What’s everyone’s “go-to” tax filing method? Can you share your method, your tax complexity and HHI? And why you use your method? For me, it’s “tax act” , moderate complexity with 2 W2, some investment, mega backdoor and 2 state filings, no itemized deduction, at ~500k. I picked tax act because it was free for military members for past few years but no longer qualify, so need new method.

like
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

Freetaxusa, pretty simple taxes. One w-2, lots of 1099-int and 1099-div. Child credits, standard deduction.

I used to use free turbo tax but been happy with the switch to freetaxusa

like

Same switch here, though I itemized (property tax, mortgage interest, sales tax, charitable donations)

like

Wow it seems I’m the only bozo using TurboTax. Maybe I’ll look into a free one

like

Love FreeTaxUSA

Recent IconRecent

freetaxusa, $500k HHI, 2 W2s, mortgage, back door Roth, MBDR, some dividend and interest, small revenue with a consulting gig. nothing too complicated. do not itemize.

like

Freetaxusa, free other than state filing (which can be done free through state website).

Moderately complex with w2s, investments, mega backdoor, itemized deductions.

HHI $1.1M

like

I use a tax accountant. $500k HHI. 2 LLC, a foundation plus the usual 401k. Relatively complex with side business, including real estate. Kids and parents are dependents.
I pay for the service because it has reduced our HH Effective Tax rate to around 15%.

like

Thanks! Will definitely check out freetaxusa. Seems cheaper than TurboTax or tax act

likesmart

Also freetaxusa. Have all of the things you have minus the state filings. Believe they just charge $15 per state filing

like

Same. I used to mail in my state return but they required a copy of the federal and by the time I printed and paid postage it wasn't worth it to save $5-10.

IRS Fillable forms.
Fairly low tax complexity, similar to your situation. HHI $275k
I use it because I’m cheap and don’t want to pay to file taxes.
Also because I like knowing how taxes work, which helps me optimize.
I could be persuaded to pay to save some time, but probably will keep doing myself.

like

There are other free options that may be easier, though I respect wanting to know the taxes. May be worth a comparison to see if you get the same answer

likesmart

I have a tax accountant, as partnership returns are a colossal pain. One I fire, I'll likely just use TurboTax. I use it now for some family member returns.

like

Makes $500k HHI
Uses a free tax filing solution

🤷‍♂️

like

An LLC has no impact on what you can or can’t deduct from rental real estate, or how that income is taxed. Whoever told you that probably made money on your lack of knowledge.

TurboTax, 2 W2’s, standard deduction, 6 minor dependents, child care credit, rental property income, RSU, ESPP, 401k, TSP, IRA’s, MBDR, some freelance work, no state. HHI $350k. Thanks to the ton on kids we have and tax free compensation from the military, our effective tax rate is under 9%.

like

I’m a former enlisted, now civilian. He’s lucky to have a wife that brings combined HHI of a flag officer!

like

We use TurboTax. HHI ~400k. On the complex side as we have oil royalties in two states outside the one we live in.

I use TurboTax too. But more out of habit as I’ve used it for 10 years.

like

My FIL! He has TurboTax software installed (?) and does all our taxes and his business’ as well! Before that I used to either do it on my own or use H&R Block.

Similar to you plus multiple properties and REP status for cost seg / bonus depricate to offset w2 income.

I use TurboTax max for the included tax advice and audit protection esp bc REP status is hard to defend with dual w2s but in my case it’s warranted.

I go to a CPA that specializes in day trader status. I trade stocks on the side and plus other things, the free tax software cant handle. We are also a HHI (600k ish).

Related Posts

Any Manager (Rank 32) having 46LPA(Fixed) or above at EYGDS?
Please comment your YOE, Tech Stack and Service line.

I'm currently at 38L(Fixed) working with Deloitte USI, cleared all the rounds with EYGDS. I am asking for 30% hike only which will be 49.5L(Fixed) and that too they are saying out of budget. This is strange!!!

#eygds #deloitte #ey #big4

like

Does UBS provide onsite? How easy/difficult it is process wise?

