So far, it seems the cheapest way to get Federal+State (at least that I can access) seems to be Costco - they have a $10 off coupon (Jan 5 - Jan 29), which brings the boxed Deluxe version down to $39.79 + tax. That seems to beat online Fed basic ($14.95) + state ($27.70) after 25% discount offered by various brokers and fund families. It may be possible to get this for less or free, e.g. Vanguard provides Flagship ($1M) customers free online Deluxe turbotax.
(Note: Costco's version is often slightly different from the standard version - I think it may come with less "free" stuff from Intuit and/or the Intuit contact mechanism is a little different - but it's been so long since I've done a detailed comparison I'm very fuzzy on this.)
I much prefer to have the software (and especially the data) on my machine and not in the cloud, so even if the Deluxe CD cost a couple of dollars more than the online version, I'd still prefer it.
Comments
Still, using the actual software on your PC reduces the potential attack vector.
Most states have free e-file directly at the state website.
Also, buying the Costco "hard copy" provides (5) free e-file to the Feds and additional (1) state e-file (if one would need it). Family members /Friends might do better sharing the "hard copy" since there are five free e-file verses having to pay individually for the online option which provides 1 free Fed e-file.
It appears that Costco and Amazon are matching prices, not including the $10 Costco coupon.
I agree. They have to have all the forms regardless of version, and except for one year when I experimented with the Home and Business edition, have never gone above the Deluxe version. Without going into my reasons for trying out that version, suffice to say that I found nothing that provided me additional help with investments beyond what I'd used in Deluxe.
Show me some software that will handle all the idiosyncrasies of bond investments (return of principal, OID, market discount, de minimus gain, etc.) and I'll be impressed. If it doesn't do that, then I'm handling my own investment calculations anyway.
Turbotax Unable to handle market discount: http://turbotax.intuit.com/support/iq/Investment-Income/Unable-to-report-Market-Discount-Bonds-in-TurboTax/SLN45852.html
Hey JimH,
This was more of a question than a comment. I have bounced around from year to year with these different versions.
Investor and msf make good points. I'll utilize Deluxe this year.
The main advantage of the program is walking you through an interactive, relatively easy to use question, answer session to fill various forms and submit electronically. It costs cheaper than hiring a CPA. It is a significant step up from figuring out which tax forms to use and filling them manually. Unless your tax situation is very complex, most people could actually save money by going through Turbo tax first.
However, given your situation with various trusts and inheritence etc. I would also hire a CPA to do the taxes.
Since tax laws change every year, there is a new version of Turbo Tax to use (purchase) every year. It can import W-2 data and financial data from various sites and programs (Quicken, GainsKeeper, etc) to automate data entry.
https://www.taxact.com/index.asp?sc=1104262525001EF
I like it.
I use turbo tax and usually buy it from MFO/FA amazon linkage last year. I find it very easy to use, we have the small bussiness/home version, cost ~ 80$$s/program. It's nice because I share this with my brother and my mom, you can efile I believe total of 4 taxes/disc which my mom and brother does. but if I do the tax, I CAN save as many versions as desired and mail it via mail [takes a little longer but it's better for our family because we always have to pay more so deferring payment is good for us
Deluxe. $19.45, state is $36.95
http://turbotax.intuit.com/microsite/personal-taxes/;jsessionid=UaoU2VRxnzOvfT-tw2qSmg**.g51-3?priorityCode=3468339796&msid=z3
https://personal.vanguard.com/us/insights/guide/turbo-tax-landing
From the back of the Costco Turbotax boxes:
Includes 1 State product via download (Print for free or e-file for $19.95 per return)
Intuit's description of the regular Deluxe version conveys the same message:
$59.99 Federal and State, Free federal efile included. Footnote: Additional fees apply for efiling state returns ($19.95). State e-file is an additional fee.
All versions point out that the state e-file fee does not apply in NYS.