Freetaxusa vs Turbotax

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wesgreen
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Re: Freetaxusa vs Turbotax

Post by wesgreen »

alexbogle wrote: Wed Dec 28, 2022 9:02 am I love freetaxusa. I use their UI and then also fill out the 1040 manually. Then I compare and double check everything. This is easy because freetaxusa produces a filled-in copy of the 1040.

I'm sure TurboTax probably lets you do this too, but I refuse to support their lobbying efforts to prevent the U.S. government from simplifying the filing process for people.
+1
nalor511
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Re: Freetaxusa vs Turbotax

Post by nalor511 »

I used TT online for the first time in a long time, and found I actually prefer the straightforward UI of OLT.com and then freetaxusa, over TT. OLT is 9.95 for state and FTUSA is $15, both are far cheaper than TT. Definitely would never pay for TT
Nonchalance
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Re: Freetaxusa vs Turbotax

Post by Nonchalance »

I am trying freetaxusa now and am surprised at some details it does not collect, specifically payers TIN for 1099-INT, and timing of state estimated tax payments (just wants a lump sum for the year). I kinda trust they're unnecessary, but it also feels like important information for IRS and State tax departments.
DarkHelmetII
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Re: Freetaxusa vs Turbotax

Post by DarkHelmetII »

1) impressed with freetaxusa w2 upload
2) nice being able to view actual 1040 form intermittently in freetaxusa, without paying
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FiveK
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Re: Freetaxusa vs Turbotax

Post by FiveK »

Nonchalance wrote: Mon Feb 13, 2023 7:27 pm I am trying freetaxusa now and am surprised at some details it does not collect, specifically payers TIN for 1099-INT
Not needed.
and timing of state estimated tax payments (just wants a lump sum for the year).
Could be needed for the state version of federal Form 2210.
ehh
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Re: Freetaxusa vs Turbotax

Post by ehh »

Nonchalance wrote: Mon Feb 13, 2023 7:27 pm . . .timing of state estimated tax payments (just wants a lump sum for the year).
For me, it asked for the lump sum when entering information for the federal return. When entering information for the state return it asked for the details - amount and date of each estimated payment to the state Department of Revenue.

Not elegant, perhaps, but it does ask for the details when it needs the details - for the state return. Maybe this "feature" is a consequence of allowing you to complete your federal return before it asks you to pay for a state return.
acljump
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Re: Freetaxusa vs Turbotax

Post by acljump »

FreeTaxUSA doesn't have any phone support. I am finding this out now when I am trying to find out why my state tax return still hasn't been accepted after three days and counting.
CletusCaddy
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Re: Freetaxusa vs Turbotax

Post by CletusCaddy »

acljump wrote: Tue Feb 14, 2023 4:34 pm FreeTaxUSA doesn't have any phone support. I am finding this out now when I am trying to find out why my state tax return still hasn't been accepted after three days and counting.
They do have phone support but only under the “Pro Support” plan
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MJS
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Re: Freetaxusa vs Turbotax

Post by MJS »

nalor511 wrote: Fri Jan 27, 2023 12:54 am I used TT online for the first time in a long time, and found I actually prefer the straightforward UI of OLT.com and then freetaxusa, over TT. OLT is 9.95 for state and FTUSA is $15, both are far cheaper than TT. Definitely would never pay for TT
Using the coupon code FREETAXUSA10 gives 10% off the state tax price, plus whatever service level you'd like, ... so $13.50 rather than $15.
Ipsa scientia potestas est. Bacon F.
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BogleMelon
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Re: Freetaxusa vs Turbotax

Post by BogleMelon »

MJS wrote: Tue Feb 14, 2023 5:41 pm
nalor511 wrote: Fri Jan 27, 2023 12:54 am I used TT online for the first time in a long time, and found I actually prefer the straightforward UI of OLT.com and then freetaxusa, over TT. OLT is 9.95 for state and FTUSA is $15, both are far cheaper than TT. Definitely would never pay for TT
Using the coupon code FREETAXUSA10 gives 10% off the state tax price, plus whatever service level you'd like, ... so $13.50 rather than $15.
The code is no longer working
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
retire2022
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Re: Freetaxusa vs Turbotax

Post by retire2022 »

BogleMelon wrote: Fri Nov 25, 2022 10:10 am
3- A bit cheaper (though I expect this year to file 2 states as I am starting a new job remotely at a different state- which would bring the cost to the same).

