Is this deal for Turbotax Premier too good to be true?

[Muse]

So, every year I've been using Turbotax Premier to do my taxes. I had investment losses for a few years and they totaled around $50,000. So, even though I'm not invested in anything other than bank accounts and a couple of online savings accounts right now, I'm using Turbotax Premier because it will calculate my investment loss carryover year to year for when I again am invested (mutual funds, stock index funds, whatever), so that my previous losses will protect my investment profits.

OK, so last couple years I bid on TT Premier on ebay, got a discount on what I'd have to pay at Costco or Amazon. This year, I'm not seeing much so I just did a search on "Turbotax Premier 2017" and a site came up that offers to download it for $24.99 (the cheapest I'm seeing otherwise is maybe ~$60 shipped at ebay). I'm "that's too good to be true," but the site looks OK and a search on it doesn't turn up anything negative, just a scamadviser.com page that says it looks 100% legit. Searching on scamadviser.com does turn up some doubters on scamadviser, however.

This is the page with the deal on Turbotax Premier 2017:

Buywitbit

What do you think?

 

[Muse]

Bump...

No ideas?

 

[dasherHampton]

If you traded enough to have $50,000 in losses you really should have been dealing with an experienced accountant.

IMO at least.

 

[Muse]

If you traded enough to have $50,000 in losses you really should have been dealing with an experienced accountant.

IMO at least.

I don't understand this. You're not saying a tax preparer or investment adviser. Why would I have needed an accountant. Most of those losses happened around 2008 when a large fund account I had at my bank suffered loss. What bearing does all this have on the predicament explained in the OP?

 

[daveybrat]

Here's Turbotax's official answer to that website:

No, they are not authorized to resell TurboTax products. By purchasing and using software from an unauthorized seller, you may expose yourself to risks such as viruses, malware, and/or identity theft.

This seller may be a pirate. For more information about piracy, please see: https://www.intuit.com/legal/piracy/

https://ttlc.intuit.com/questions/4...is-there-a-way-to-test-a-download-for-malware

 

[Muse]

Yup. Thank you.

 

[s0me0nesmind1]

If you traded enough to have $50,000 in losses you really should have been dealing with an experienced accountant.

IMO at least.

I don't understand this. You're not saying a tax preparer or investment adviser. Why would I have needed an accountant. Most of those losses happened around 2008 when a large fund account I had at my bank suffered loss. What bearing does all this have on the predicament explained in the OP?

Because incompetent people look at a form with lines and get scared - so they pay some idiot $400 for them to fill the lines in for them.

 

[Muse]

Because incompetent people look at a form with lines and get scared - so they pay some idiot $400 for them to fill the lines in for them.

Yeah. I used to fill in the IRS forms myself, it was a big PITA, every time. Hard to find anything more boring (I have never in my life paid anyone to do my taxes for me). But when I started using TT, it became very easy so I've continued to do that. Many if not most of those years I paid zero taxes, I was that poor, but if I was required to file, I did anyway, and IIRC that's every year. TT files my online FED return filing fee, but they charge to do an online state filing, which I refuse to do. That seems so backward and stupid and userous. Instead, I always print out the state return, stuff it in an envelope and put some stamps on it and mail it. Seems dumb but I'm not spending $XX to file it with TT.

I know there are cheaper ways to go than TT Premier but I'm not aware personally of any that will take care of my loss carryovers, so I continue to use that. TT works off my last year's TT return, so it's very easy. It's still not a barrel of monkeys but I figure a ton easier than messing with IRS forms, which I hate. If one of the cheaper tax softwares would take care of my loss carryovers and absorb my last year's TT Premier, I figure I could go with that, but I haven't heard of any.

 

[dasherHampton]

Because incompetent people look at a form with lines and get scared - so they pay some idiot $400 for them to fill the lines in for them.

If you don't know the value of a good accountant you've never been to a good accountant.

 

[Muse]

If you don't know the value of a good accountant you've never been to a good accountant.

Yeah, I figure you're right. I've often wondered if I would be better off having one instead of "trusting" Turbotax. However, I don't know any accountants. I've always been a pretty DIY guy. TT claims that it finds all the deductions to which you're entitled and makes it seem like you are making out great. Whether it's true or not I couldn't say.

 

[s0me0nesmind1]

If you don't know the value of a good accountant you've never been to a good accountant.

Or... I am an accountant. Specifically one that is specialized in tax

 

[bruceb]

I bought TurboTax 2017 Premier on line from BJ's club .. it was $71 delivered to my door. As it is the Premier, it also includes the ability to download the State Prep Forms for 1 state included. So far, it is doing just fine. My only issue is with entering some of the K-1 Forms as they can be a bit complex at times. Note: You can get help from the people at TurboTax (they use screen viewer to see what error you are getting) and tell you how or what to do to make the program happy. Only issue was it took almost 30 minutes on my cell phone to get to them. What I do when entering the K-1 Forms, is I do them one by one, doing a Review and Check after each one. Any glitches and they show up right away, then I look it over and see what went wrong.

 

[dasherHampton]

Or... I am an accountant. Specifically one that is specialized in tax

A real accountant wouldn't be advising a person with a sizable income and complex filing requirements to use Turbo Tax so I'm assuming you aren't. But I don't care.

I'm not in the best of moods today and I really don't appreciate being called an idiot because I use an accountant.

Also - $400? I usually pay my account just shy of $2000 a year.

 

[s0me0nesmind1]

A real accountant wouldn't be advising a person with a sizable income and complex filing requirements to use Turbo Tax so I'm assuming you aren't. But I don't care.

I'm not in the best of moods today and I really don't appreciate being called an idiot because I use an accountant.

Also - $400? I usually pay my account just shy of $2000 a year.

Depends what type of income. Depends what type of deductions you qualify for. But of all things if you think carryover losses are one of the complex parts of tax then I can definitely see why you use an accountant.

 

[bruceb]

The software an accountant uses is not much different than TurboTax .. It is basically the same with the ability to E-File an almost unlimited amount of returns. TurboTax lets you do 5 Federal E-Files and the accountant version may have better help built in.

 

[dasherHampton]

An example JUST OCCURRED.

I have sizable MLP income. The MLP tax laws just changed. Do I have to worry about that? For even a moment?

No, I don't.

 

[bruceb]

For the 2017 return they are the same. Not sure what will happen to MLP's and K-1 Forms in 2018 and beyond. You should be getting a K-1 from every MLP you own. If not go to these two websites (some are one, some on the other), register on them and they will Email you when they are ready for you to download.

http://www.taxpackagesupport.com/

https://www.partnerdatalink.com/

 

[dasherHampton]

I appreciate the help, and I'm sorry I snapped a bit. My siblings and I are in the middle of dealing with my parent's estate and it's a tough situation.

My advice remains the same - If you have complex income get an accountant. For every reason you think you need one there are three reasons you didn't think of.