Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

Turbotax vs. H&R Block At Home

msf
edited February 2015 in The OT Bullpen
I've now tried out H&R for long enough to know what I don't like about it - basically its limitations, which seem to be more severe than with TT.

There seem to be a number of forms and questions that it has me do manually. TT has this problem also, but it does a better job of filling in more information. For example, H&R seems to put you through a lot more work on form 1116 (foreign tax credits - if you've got taxable international funds).

H&R is much more restrictive in the amount of text you can put into attachments or even line descriptions. It won't let me fill in the full, correct Fidelity IRA payer name: National Financial Services LLC as agent for FIDELITY INVESTMENTS.

What made me throw up my hands is that H&R doesn't seem to handle getting a state income tax refund for 2013 when one made an estimated payment January 2014. The proper treatment is to prorate the refund across 2013 and 2014, based on how much was paid in each year. Then for 2014, instead of deducting the whole amount of the January estimate, you get to deduct only the net amount (the estimate minus the portion of the refund allocated to 2014).

Here's Pub 525's simple example. I tested this by constructing a skeleton return using TT 2013 and H&R 2014. The latter failed if one didn't itemize in 2013. TT handles all cases correctly.

On the plus side, H&R does import a reasonable set of brokerage statements (including Fidelity's - there seemed to be some question about that here). And you have to upgrade TT to be able to file a return with imported data. I've read (and am counting on) a free upgrade on TT (this is only for 2013 users of TT though).

Sign In or Register to comment.