I seek opinions on how the both compared, especially from people who used/switched over from one to another.
What was your experience comparing both software?
I like Glen Reeves shareware and it is better than TT as you need to learn how tax laws and regulations better closer to the real 1040.

https://sites.google.com/view/incometax ... e/download

tax law reference: IRS Publication 17: https://www.irs.gov/pub/irs-pdf/p17.pdf
MBJ0909
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Re: Freetaxusa vs Turbotax

Post by MBJ0909 »

Yup that discount code they have offered every year I've used them is no longer being offered this year (or if it is, I can't find a valid one to use). In previous years they also had an add on with free amendments and audit defense for $6. That has now been separated out and is more expensive. Still going to use Free tax usa but it's not the same value it was in previous years for me.
CletusCaddy
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Re: Freetaxusa vs Turbotax

Post by CletusCaddy »

MBJ0909 wrote: Tue Feb 14, 2023 6:05 pm Yup that discount code they have offered every year I've used them is no longer being offered this year (or if it is, I can't find a valid one to use). In previous years they also had an add on with free amendments and audit defense for $6. That has now been separated out and is more expensive. Still going to use Free tax usa but it's not the same value it was in previous years for me.
Gonna have to dig deep for that extra $1.50…
nalor511
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Re: Freetaxusa vs Turbotax

Post by nalor511 »

CletusCaddy wrote: Tue Feb 14, 2023 6:11 pm
MBJ0909 wrote: Tue Feb 14, 2023 6:05 pm Yup that discount code they have offered every year I've used them is no longer being offered this year (or if it is, I can't find a valid one to use). In previous years they also had an add on with free amendments and audit defense for $6. That has now been separated out and is more expensive. Still going to use Free tax usa but it's not the same value it was in previous years for me.
Gonna have to dig deep for that extra $1.50…
OLT has free amend, state return is 9.95
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MJS
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Re: Freetaxusa vs Turbotax

Post by MJS »

BogleMelon wrote: Tue Feb 14, 2023 6:00 pm
MJS wrote: Tue Feb 14, 2023 5:41 pm FREETAXUSA10
The code is no longer working
My life is blighted. But better to know than when I file!
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MBJ0909
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Re: Freetaxusa vs Turbotax

Post by MBJ0909 »

CletusCaddy wrote: Tue Feb 14, 2023 6:11 pm
MBJ0909 wrote: Tue Feb 14, 2023 6:05 pm Yup that discount code they have offered every year I've used them is no longer being offered this year (or if it is, I can't find a valid one to use). In previous years they also had an add on with free amendments and audit defense for $6. That has now been separated out and is more expensive. Still going to use Free tax usa but it's not the same value it was in previous years for me.
Gonna have to dig deep for that extra $1.50…
Just making a comment as one does on a message board that along with everything else, Freetaxusa is more expensive this year than it has been in years past. Last year I paid $20 to file the state taxes and get the free amendments plus the audit defense. If I wanted exactly what I got last year it's going to be double that.
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Blues
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Re: Freetaxusa vs Turbotax

Post by Blues »

FreeTaxUSA for 2023 is (rounding up) $15 for the state return and $8 for the "Deluxe" version for a total of $23. (Federal is free.)

The Deluxe version includes unlimited amended returns. (If you didn't or don't opt for the "Deluxe" version, the charge is $16 to file unlimited amended returns.)

I don't see anything for this year about audit protection and I didn't receive any email for this tax year with the ten percent discount.

The info above is straight off of their site. Get the Deluxe version and it's $23.
Hoosier CPA
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Re: Freetaxusa vs Turbotax

Post by Hoosier CPA »

This is interesting. I may switch over to freetaxusa or olt.com. I've used TT for probably 15 years and I never really liked it - seems like it takes longer than it should to go through all the questionnaire's. I do like using itsdeductible for the years that I itemize. I think I can use that with any software or I can find another source of estimated values.
MBJ0909
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Re: Freetaxusa vs Turbotax

Post by MBJ0909 »

Blues wrote: Wed Feb 15, 2023 7:44 am FreeTaxUSA for 2023 is (rounding up) $15 for the state return and $8 for the "Deluxe" version for a total of $23. (Federal is free.)

