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    14 Replies Latest reply on Jan 17, 2014 9:26 AM by Moderator Melinda

    Anyone use Turbotax?

    MrWHY Adventurer

      I just had some questions about turbo tax. I wanted to know if you can use the same version year after year with an update. Or do you have to buy the new version every year? so if I got 2012 version can I use it to do 2013 taxes or do I have to buy the 2013 version?

       

      Also is it possible to do other people taxes with Turbotax? I have several friend who would like me to do their taxes.

        • Re: Anyone use Turbotax?
          Moderator Berta Guide

          Hi MrWHY & welcome to the community.

           

          I have used the free online edition of Turbotax for the last few years. I've not had any issues with it so far. I know that doesn't really answer your question but I wanted to share my experience with Turbotax to date. I hope some of our members can chime in & help find an answer for you.

           

          ~Berta

          • Re: Anyone use Turbotax?
            Tran Nguyen Tracker

            Hello Mr.Why,

             

            As an accountant, I would highly recommend against using last year version to file present year taxes.

             

            While there are time when tax laws for an individual does not change drastically from one year to the next'; there are time when it does change drastically (2013 and 2014 with ObamaCare) that can really land you in an audit.

             

            The prior tax software also does not come with the updated tax bracket which do change on a year-to-year basis. Lastly, your 1041 will be submitted with 2012 instead of the correct year dated on them. That is a very easy way to land yourself in an audit.

             

            Sorry to be the bringer of bad news. But updating each year is the safest and best way of staying on top of your taxes.

             

             

            Tran Nguyen

            Accountant

            • Re: Anyone use Turbotax?
              chicagocio Scout

              I just get latest version every year.  TurboTax makes my tax life so much easier that I don't care about paying for it.  Considering the risks of getting it wrong plus the cost of just one or two hours spent checking and double-checking to see what's changed..ugh!  Berta has a good point though about using their online interface.  I am not sure how complex a situation their online interface can support. But if it can handle your situation that's probably your best bet.  Then you don't have to worry about updating.

              • Re: Anyone use Turbotax?
                MrWHY Adventurer

                Ok. So they don't update the old versions with new information every year?

                Now is it possible for me to do more than one person's taxes with it?

                • Re: Anyone use Turbotax?
                  Tran Nguyen Tracker

                  Turbo tax has limited "subscriptions" or "filing". You can do multiple people using the tax software -- heck, my family use to trade the software until I became an accountant. Now they just take my ultra-expensive tax software from my office (haha).

                   

                  But you can prepare multiple returns on it -- it just charges you multiple times. Not the full-price (at least, it doesn't happen when you're an accountant). But you do have to start a new email subscription each time and pay for the return. If I remember correctly, you only need to buy the software once.

                  • Re: Anyone use Turbotax?
                    crifjohnson Tracker

                    Hi,

                    Turbo Tax makes my tax life so much easier. I use latest version every year too.I've not had any issues with it so far. Apart from this The bad thing is that The tax software also does not come with the updated tax bracket which do change on a year-to-year basis.

                    • Re: Anyone use Turbotax?
                      kathysalud Newbie

                      Turbo tax is very ease to use and will walk you through step by step so nothing gets missed.  You can e-file up to 5 returns with no charge and mail in as many as you want.  I've been using the home and business version since 1991 and have never had a problem with it.

                      • Re: Anyone use Turbotax?
                        ksproserv Wayfarer

                        We use TurboTax Business. I find it much easier than trying to do things completely on my own or finding cheaper/free ways to file taxes for the business. It costs us $140 I think, and you have to pay that to get the latest software each year. BUT... it's cheaper than hiring an accountant, and if you can follow directions and have kept decent financial records all year it will be a piece of cake for you.

                        • Re: Anyone use Turbotax?
                          MrWHY Adventurer

                          OK. Well I am convinced it's good. I am just not liking the fact that you have to pay for it again every year. But I think I will give it a try. I actually an accounting in training. I was wondering if Turbo Tax was worth it.

                            • Re: Anyone use Turbotax?
                              Guide

                              My thoughts are that if you are preparing your personal taxes, have the time, and do not have many deductions then this software is great for you. I personally would never think of doing taxes as a business owner with one of these computer programs that you can purchase in a store. The same way I wouldn't go to an accounting firm that you drop your paperwork off at your local mall while you shop for an hour. When we opened our business, I had so many questions (and still do) that there is no way a computer program or accounting factory can answer them all effectively. Simple economic theory - Time is money. Would rather spend my time making more money for my accountant to effectively save me money.  

                               

                              Melinda