• turbotax vs H&R Block for Schwab – 2023 tax year

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    #2605571

    No idea where to post this so Mod move if necessary!

    Been watching prices on Amazon. Block is $37 and TT is $72. I have used TT for the past few years – even though I historically do not make a taxable amount, I file just because, and since there are a lot of trades I have no interest in putting them all down and likely introducing a bunch of errors. No idea which is better. For $50 or so I like to keep IRS informed. Yes, even though they already are. SS plus Schwab. –

    - Thinkpad P15s Gen1 20T4-002KUS, i7-10510U, UEFI/GPT, 16GB, Sammy 500GB M.2. others. Mint 21.2 Xfce w Vbox-win10. Mint 21.2 Cinn Edge w wine. Win 11 Pro 23H2 WU(local, no Copilot, no Edge). HP laserjets M254dw & P1606dn, Epson 2480 scanner. External monitor Dell S3221QS.

    • This topic was modified 3 months, 1 week ago by krism.
    • This topic was modified 3 months, 1 week ago by krism.
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    • #2605580

      First off to answer not your question but a generic “Do I need tax software” for anyone else reading this.

      Be aware that as part of that much hyped budget that supposedly included 81,000 IRS agents, what it’s really funding is a modernization of the IRS system. If you are an easy tax filer (W-2, some 1099s) and you live in certain states you may be eligible to participate in the “free filing” pilot program.

      Here’s who qualifies for IRS’ free ‘Direct File’ pilot program in 2024 (cnbc.com)

      So anyone who is in this bucket may want to WAIT and see if they qualify before paying for tax software.

      Now as to your question.  I have personally used TurboTax, I have not personally used Block.  I woul make sure that the version of Block they are advertising includes filing of investment transactions.  Turbo tax is notorious for having one price for a basic return but when you get into it, you need a higher software package. Also check out the price tax for the State tax return if you live in a State that has one.  Often they discount the federal and charge more for the State.

      Other than that, tax software is mandated by the IRS to meet certain requirements. So they all should fill out the 1040.

       

      And yes I’ll move it as this isn’t an “Internet of things”.

      Susan Bradley Patch Lady/Prudent patcher

      2 users thanked author for this post.
    • #2605593

      Thanks. Yes, I need the “Premium” version since the lower ones won’t handle a 1099 from Schwab. Also the new free one, as far as I can see, won’t either. You made a comment somewhere if I recall correctly asking why IRS doesn’t just bill us as in many/most cases, that would do it. it’s just the folks who are trying to use their dead grandmother as an exception that causes trouble. Maybe at some point they will just bill us and save us the trouble. If I were going to get a huge refund I might be a bit more interested in it, but for me it is just a $50-100 time waster purely to keep the IRS off my back. And, yes, turbotax premium includes state filing, but NOT state e-file – that is $20-30 extra that you don’t find out about until at the end. Same with Block.

      - Thinkpad P15s Gen1 20T4-002KUS, i7-10510U, UEFI/GPT, 16GB, Sammy 500GB M.2. others. Mint 21.2 Xfce w Vbox-win10. Mint 21.2 Cinn Edge w wine. Win 11 Pro 23H2 WU(local, no Copilot, no Edge). HP laserjets M254dw & P1606dn, Epson 2480 scanner. External monitor Dell S3221QS.

      • #2605594

        If you get your income from W-2s and 1099s, the government gets copies of these transactions already.  For these individuals, they should just send a bill.

        If you have a business or an entity that reports income, then you often need more than mere tax software but an Accountant who understands tax law. (Caveat I am one, so I’m biased).

        Susan Bradley Patch Lady/Prudent patcher

      • #2638804

        Did the Premium software work for uploading your Charles Schwab 1099?   I never had a problem with Ameritrade, but since they merged, now H&R online can’t handle my 1099 upload..

    • #2605595

      Agreed on both. Hopefully that will happen at some point.

      - Thinkpad P15s Gen1 20T4-002KUS, i7-10510U, UEFI/GPT, 16GB, Sammy 500GB M.2. others. Mint 21.2 Xfce w Vbox-win10. Mint 21.2 Cinn Edge w wine. Win 11 Pro 23H2 WU(local, no Copilot, no Edge). HP laserjets M254dw & P1606dn, Epson 2480 scanner. External monitor Dell S3221QS.

    • #2611787

      I used both TT and H&R (both Desktop – never web version). But I e-File using TT.

      I normally buy H&R Deluxe Federal & State and TT Premier Federal & State (for comparison reasons). But last year I got TT Deluxe Federal & State. I do have 1099’s that were downloaded from Schwab and TT Deluxe did handle them perfectly.

      Same goes with H&R.

      As for TT tax the only difference between Deluxe and Premier are the questions asked in the Investment section. In the TT Deluxe they will try to get you to upgrade to Premier. Just skip or dismiss it and continue on. All of your previous years tax information does transfer over.

      Did for me.

      See https://ttlc.intuit.com/community/taxes/discussion/will-the-deluxe-version-import-1099b-info-from-my-mutual-funds-and-compute-capital-gains-and/00/444079

      Note from above link: The Online Deluxe does not include schedule D and 1099 import.

      So far this year I picked up the H&R Deluxe Federal & State desktop (tax year 2023).

      Not sure if I will get TT. I may try H&R e-Filing for the first time.

      As for e-Filing State. I do not. I print out the State and the transfer the information into my States online tax website.

       

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