The Deluxe version includes unlimited amended returns. (If you didn't or don't opt for the "Deluxe" version, the charge is $16 to file unlimited amended returns.)

I don't see anything for this year about audit protection and I didn't receive any email for this tax year with the ten percent discount.

The info above is straight off of their site. Get the Deluxe version and it's $23.
Audit defense used to be included in 'deluxe', it's now separated out to it's own line item for $19.99. Freetaxusa is still reasonably priced but it's definitely not the deal it was last year.

Audit Defense
Only $19.99
Have a dedicated expert to defend you against an audit.
$1 million Tax Audit Defense™
Assistance with audits, notices, tax debt relief, and reclaiming denied credits
Covers your 2022 federal and state tax returns for 3 years
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Blues
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Re: Freetaxusa vs Turbotax

Post by Blues »

MBJ0909 wrote: Wed Feb 15, 2023 8:17 am
Blues wrote: Wed Feb 15, 2023 7:44 am FreeTaxUSA for 2023 is (rounding up) $15 for the state return and $8 for the "Deluxe" version for a total of $23. (Federal is free.)

The Deluxe version includes unlimited amended returns. (If you didn't or don't opt for the "Deluxe" version, the charge is $16 to file unlimited amended returns.)

I don't see anything for this year about audit protection and I didn't receive any email for this tax year with the ten percent discount.

The info above is straight off of their site. Get the Deluxe version and it's $23.
Audit defense used to be included in 'deluxe', it's now separated out to it's own line item for $19.99. Freetaxusa is still reasonably priced but it's definitely not the deal it was last year.

Audit Defense
Only $19.99
Have a dedicated expert to defend you against an audit.
$1 million Tax Audit Defense™
Assistance with audits, notices, tax debt relief, and reclaiming denied credits
Covers your 2022 federal and state tax returns for 3 years
Thanks for that. I didn't see that this morning while perusing the various options on their site.

(I've been using FreeTaxUSA for several years now and have been quite happy. I've only started this year's return since I'm still awaiting brokerage documents before I can complete it. I'll stay with them and forgo the audit defense. I've not been audited since it was mandatory as a condition of employment for a past federal position decades ago.)
acljump
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Re: Freetaxusa vs Turbotax

Post by acljump »

I am locked out of my FreeTaxUSA account because their system is not emailing me the verification codes for some reason.

I sent them a support email with my information but have yet to hear back.

I didn't pay for their pro support when filing my return.

Am I completely screwed?
anoop
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Re: Freetaxusa vs Turbotax

Post by anoop »

I saw a review comparing these two on YouTube in which the reviewer says if you want to jump around and complete the return in parts (i.e. not a linear start to finish in one sitting), then freetaxusa doesn’t work well and TurboTax would be preferred. Is this an accurate assessment?
nalor511
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Re: Freetaxusa vs Turbotax

Post by nalor511 »

anoop wrote: Tue Dec 05, 2023 12:59 am I saw a review comparing these two on YouTube in which the reviewer says if you want to jump around and complete the return in parts (i.e. not a linear start to finish in one sitting), then freetaxusa doesn’t work well and TurboTax would be preferred. Is this an accurate assessment?
Not in my opinion. I like OLT.com for it's free fed price (state is $10 including efile), fastest form updates, and Ease of jumping around
cacophony
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Re: Freetaxusa vs Turbotax

Post by cacophony »

anoop wrote: Tue Dec 05, 2023 12:59 am I saw a review comparing these two on YouTube in which the reviewer says if you want to jump around and complete the return in parts (i.e. not a linear start to finish in one sitting), then freetaxusa doesn’t work well and TurboTax would be preferred. Is this an accurate assessment?
That doesn't sound accurate to me. I jumped around quite a bit and found the FreeTaxUSA interface far easier to navigate than TurboTax or H&R Block. And of course you don't have to do it all in one sitting. Whatever you fill in is remembered for the next time you come back.
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tetractys
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Re: Freetaxusa vs Turbotax

Post by tetractys »

I just came across Freetaxusa and noticed the good past year reviews on this thread. I’d like to hear what you all are saying for the 2023 tax year.

