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Old January 19th, 2009, 01:04 PM   #1
GreaseMonkey
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Default TurboTax Free Edition

Anyone use this online yet?

I started to use it today to check it out. Seems pretty cool. Anyone use this for last year's return?

One thing isn't adding up for me.

I selected for deductions in the drop down boxes that I had unpaid medical coverage of $1-$1,000 (lowest choice) and the same dollar amount for donations. It says that I can file a standard deduction of $5,450? Apparently I can write off interest paid on my student loans as well for an additional $673.

My medical expenses and charitable donations was probably $600-$700 if that.

Anyone know why this deduction is so huge? It doesn't quite make sense to me. I really don't feel like getting audited.
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Old January 19th, 2009, 01:11 PM   #2
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I used it last year, as well as paying for the e-file and the state return. It works just fine. I've used turbo tax for going on 10 tax years now, and I've never (knock on wood) been audited or had any issues yet.

The standardized deduction is probably just what someone in your income bracket with your exemptions usually takes. I know mine was historically in the high $4000 range for my standardized deductions, but I'd always do the itemized so I could write off my school stuff. If you take the Lifetime Education credit, you can write off a certain percentage of your school costs (tuition and books only I think) and you get that added to your return.

I was thinking of giving the H&R block software a try this year, because I saw that it comes with 5 free e-files, but then saw that Turbotax is doing that as well. So, I'll probably just stick with what I have.
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Old January 19th, 2009, 01:15 PM   #3
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Originally Posted by fastrt6dakota View Post
I used it last year, as well as paying for the e-file and the state return. It works just fine. I've used turbo tax for going on 10 tax years now, and I've never (knock on wood) been audited or had any issues yet.

The standardized deduction is probably just what someone in your income bracket with your exemptions usually takes. I know mine was historically in the high $4000 range for my standardized deductions, but I'd always do the itemized so I could write off my school stuff. If you take the Lifetime Education credit, you can write off a certain percentage of your school costs (tuition and books only I think) and you get that added to your return.

I was thinking of giving the H&R block software a try this year, because I saw that it comes with 5 free e-files, but then saw that Turbotax is doing that as well. So, I'll probably just stick with what I have.
That's what I figured, it just wasn't quite adding up. It was just weird I made those two selections and it says, "You qualify for a standard deduction of $5,450 which is the recommended selection to choose" or something like that.
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Old January 19th, 2009, 01:15 PM   #4
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Originally Posted by fastrt6dakota View Post
I used it last year, as well as paying for the e-file and the state return. It works just fine. I've used turbo tax for going on 10 tax years now, and I've never (knock on wood) been audited or had any issues yet.

The standardized deduction is probably just what someone in your income bracket with your exemptions usually takes. I know mine was historically in the high $4000 range for my standardized deductions, but I'd always do the itemized so I could write off my school stuff. If you take the Lifetime Education credit, you can write off a certain percentage of your school costs (tuition and books only I think) and you get that added to your return.

I was thinking of giving the H&R block software a try this year, because I saw that it comes with 5 free e-files, but then saw that Turbotax is doing that as well. So, I'll probably just stick with what I have.
I used HR last year and am going back to TurboTax this year. Something with HR's software I didn't like...
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Old January 19th, 2009, 01:17 PM   #5
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I used HR last year and am going back to TurboTax this year. Something with HR's software I didn't like...
Good to know, thanks.
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Old January 19th, 2009, 01:19 PM   #6
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the standard deduction is what the IRS gives you automatically....you only itemize if you can beat that (your deductions add up to be more than the $5450)

I use turbotax every year.....never had an issue in 12 years
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Old January 19th, 2009, 01:23 PM   #7
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the standard deduction is what the IRS gives you automatically....you only itemize if you can beat that (your deductions add up to be more than the $5450)

I use turbotax every year.....never had an issue in 12 years
Gotcha, thanks for the info!
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