2020 Taxes
- Thread starter Trice
- Start date
- Jun 20, 2006
- 38,262
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If you plan on using TurboTax and are deducting student loan interest, it bumps you out of the free filing and it’s 80 bucks (40 fed 40 state). Just got done filing tonight and of course they don’t tell you that until you get there, which was like 3/4 of the way into the return.
I finally switched from using HR Block to TurboTax. My federal refund was higher than it has been in years past so I'm not sure if I screwed something up or some other factor. Ended up costing the 80 bucks but still way less the HR Block.
If your situation hasn't really changed, I would be cautious about attributing your increased refund to TurboTax without comparing past tax returns to your most recent one.
Perhaps it was the addition of the charitable contribution deduction even for people who took the standard deduction.
I would put in a plug for freetaxusa.com. It's complete free to file the federal return and then 12.95 for state. They don't upcharge you on investment income, K-1 income, etc. Everything is covered (at least that I can tell) at the 12.95 price. I'm a CPA so I of course verify the tax numbers, and they are spot on. Tax software really isn't a whole lot different from one to another, so in my mind, you might as well shop based on price.
I would also add that the IRS refund status page is having some errors for some people. See the notice at the top of the page. My refund isn't even showing up as approved yet even though it is arriving today.
I have been very happy with what you get for the price. It’s not quite as “hold your hand” friendly as other software, but it gets the job done for a fraction of the cost.
I've used this for three years now and been pretty pleased, and the hand-holding comment is pretty accurate. It's bare-bones but I actually prefer that because when you need help it actually pulls up the actual IRS instructions instead of rephrasing everything in a way that only winds up being confusing.
$12.95 is a hell of a deal and even then they have promo codes for another 10% off.
I'm cheap. I do them myself old school via paper forms. Then I run my numbers through Tax Slayer to make sure I got the same answer. I never actually "file" on Tax Slayer to avoid their fees. Sure it takes longer to get my refund, but I don't need the money that quickly.
My wife and I qualify 100% for the stimulus money. The first stimulus last Spring was direct deposited. This time, my wife got a $600 check a month ago. I got nothing. So in doing my taxes, I see they have a line on the 1040 to claim your unpaid stimulus money. Just mind-blowing how incompetent the,,,, errrr, I mean, great job Feds! Thhhhaaaaannnnkkkk Yoooouuuuu!
How does a line on the 1040 for unpaid stimulus money make the government incompetent?
The stimulus was a 2020 tax credit that was advanced to people based on their 2019 or 2018 filings. So there are numerous reasons why a person might not have gotten the advanced payment but actually qualify for the tax credit, which is why the line is on the 1040 (To make sure everyone that should get it does).
It never ceases to amaze me how much sh** the IRS gets. The amount of information they have to process is unfathomable. Throw in a bill passed in March when COVID was shutting everything down and everyone expects it to be perfect.
Because I compare government services to corporate services. Last Spring they put $2,400 in our account electronically, so they have all my bank info. But yet this time they send a $600 check (instead of direct deposit) and somehow overlook the other $600. It's like the left hand doesn't know what the right hand is doing. So they throw a fix into the tax forms and tell you to figure it out yourself via worksheet. So that puts the burden on me and you know there will be folks who don't figure it out and never get their money.
You know how that would fly in the corporate world? Customers would leave you in droves. For example, I had a large credit on my credit card due to airline travel refunds. I called them and said send me that money, rather than let it apply to my future purchases. They did exactly as I requested. I didn't have to do a thing except make the call. I'm sorry if my view offends you, I'm just calling it as I see it.