This will be my first year trying it. So far I like the way it imported a PDF of last year’s 1040. Also it seems clean and fast. I noticed there’s an extra charge for stock sales and for chat help if needed.

I file leisurely as forms come in. If I get to a spot and the form hasn’t arrived yet, then I stop an wait for it’s arrival before continuing. I used to do that with paper forms also, and left them sitting on a table for weeks.

An aside, Vanguard this year is listing the forms they will issue for each account, which is nice—no need to think whether or not the forms are all there.
ehh
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Re: Freetaxusa vs Turbotax

Post by ehh »

tetractys wrote: Fri Jan 05, 2024 2:57 pm I noticed there’s an extra charge for stock sales and for chat help if needed.
There is a charge for a couple different levels of "enhanced" support - including live chat.

I haven't logged in to FreeTaxUSA for the 2023 tax year, but in prior years there was no extra charge for stock sales. It does not import 1099s, so you must key in your stock sale information. But no extra charge. I looked at the pricing and services information for tax year 2023 and don't see anything about an extra charge for stock sales.

I am curious: where did you see the information about an extra charge for stock sales?

Yes, the UI is easy to navigate. I think it will be easy for you to jump around and do your return in bits and pieces over a period of a few weeks.
cacophony
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Re: Freetaxusa vs Turbotax

Post by cacophony »

tetractys wrote: Fri Jan 05, 2024 2:57 pm ... I noticed there’s an extra charge for stock sales and for chat help if needed.
For chat help that may be true but the free version doesn't lack any of the forms or features. There certainly isn't an extra charge for stock transactions. The only thing you pay more for is more responsive support (chat, phone) and included amended returns.
Walkure
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Re: Freetaxusa vs Turbotax

Post by Walkure »

Tdubs wrote: Thu Dec 29, 2022 2:28 pm
Drew31 wrote: Wed Dec 28, 2022 12:42 pm I used Freetaxusa for several years and liked it. Switched away in order to get I Bonds via tax refund but would use again.

Doesn't Freetaxusa still require payment for state e-file? I thought that was more of a state thing then the platforms themselves. Maybe I'm just confused. I never used it for state as I have just done them by hand with PDFs from the state.
Because of its inability to handle paper I Bond purchases, I switched to OLT.
In case this is a dealbreaker for anyone, I will report that I used Freetaxusa for 2022 and was able request I-bonds for my refund. However, I was using the $7.99 deluxe tier for the unlimited amendments, not sure if that makes a difference. (I had used free file fillable forms previously, but one year of having to amend by paper was enough for me to say never again!)
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tetractys
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Re: Freetaxusa vs Turbotax

Post by tetractys »

ehh wrote: Fri Jan 05, 2024 3:21 pm I am curious: where did you see the information about an extra charge for stock sales? [in FreetaxUSA]
Somewhere along the line I thought I saw a list of features with prices. I can’t find it now though, and 1099 forms are free, so maybe I was mistaken.
cacophony
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Re: Freetaxusa vs Turbotax

Post by cacophony »

tetractys wrote: Fri Jan 05, 2024 5:00 pm
ehh wrote: Fri Jan 05, 2024 3:21 pm I am curious: where did you see the information about an extra charge for stock sales? [in FreetaxUSA]
Somewhere along the line I thought I saw a list of features with prices. I can’t find it now though, and 1099 forms are free, so maybe I was mistaken.
You probably looked at this page: https://www.freetaxusa.com/pricing and saw that "investments" where listed under a "Premium Features" section and assumed you needed to pay extra for that.
gerntz
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Re: Freetaxusa vs Turbotax

Post by gerntz »

RickBoglehead wrote: Thu Dec 29, 2022 9:03 am TurboTax Deluxe CD/Download is $34.98 plus tax this year (yesterday). If "cost" is your number one reason to switch, I'd submit your perspective is a bit wacky. The amount of energy that people spend agonizing about spending $35, and posting on forums debating options, is simply amazing.

I've been using TurboTax Deluxe for decades.

I would NEVER use a website to do my taxes. Yes, I am uploading my federal return via Intuit's servers. That is not the same as storing your return on someone's website.

