Tax advice???

[frkelly74]

I seem to get all my best and most reliable advice from this site, which is why I love it.

So I am having a lot of trouble with getting my taxes done this year. We moved, my wife retired, and we had some health insurance issues, and I had a dab of self employment income. My computer will not load the Turbo tax disc that I got from wal mart. I have been using Turbo tax but really found that it was just another layer of gobbeldy gook to try to understand. It did however do the calculations automatically and I did not get audited most of the time which is what passes for success for me in this case.

The problem I am wrestling with right now is of course the shared responsibility line for the unaffordable care garbage. I can not see how to find out how much I owe them for not having health insurance for the entire year. We had some trouble getting plugged in when we got settled here in Florida.

Now I am on the verge of applying for the automatic extension to kick the can down the road as the saying goes, because I am sick of the entire mess. I do not mind paying my share of the taxes which I owe, But I hate the feeling of trying to navigate through all the twists of the tax rules knowing that they have laid traps and are just waiting to clobber me for doing something wrong by error. I hate it!

If nothing else, I have vented, and that is something. But if anyone can pipe up and help me get pointed in the right direction I would certainly be grateful.

[foesgth]

I also can't get Turbo tax to load on my computer. I use the online version, that is web based and you don't load any software. Good luck, taxes have become so complex no person can understand them.



,

[bdicki]

https://turbotax.intuit.com/

[spotsboss]

If your main issue is the ACA penalty tax, you might try this calculator:
http://taxpolicycenter.org/taxfacts/acacalculator.cfm
After 45 years in the life/health insurance business, I can verify that Obamacare is a disaster from beginning to end. Lies to get it passed without public outcry, nothing works, nobody knows what is going on, loss of basic freedoms...I could go on.
Good luck Kelly, hang in.

[dakotashooter2]

I've wondered....If you are wealthy.... say 4-5 million dollars.....are you still required to enroll in health insurance?

[JonB_in_Glencoe]

You have alot of new things going on this year, as per your OP. I'd strongly consider having professional tax preparer...maybe even a CPA. When I was contracting my labor, I used a CPA and it really wasn't that expensive.
My 2¢

[oneokie]

Another vote for getting a CPA to do your taxes. Been using one for 35 years and worth every penny of their services.

One other thing, if you think you will owe taxes, estimate them on the high side and remit that amount. Just filing for an extension does not stop the penalties and interest, making a payment by April 15 will reduce those costs.

[runfiverun]

I don't think turbo tax will calculate all the deductions you could have for the move,retirement, and your self employment.
if you only owe for part of the year not having insurance I don't think it will calculate that either.
many of the so-called tax preparers don't know all the in's and outs of Obama care [nobody knows them all, even the bunch of people that wrote it]

I'd take what you have to a professional and pay them the $500 to get your taxes done.

[bangerjim]

TurboTax REALLY messed up this year! They thought they could make a bunch more $$ bu changing the programs, forcing people to have to move to the next tier.

We had to buy the most expensive one and when installing it, found it would NOT import TurboTax records from the past year!!!!! WHAAAAAT??????? After almost 30 minutes on the phone with their tech idiots, they admitted there was a big flaw in the 2014 program.....and a fix will be avialble probably June or July!!!!! Last time I checked, tax day is April 15th.

Took it back to Costco. They said they have had hundreds of TurboTax programs returned this year. Bad news!

Went to Best Buy and bought H&R Block and saved about $40 on the program. It easily imports TT files flawlessly. We have a VERY complex return and need the import funciton for the many stocks the wife owns as well as all my LLC business files.

We have always used TT for years........never again!

Buy H&R and NOT TTax for your tax needs.

FYI.........it cost us $850 each year to have a professional figure our taxes for two years! Be prepared to pay thru the nose for a complex return like ours.

[pworley1]

+1 on the taxcut software. I used TurboTax for years, but a few years ago Taxcut had a special and I gave it a try. I have not even looked at TurboTax since.

[popper]

And TT write protects data on an external drive so even though you save the file - it's not saved and NO warning message. TT is senile. Why would you put tax data on an external drive? Why would you leave it on your computer HD for a trojan to see? Largest reported number of fake filings come through TT.

[Geezer in NH]

Another vote for getting a CPA to do your taxes. worth every penny of their services.

.
Agree Now retired but had employment and self employment etc. Use a good one not H&R or other advertising types. Worth the money when you have to deal with the .GOV

[garym1a2]

I just down load the forms and do the long form. Of course I have no deductions.

[largom]

Get a CPA! My CPA has been doing my taxes for 10 years and I will not give him up. Moved from Maryland 2 yrs. ago to Tenn. and I still send my tax papers back to him. Paid $400 in taxes last yr. and got $200 back. Paid nothing this year and owed nothing. CPA charged me $200 and it was well worth it.

Larry

[BLTsandwedge]

Hi frkelly,

I've gotta post a 'me too,' my apologies. Two minutes ago I received my filings- my 's' corporation and its tie-in with a joint filing. My accountant went through a typical year's worth of expenses, receipts and accounts receivables. The tab? $475. They found me $4,200 bucks. Criminy! I'll pay 10% (or thereabouts) to hire someone that will not only prepare my stuff but also indemnify me against any accusation of willful deception. That's a big deal. I know, $475 is a lot- but I also had a buttload of forms- and typically a CPA will charge by the form.

In short, this really is one area not to scrimp on. It's just like buying the best powder scale you can afford.

Best of luck and Shabbat Shalom!

[shooter93]

I run a small construction business and my wife has her own business too and we use a CPA to do taxes. Here it costs me a whopping 100 bucks to have it all done and e-filed. Look around, it doesn't have to be a large firm to be qualified.

[jcren]

I used turbo tax, h&r block and others. Then I found out that a local mom and pop cpa service does it all for $100 and stands behind it if you get audited. Drip off on Monday, sign and pick up by Wednesday. My .02

[frkelly74]

Sounds like the general good advice is to let a trained professional deal with it. I think that is what I will do.

[MrWolf]

Take it from a CPA (only do a few returns a year now - semi out of the biz) go to a local CPA firm. It does not need to be a large firm as stated. If not, do as oneokie said and estimate on the high side but file the extension with payment by the 15th. Good luck. I only had one return without insurance and its costing about $450 in penalty for the year for a single.