as the transactions comes in makes it relatively easy to do, and then at the end of the year you have this to help you.

    TurboTax also has features that allow you to get a lot of this data directly from the financial institutions.
    (I'm using the latest Quicken subscription version)
  • TurbofastTurbofast Member ✭✭
    Accepted Answer
    Dear Osowitt,
    I've used Windows TurboTax (TT) probably since it started. It's been a great tool. TT has grown and improved a lot over the years. First time using it, use the interview and answer all the questions. Time consuming but worth it. Highly recommend TT. But read on, please.

    Over the years, tracked complex spending on multi linked Excel worksheets for Farming, Rental Property, and Employee Expenses. I fought against using Quicken but took the plunge May 2020. All last year, I've been uploading, categorizing, tagging, memo'ing, etc., everything into Quicken Home, Business, Rental Property.

    Here's the kicker. Now it's time to import the data into TT and wouldn't you know Quicken has a long-time bug in their Tax Schedule Report since before 2018 (read that this morning) which does not accurately transition tax data into TT? (What??) I was on the phone with Quicken for two hours day before last and they were stumped on why Quicken was unable to resolve "unspecified tax line items" for the import into TT.

    Go to Reports, Tax, Tax Schedule. If there are entries which say something like, "Schedule E:Unspecified Rental Expense", Schedule C:Unspecified..." my understanding is either Quicken can't import and/or TT won't accept?

    If I sound disappointed and defeated, I am. I thought Quicken was going to solve importing 12 months of collected data into TT.

    I'm not sure how others have imported their data without finding this. Maybe they just trusted the data landed accurately?

    I'd love for someone to prove me wrong and I'll buy you a beer! Or send you a coupon for a beer. And we'll forward your solution to Quicken Tech Support.

    Thanks for the question. Aren't you glad you asked?
This discussion has been closed.