For those that complain about inputting state returns manually, two things:

1) Many states don't even offer this capability (i.e. Michigan for one)
2) I mail my state returns. Costs maybe $1.50. Most years I owe money. Mailing them also gives me float on the check I mail them too.
This is where I'm at too. $10? $35? $50? I take the TT familiarity & reliability - for 15 years - over that level of cost concern. My state return costs the paper/ink/postage - when I'm not lazy & just pay the $20.
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BogleMelon
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Re: Freetaxusa vs Turbotax

Post by BogleMelon »

tetractys wrote: Fri Jan 05, 2024 2:57 pm I just came across Freetaxusa and noticed the good past year reviews on this thread. I’d like to hear what you all are saying for the 2023 tax year.

This will be my first year trying it. So far I like the way it imported a PDF of last year’s 1040. Also it seems clean and fast. I noticed there’s an extra charge for stock sales and for chat help if needed.

I file leisurely as forms come in. If I get to a spot and the form hasn’t arrived yet, then I stop an wait for it’s arrival before continuing. I used to do that with paper forms also, and left them sitting on a table for weeks.

An aside, Vanguard this year is listing the forms they will issue for each account, which is nice—no need to think whether or not the forms are all there.
No, the extra is only for the state filling or other addons that you probably don't need.
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
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BogleMelon
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Re: Freetaxusa vs Turbotax

Post by BogleMelon »

ehh wrote: Fri Jan 05, 2024 3:21 pm It does not import 1099s, so you must key in your stock sale information.
If you mean that you must key in each additional line on form 1099 of each stock sale, then this is really not necessary. TT made me believe I must do that as well. But really all is required is to enter the total line(s) in the form and you are good to go.
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
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BogleMelon
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Re: Freetaxusa vs Turbotax

Post by BogleMelon »

gerntz wrote: Fri Jan 05, 2024 9:49 pm
RickBoglehead wrote: Thu Dec 29, 2022 9:03 am TurboTax Deluxe CD/Download is $34.98 plus tax this year (yesterday). If "cost" is your number one reason to switch, I'd submit your perspective is a bit wacky. The amount of energy that people spend agonizing about spending $35, and posting on forums debating options, is simply amazing.

I've been using TurboTax Deluxe for decades.

I would NEVER use a website to do my taxes. Yes, I am uploading my federal return via Intuit's servers. That is not the same as storing your return on someone's website.

For those that complain about inputting state returns manually, two things:

1) Many states don't even offer this capability (i.e. Michigan for one)
2) I mail my state returns. Costs maybe $1.50. Most years I owe money. Mailing them also gives me float on the check I mail them too.
I am wondering why do you consider mailing the state return safer than using a website to do your taxes? Checks in mail for example get intercepted and forged all the time.
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
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dratkinson
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Re: Freetaxusa vs Turbotax

Post by dratkinson »

nalor511 wrote: Tue Feb 14, 2023 8:29 pm
CletusCaddy wrote: Tue Feb 14, 2023 6:11 pm
MBJ0909 wrote: Tue Feb 14, 2023 6:05 pm Yup that discount code they have offered every year I've used them is no longer being offered this year (or if it is, I can't find a valid one to use). In previous years they also had an add on with free amendments and audit defense for $6. That has now been separated out and is more expensive. Still going to use Free tax usa but it's not the same value it was in previous years for me.
Gonna have to dig deep for that extra $1.50…
OLT has free amend, state return is 9.95
+1 for OLT. Of all the IRS Free File options, it has been the least restrictive (limits: income, age), so I've used it exclusively.

After SS pushed me over the free file limit, I paid $15.90 for OLT's Premium option (fed 7.95, state 7.95, efile).

In some years I've needed help (OLT moved things around), so used its embedded email help option.
--OLT's email reply came within 24hrs.
--Any followup questions I had were submitted/answered by replies to OLT's original email. Easy peasy.

OLT's Premium option also has online chat and phone support, but I prefer the email option because it gives me time to gather my thoughts and more accurately describe my problem and the help I'm seeking.


Just checked and see IRS freefile is not yet open for the year: https://www.irs.gov/filing/free-file-do ... s-for-free
Recall this route directed me into OLT for IRS free file option (free: fed, efile; state: 7.95, from my records).

