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Participant ○○○

Re: TurboTax Premier free on Fidelity

@ctyankee Thanks for the links. I did know about the one that is truly free, but my roth conversion exceeds the income limit. The  link you posted answers my question though about  how  they handle the upcharge. Looks like not ala carte but rather it just offers the upgraded version. Using the free could help in not buying a version that was more than needed. 

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Participant ○○○

Re: TurboTax Premier free on Fidelity

If anyone is familiar with AARP Tax Aid, do you know if they are able to access 1099 divs or does all info need to be printed out when you meet with the preparer? 

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Participant ○○○

Re: TurboTax Premier free on Fidelity


@archer wrote:

If anyone is familiar with AARP Tax Aid, do you know if they are able to access 1099 divs or does all info need to be printed out when you meet with the preparer? 


There is a participant in the TIAA forum who is a AARP Tax Aid. You may address the question there. I forgot his exact name now.

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Explorer ○

Re: TurboTax Premier free on Fidelity

You must bring hard copies of all your tax documents including all 1099 forms, supporting documents as well as last year's Federal and state returns. You must bring your SS card and government issued photo ID.

AARP Tax Aide starts February 1. Most locations require appointments. 

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Participant ○○○

Re: TurboTax Premier free on Fidelity

I found a link to OLT for free online filing on the IRS site. I am not finding any info on their site as to what they are able to do as far as downloading 1099s etc. 

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Participant ○○○

Re: TurboTax Premier free on Fidelity


@archer wrote:

I found a link to OLT for free online filing on the IRS site. I am not finding any info on their site as to what they are able to do as far as downloading 1099s etc. 


 I have used OLT for quick estimates for estimated payments. I was not sure if it was completely free for me probably due to schedule E. I thought that there was a catch last year. None of the free file software do not have such capability yet, as far as I know. I am using the word "yet" because free file websites might offer this choice for a few dollars of additional fee in the near future. The programmers will keep adding these features as the new shining thing in the future for their living and the companies will offer as a possible choice.

I have already made 83 entries in my 8949 using estimated values from my brokerages in about 4 hours including the time for data preparation from the values of brokerages. I will need go through all these entries and make corrections, if necessary. I am not sure if you have more than 83 trades.

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Participant ○○○

Re: TurboTax Premier free on Fidelity

@ECEPROF I just googled OLT and the site that came up was different than the link from the IRS and had more info. In case you are interested, it does handle sched E for 2019. Free version will add state for $9.95. and their premium version costs $7.95 for fed and an additional $7.95 for state.

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Participant ○○○

Re: TurboTax Premier free on Fidelity


@archer wrote:

@ECEPROF I just googled OLT and the site that came up was different than the link from the IRS and had more info. In case you are interested, it does handle sched E for 2019. Free version will add state for $9.95. and their premium version costs $7.95 for fed and an additional $7.95 for state.


Thanks.

I do not need OLT. I already have an account with TaxHawk. So, all my personal data (including our SS numbers,  addresses, etc. ) prefilled and the forms I need to fill up came out in the new tax return automatically so that I have to enter only the new numbers and transactions. I have entered all my data except the exact details of 1099-B from my brokerages because I have already received the other 1099s. Based on this, I found that I had to pay more taxes for 2019 and paid them  through EFTPS before January 15, 2020. I have an account there also and pay my additional estimated payments besides the regular payments from the state retirement payments. IRS will take the money from my checking account for the amount that I enter there on the specified date.

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Participant ○○○

Re: TurboTax Premier free on Fidelity

I don’t qualify for free TurboTax. Fidelity's (apparently) discounted price looks high for the product I buy –

Price comparison of TurboTax Premier CD or Download version (includes 5 federal efiles and 1 state return) --

Fidelity: $99.99 marked down to $84.99

Costco: $69.99 with $15 off promotion = $54.99

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Participant ○○○

Re: TurboTax Premier free on Fidelity

TaxAct seems to be a on a big sale, if anybody is interested. I do not what it means but you should check it out and buy if you are satisfied. By the way, I was a happy customer of TaxAct for more than 20 years until last year.

https://www.taxact.com/taxes-online/?promo=REFWAITTY19

I think that people get it for free. TaxAct must have concluded that making $5 is better than 0.

Be careful because there may be a hefty filing charge. So, you need to carefully investigate before you start using TaxAct.

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Participant ○○○

Re: TurboTax Premier free on Fidelity

I just purchased TT delux including state from costco for $40 without a membership. Through Fidelity it costs $40 plus and addtional $40 for one state. I am not a costco member either. I bought it online.

 

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Participant ○○○

Re: TurboTax Premier free on Fidelity


@archer wrote:

I just purchased TT delux including state from costco for $40 without a membership. Through Fidelity it costs $40 plus and addtional $40 for one state. I am not a costco member either. I bought it online.

 


Does it include the filing fees? 

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Participant ○○○

Re: TurboTax Premier free on Fidelity


@ECEPROF wrote:

@archer wrote:

I just purchased TT delux including state from costco for $40 without a membership. Through Fidelity it costs $40 plus and addtional $40 for one state. I am not a costco member either. I bought it online.

