turbotax vs accountant

[Anonymous]

DH and I use turbotax for our taxes. Wondering if this is the right approach or if we should use an accountant. HHI 400K. We are both professionals employed by corporations (i.e., we don't run our own business). Finances are pretty simple. Some stock/mutual fund investments and our primary home. Thanks!

[Anonymous]

Turbotax is fine for your situation.

[Anonymous]

A few years ago,my DH and I used an accountant for a one time complicated tax situation. The next year and back to our typical return, we used the accountant again AND bought a Turbo Tax for comparison. The results were basically the same.

[Anonymous]

How much is your time worth op?
If you don't mind taking 2 or 3 hrs on a Saturday to work through TurboTax (it's pretty user friendly) to do your own taxes then buy the software at Costco (it's cheap there) and get started. You can save your info for easy filing year after year too.

If you don't have the time, then go to your accountant and let him/her do it

[Anonymous]

Anonymous wrote:Turbotax is fine for your situation.

+1. You’re good.

[Anonymous]

I hired an accountant when I started having more than 2 state returns due to business travel. TurboTax just couldn’t work.

But, 1 fed return and 1 state return is perfect for it.

[Anonymous]

Anonymous wrote:I hired an accountant when I started having more than 2 state returns due to business travel. TurboTax just couldn’t work.

But, 1 fed return and 1 state return is perfect for it.

Wait, what?! Business travel doesn’t result in multiple state returns!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:I hired an accountant when I started having more than 2 state returns due to business travel. TurboTax just couldn’t work.

But, 1 fed return and 1 state return is perfect for it.

Wait, what?! Business travel doesn’t result in multiple state returns!!

I can't tell if you are joking. It absolutely can, depending on the state and the number of days spent working in that state.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Turbotax is fine for your situation.

+1. You’re good.

+2
An accountant is useful if you have more complicated finances in some way, but two wage earners is pretty straightforward.

[Anonymous]

It's fine as long as you don't have anything weird or are willing to do a little research when something weird comes up. For me, gathering the documents is the hardest part--and i'd have to do that either way. I'm not going to pay someone to do the data entry.

[Anonymous]

We have two investment properties, four LLCs, and two incomes, one with international organization quirks, and I use Turbotax. Hate doing it every time but never get around to an accountant. Nonetheless Turbotax is fine once you steel yourself for doing taxes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I hired an accountant when I started having more than 2 state returns due to business travel. TurboTax just couldn’t work.

But, 1 fed return and 1 state return is perfect for it.

Wait, what?! Business travel doesn’t result in multiple state returns!!

I can't tell if you are joking. It absolutely can, depending on the state and the number of days spent working in that state.

For the pp who may or may not be joking. http://money.cnn.com/2013/06/28/pf/taxes/business-traveler-tax-threat/index.html

The year I hired the accountant I had 6 state returns and the longest I was in any of the states was 4 days.

[Anonymous]

Turbotax is fine. You just need to really follow it step by step.

[Anonymous]

Anonymous wrote:I hired an accountant when I started having more than 2 state returns due to business travel. TurboTax just couldn’t work.

But, 1 fed return and 1 state return is perfect for it.

I've had no trouble using TurboTax for multiple state returns. I've done it twice. The first time I was stressed out about TurboTax getting it wrong so I went back and did them by hand. I was off by something like $17 in one state, which is negligible. You just need one of the more expensive versions - Deluxe or Premiere or something.

But OP - in your situation that higher end version of TurboTax (the one that says it will do Schedule D for you) is fine.

[Anonymous]

Why is this taking people multiple hours? DH and I sound similar to the OP (2 incomes, mortgage, capital gains and dividends) PLUS DH does some freelance work on the side and gets a 1099, and it still took me about an hour a few weekends ago to get our taxes done (via TurboTax) while my kids were napping.