However, since I'm paying for my tax returns, this is the link into OLT's Premium option: https://www.olt.com/main/home/canusepre ... e=&linkID=
d.r.a., not dr.a. | I'm a novice investor; you are forewarned.
anoop
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Re: Freetaxusa vs Turbotax

Post by anoop »

BogleMelon wrote: Fri Jan 05, 2024 10:23 pm
gerntz wrote: Fri Jan 05, 2024 9:49 pm
RickBoglehead wrote: Thu Dec 29, 2022 9:03 am TurboTax Deluxe CD/Download is $34.98 plus tax this year (yesterday). If "cost" is your number one reason to switch, I'd submit your perspective is a bit wacky. The amount of energy that people spend agonizing about spending $35, and posting on forums debating options, is simply amazing.

I've been using TurboTax Deluxe for decades.

I would NEVER use a website to do my taxes. Yes, I am uploading my federal return via Intuit's servers. That is not the same as storing your return on someone's website.

For those that complain about inputting state returns manually, two things:

1) Many states don't even offer this capability (i.e. Michigan for one)
2) I mail my state returns. Costs maybe $1.50. Most years I owe money. Mailing them also gives me float on the check I mail them too.
I am wondering why do you consider mailing the state return safer than using a website to do your taxes? Checks in mail for example get intercepted and forged all the time.
I think the concern is with having one’s data stored on 3rd party infrastructure indefinitely which, as we have seen in recent cases, makes it open to getting hacked. This would be a lot of sensitive data all in one place — all personal identifying info plus all info about ALL financial institutions that one is dealing with.

This is the first time I’m hearing about a security concern with checks in the mail.
Carl53
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Re: Freetaxusa vs Turbotax

Post by Carl53 »

I mailed our state tax return last year due to a particular new credit that became available but the state only accepted paper documentation for. Will do again this year. Oh well will save a few bucks on TT filing fee too.
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BogleMelon
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Re: Freetaxusa vs Turbotax

Post by BogleMelon »

anoop wrote: Sat Jan 06, 2024 8:57 am
BogleMelon wrote: Fri Jan 05, 2024 10:23 pm
gerntz wrote: Fri Jan 05, 2024 9:49 pm
RickBoglehead wrote: Thu Dec 29, 2022 9:03 am TurboTax Deluxe CD/Download is $34.98 plus tax this year (yesterday). If "cost" is your number one reason to switch, I'd submit your perspective is a bit wacky. The amount of energy that people spend agonizing about spending $35, and posting on forums debating options, is simply amazing.

I've been using TurboTax Deluxe for decades.

I would NEVER use a website to do my taxes. Yes, I am uploading my federal return via Intuit's servers. That is not the same as storing your return on someone's website.

For those that complain about inputting state returns manually, two things:

1) Many states don't even offer this capability (i.e. Michigan for one)
2) I mail my state returns. Costs maybe $1.50. Most years I owe money. Mailing them also gives me float on the check I mail them too.
I am wondering why do you consider mailing the state return safer than using a website to do your taxes? Checks in mail for example get intercepted and forged all the time.

This is the first time I’m hearing about a security concern with checks in the mail.
Nothing is risk free or hacking proof in this world. That was my point. But to each their own…
https://www.uspis.gov/news/scam-article/check-washing
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torso2500
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Re: Freetaxusa vs Turbotax

Post by torso2500 »

Here are the federal items not supported by freetaxusa's free federal filing:

Foreign employment income (Form 2555)
Nonresident alien returns (Form 1040NR)
Customers or preparers living outside the United States when they file their taxes
At-risk limitations (Form 6198)
Casualty or theft gain or loss for business and income producing property
Donations of high value property over $5,000 such as collectibles, equipment, or real estate*
* We do support Form 8283, Section A, which includes donations of publicly traded securities even if the deduction is over $5,000.
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tetractys
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Re: Freetaxusa vs Turbotax

Post by tetractys »

torso2500 wrote: Sat Jan 06, 2024 10:17 am Here are the federal items not supported by freetaxusa's free federal filing:

Foreign employment income (Form 2555)
Nonresident alien returns (Form 1040NR)
Customers or preparers living outside the United States when they file their taxes
At-risk limitations (Form 6198)
Casualty or theft gain or loss for business and income producing property
Donations of high value property over $5,000 such as collectibles, equipment, or real estate*
* We do support Form 8283, Section A, which includes donations of publicly traded securities even if the deduction is over $5,000.
Interesting, I see the “We”; but could you source that?
Broken Man 1999
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Re: Freetaxusa vs Turbotax

Post by Broken Man 1999 »

I found a review of freetaxusa 2023 from PC magazine with a lot of info. Link below:

https://www.pcmag.com/reviews/freetaxusa

In reading the review I noticed that it doesn't import 1099s. 1099s are the only forms we need to file; Social Security, IRA distributions, consolidated 1099, etc.