 


Does it include the filing fees? 


Good question. State filing fee is additional $25

From their product info:

  • Includes 5 free Fed e-files and 1 TurboTax State download product (State e-file sold separately)
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Participant ○

Re: TurboTax Premier free on Fidelity

Just got my official 1099 from Fidelity. As expected, I was off a bit on my total dividends gleaned from the year end summary. Apparently they include some 2020 payments in last year's total.

I tried something new. I only had two stocks sales for Fidelity, and I saw it was just as simple to enter the summary vs putting them in separately, I had about ten sales from Schwab, so I went back and replaced then with a summary.  Nice and neat. Then a new message pops up saying I have to do the separate sales anyway and mail them them in. What the heck?

Then I recalled a few years back, a friend of mine did the summary and neglected to send in the full details. For some reason, IRS assigned him a zero cost basis on all of the sales and hit him with a tax bill. Easy to fix. He sent the info in.  Aha, that's why we enter the separate sales.

 

 

 

 

 

 

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Re: TurboTax Premier free on Fidelity


@DocWu wrote:

Just got my official 1099 from Fidelity. As expected, I was off a bit on my total dividends gleaned from the year end summary. Apparently they include some 2020 payments in last year's total.

I tried something new. I only had two stocks sales for Fidelity, and I saw it was just as simple to enter the summary vs putting them in separately, I had about ten sales from Schwab, so I went back and replaced then with a summary.  Nice and neat. Then a new message pops up saying I have to do the separate sales anyway and mail them them in. What the heck?

Then I recalled a few years back, a friend of mine did the summary and neglected to send in the full details. For some reason, IRS assigned him a zero cost basis on all of the sales and hit him with a tax bill. Easy to fix. He sent the info in.  Aha, that's why we enter the separate sales.


I got my 1099-B from Firstrade. I check for their inaccuracies based two independent data base - one from their website and another from my Quicken. There were two mistakes in the 1099-B. So, I have sent an e-mail to them with the screen shots of their own data and how their 1099-B data do not match. How did I find their mistake? My quicken data did not match.  There are always a difference of one or two pennies but not several tens of dollars. I went to their website and collected the data from there and those were exactly what I had them in Quicken.

I can easily generate the 1099-B data from my Quicken in Google sheets and match those values with the 1099-B issued by the brokerage. It took me one day to verify the data base in two different ways of 53 transactions. Once it was done, I entered about 50 of them in two hours because I just copy and paste into the online free software. I am yet to do three more.

My consolidated 1099-B from Vanguard just appeared. That should take only a few hours because I already have the data base from Quicken and just to need to verify them. I do not expect any mistake from Vanguard based on my long experience with them. Then, I can use the same copy and past process. So, my 1099-B data will go to 8949 and the software will summarize those in the proper form to Schedule-D.

 

 

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Participant ○

Re: TurboTax Premier free on Fidelity

Wow. I don't expect to see errors like that by the brokerage firms,

 

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Re: TurboTax Premier free on Fidelity


@DocWu wrote:

Wow. I don't expect to see errors like that by the brokerage firms,

 


Doc

There was an e-mail warning from Firstrade that it is my responsibility for reporting the accurate data to IRS. This is the first year in Firstrade. I never heard of such a thing in my life before - it is a long time. You know what? I will move the portolio from Firstrade to Vanguard soon - probably next month. I have to transfer 750+ shares of PCI to Vanguard because I have already consolidated everything to PCI in January.

I already got my CSV format of Vanguard 1099-B in Google sheets and eliminate the other unnecessary stuff so that I can copy and paste in my TaxHawk. It won't take even an hour to enter this data because it is less than 15 trans.

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Valued Contributor

Re: TurboTax Premier free on Fidelity

If mutual fund record date is in 2019 but the payment date is in 2020, it is still considered for tax year 2019.  https://ibkr.info/article/911

YBB
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Participant ○○○

Re: TurboTax Premier free on Fidelity


@yogibearbull wrote:

If mutual fund record date is in 2019 but the payment date is in 2020, it is still considered for tax year 2019.  https://ibkr.info/article/911


Yogi (and Doc)

They are individual stocks. I have similar situations in Vanguard 1099-B also. So far, 3 out of 4 stocks. I have confirmed that these are due to  ROCs in these stocks that reduce the cost basis but not included in my Quicken data.

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Follower ○○

Re: TurboTax Premier free on Fidelity

Not free for me. I have private client status and got the $0 offer. I did all the work to enter in my tax info and when I tried to file, the SW asked me for the full $90. After doing all that work, they got you. I paid the fee and was then able to see/print the tax forms and e-file. But before I could do that, I got a pop-up that offered a "free" credit score that forced me to check that I would allow information about me be shared with affiliates. I had to close my browser and re-login to get around that hurdle. In the fine print, there is something about how your actual fee will vary depending on what you use. Even now, I have no idea who gets it free and who doesn't. 

VERY DECEPTIVE. 

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