I have been using H&R Block for several years to file our taxes, and some family members taxes as well. Good deals seem available every year at Amazon or newegg for $20 or less.

Broken Man 1999
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GuyInFL
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Re: Freetaxusa vs Turbotax

Post by GuyInFL »

I also find FreeTaxUSA pretty responsive. I’ve submitted questions a couple of times and they’ve responded within 24 hours.
I’m not a premium subscriber.
torso2500
Posts: 124
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Re: Freetaxusa vs Turbotax

Post by torso2500 »

tetractys wrote: Sat Jan 06, 2024 10:42 am
torso2500 wrote: Sat Jan 06, 2024 10:17 am Here are the federal items not supported by freetaxusa's free federal filing:

Foreign employment income (Form 2555)
Nonresident alien returns (Form 1040NR)
Customers or preparers living outside the United States when they file their taxes
At-risk limitations (Form 6198)
Casualty or theft gain or loss for business and income producing property
Donations of high value property over $5,000 such as collectibles, equipment, or real estate*
* We do support Form 8283, Section A, which includes donations of publicly traded securities even if the deduction is over $5,000.
Interesting, I see the “We”; but could you source that?
https://www.freetaxusa.com/software
scroll down, click "see everything we support", scroll down, click "Items not Supported"

edit to add: there is also a link at the bottom of the homepage under "Current Year" called "Supported Federal Forms"
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tetractys
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Re: Freetaxusa vs Turbotax

Post by tetractys »

torso2500 wrote: Sat Jan 06, 2024 12:09 pm
tetractys wrote: Sat Jan 06, 2024 10:42 am
torso2500 wrote: Sat Jan 06, 2024 10:17 am Here are the federal items not supported by freetaxusa's free federal filing:

Foreign employment income (Form 2555)
Nonresident alien returns (Form 1040NR)
Customers or preparers living outside the United States when they file their taxes
At-risk limitations (Form 6198)
Casualty or theft gain or loss for business and income producing property
Donations of high value property over $5,000 such as collectibles, equipment, or real estate*
* We do support Form 8283, Section A, which includes donations of publicly traded securities even if the deduction is over $5,000.
Interesting, I see the “We”; but could you source that?
https://www.freetaxusa.com/software
scroll down, click "see everything we support", scroll down, click "Items not Supported"

edit to add: there is also a link at the bottom of the homepage under "Current Year" called "Supported Federal Forms"
Thanks, now I can see how to get to the “See supported forms” link from the home page.

I also just noticed the support community. Community driven support and software development is a big plus. That’s really the reason I dropped Intuit and Quicken long ago, it’s largely anti-community. Even the developers are under the thumb.
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zincTwo
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Re: Freetaxusa vs Turbotax

Post by zincTwo »

CletusCaddy wrote: Thu Jan 26, 2023 2:54 pm Freetaxusa offers PDF upload of W2s for the first time this year. Gives me hope that 1099s are not far behind
Pre-retirement, I used TT exclusively, due to ease of direct/electronic import from Fidelity for 1099s. Now I'm in post-retirement, so my stock transactions will likely be less frequent.

But -- do FreeTaxUSA or TaxAct or any of the other cheaper players do electronic import from Fidelity?
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BogleMelon
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Re: Freetaxusa vs Turbotax

Post by BogleMelon »

zincTwo wrote: Sun Jan 07, 2024 11:32 am
CletusCaddy wrote: Thu Jan 26, 2023 2:54 pm Freetaxusa offers PDF upload of W2s for the first time this year. Gives me hope that 1099s are not far behind
Pre-retirement, I used TT exclusively, due to ease of direct/electronic import from Fidelity for 1099s. Now I'm in post-retirement, so my stock transactions will likely be less frequent.

But -- do FreeTaxUSA or TaxAct or any of the other cheaper players do electronic import from Fidelity?
Do you know you don’t have to enter 1099’s each single line, only the total line is what really required?
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
Tdubs
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Re: Freetaxusa vs Turbotax

Post by Tdubs »

Walkure wrote: Fri Jan 05, 2024 3:42 pm
Tdubs wrote: Thu Dec 29, 2022 2:28 pm
Drew31 wrote: Wed Dec 28, 2022 12:42 pm I used Freetaxusa for several years and liked it. Switched away in order to get I Bonds via tax refund but would use again.

Doesn't Freetaxusa still require payment for state e-file? I thought that was more of a state thing then the platforms themselves. Maybe I'm just confused. I never used it for state as I have just done them by hand with PDFs from the state.
Because of its inability to handle paper I Bond purchases, I switched to OLT.
In case this is a dealbreaker for anyone, I will report that I used Freetaxusa for 2022 and was able request I-bonds for my refund. However, I was using the $7.99 deluxe tier for the unlimited amendments, not sure if that makes a difference. (I had used free file fillable forms previously, but one year of having to amend by paper was enough for me to say never again!)
It wasn't an option at all when I bailed on freetax, though an agent said they were considering doing it in the future. Good to know they followed through.
bewisefinancially
Posts: 34
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Re: Freetaxusa vs Turbotax

Post by bewisefinancially »

I did estimated payments in Dec'2023 to match my 2023 taxes as 110% of taxes due in 2022.

But still, I see that FTUSA is showing me an underpayment penalty when I try to run that form (as I own additional amount even after estimated payment as expected).

It seems estimated payments are not captured by FTUSA. Can you please suggest:
- do I still need to pay the underpayment penalty? If yes, should I make the penalty by filing the return or wait for the IRS to calculate?
- Even after estimated payments, I still need to pay ~$7800 (I expected after estimated payment), should I pay this due amount as an estimated payment as I am planning to submit the tax return in April'2024? Any advantage to submitting an estimated tax payment now?
Last edited by bewisefinancially on Fri Feb 09, 2024 11:02 am, edited 1 time in total.
BogleTaxPro
Posts: 642
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Re: Freetaxusa vs Turbotax

Post by BogleTaxPro »

bewisefinancially wrote: Fri Feb 09, 2024 10:30 am I did estimated payments in Dec'2023 to match my 2023 taxes as 110% of taxes due in 2022.

But still, I see that FTUSA is showing me an underpayment penalty when I try to run that form.
It seems estimated payments are not captured by FTUSA. Can you please suggest:
- do I still need to pay the underpayment penalty? If yes, should I make the penalty by filing the return or wait for the IRS to calculate?
- Even after estimated payments, I still need to pay ~$7800, should I pay this due amount as an estimated payment as I am planning to submit the tax return in April'2024? Any advantage to submitting an estimated tax payment now?
Did you actually enter the estimated payments in FTUSA?
From Reddit: "There's a section on the 1040 under PAYMENTS where it's entered. FreeTaxUSA will ask you about estimated payments. Just fill in the amount. You will need to indicate when the payments were made (i.e., in which quarter.)"
bewisefinancially
Posts: 34
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Re: Freetaxusa vs Turbotax

Post by bewisefinancially »

BogleTaxPro wrote: Fri Feb 09, 2024 10:44 am
bewisefinancially wrote: Fri Feb 09, 2024 10:30 am I did estimated payments in Dec'2023 to match my 2023 taxes as 110% of taxes due in 2022.

But still, I see that FTUSA is showing me an underpayment penalty when I try to run that form (as I own additional amount even after estimated payment as expected).

It seems estimated payments are not captured by FTUSA. Can you please suggest:
- do I still need to pay the underpayment penalty? If yes, should I make the penalty by filing the return or wait for the IRS to calculate?
- Even after estimated payments, I still need to pay ~$7800 (I expected after estimated payment), should I pay this due amount as an estimated payment as I am planning to submit the tax return in April'2024? Any advantage to submitting an estimated tax payment now?
Did you actually enter the estimated payments in FTUSA?
From Reddit: "There's a section on the 1040 under PAYMENTS where it's entered. FreeTaxUSA will ask you about estimated payments. Just fill in the amount. You will need to indicate when the payments were made (i.e., in which quarter.)"
Yes, I entered it along with the date of payment. Can you please help with highlighted questions?
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