Hi everyone, I have an interview for a product manager role at a health tech start-up. Any ideas what some interview questions might look like?

like

What tool/ paid website do you use for roadmap planning? Looking for something to present to the uppers.

like

Anyone do any PM mentorship on the side? I've had some people reach out to me on LinkedIn asking for free guidance on interviewing, starting out in a job, moving up, etc. I've met with a few people more than once for an hour or so at a time...wondering how big the market is for doing this kind of thing with recent college grads? I don't mind doing it for free, tbh it helps me more than it may help them. Does anyone charge for this and promote themselves?

like

Anyone have first hand experience with travel medical insurance? Looking to purchase for a short trip but finding so many mixed reviews from people that have had to actually try and use it. Appreciate any recommendations!

like

Anyone know if deloitte allows part time CPT? My full time CPT ends in May and been emailing immigration but no response.

like

Hi all,

I recently heard about Stoa School for the working people, who wants to do MBA. Would anyone provide any insight if stoa school is worth to consider for MBA for working professional?

like

Will there be any work from home assistance ? Will it be mentioned in offer letter ?

like

Sick of football, baseball, and ice hockey. Have to unnecessarily like these games and show I give a shit (oh Nick Foles really kicked Brady’s ass!). First Super bowl, then this crap NCAA, now basebal

like

Like this if you play video games on your work laptop

like

6/16 Thread (BC):

like
like

Interested in cybersecurity companies. What are some other than Symantec?

like

Why do the London markets write hard-to-place risks for not a lot of premium?

like

What's the best month to visit Nashville? I want to bring my girlfriend to Nashville to propose but I don't know anything about the weather. She grew up in Nashville but hasn't been back for 4+ years. I'd like to book the tickets in advance, so let me know your thoughts please & thank you.

like

What kind of comp package (Sign On, Base, Bonus, Equity) should I target for L4 Product Strategy Chicago?

like

What is the interview process in Grid Dynamics For QA Automation Engineer.

like

Did anyone get an update on their H1B registration from BAL? I got an email on March 11 saying that my account was opened on cobalt but nothing else since then!

Anyone switched from consular processing to change of status to activate their H1B? If yes, could you pls share when and how(i.e. if you had a ppmd looped in) you reached out to the law firm. My worm authorization is set to expire in 6 months and travel to home country is risky..

like

Additional Posts in FIRE Financial Independence Retire Early

Thoughts on potential business ideas or investment opportunities where I can live the life I deserve now and not in retirement? I’m always trying to think of potential business ideas and come up with nothing. As far as interests, it doesn’t matter what it is. As long as it makes money I’m interested.

like

Turning 28 and hit $300K NW today. Never formally FIRE’d but want to set out a plan for here onwards. What’s some good material / easy reading to start with?

like

Given crazy market returns recently, do you still expect the market to rise at 10% over the next 30 years?

like

What do most people invest in for their Roth IRA portfolio? I’ve heard target funds and ETF’s..which one is better?

Still using Ally Bank savings account, but the APY had dropped to .60%. Time to move. Any recs on personal savings account? This is my emergency “savings”

like

Anybody using Marcus high yield savings? 1.9%APY seems like a no brainer, just want to be sure I’m not missing anything.

like

Is there a definitive guide to cost of living? The obvious cost of living centers (SF, NYC, LA etc.) get covered a lot, but I’m wondering where my city falls. It’s a modest Midwest city with ~100k residents but is a relatively touristy spot. It often feels like a MCOL area but I’m not sure how to adequately judge that, and it would be helpful to know when comparing salaries and the like.

I’ve been reading a lot of FIRE books lately and want somewhere to discuss. What are the biggest takeaways from your FIRE journey/ research?

like

Have 20k, what’s a good small business to start with this fund? Serious question here

like

Single and childless but would like kids. High income and maxing out all tax advantaged accounts I can but was thinking of starting a 529 in my own name to be transferred to future kids. If I don’t have kids maybe transfer it to my nephew. Thoughts, pros, cons?

like

Are y’all waiting to do a mega backdoor Roth to see what they do about build back better this year or just moving forward with it?

like

Anyone interested in having a meetup in NYC in April and exchange our FIRE experience?

like

I wish I wasn’t adaptable. Humans aspire for a greater level of comfort and once achieved, adopt that as their new baseline. Because of this, somebody making $100k cannot simply comfortably revert back to a $50k lifestyle. The slow growth of personal wealth isn’t noticed as ideated. Instead, we are never satisfied.

Can you relate? Has your salary / net worth growth dramatically improved your quality of life?

like

Are we on recession? My portfolio is super down - low cost ETF investor here

like

Has anyone bought a commercial space and eventually rented it out that resulted in a positive cash flow? If so? In which city?
I’m on a visa in U.S and looking to potentially invest in commercial spaces rather than residential places.
Age:25
T.C: 102K

like

Have 50k in brokerage to put towards buying a place in Atlanta. Young 20 something who's lease is ending soon

Roth IRA and 401k are well funded but don't want to pull from there.

Should I buy and rent the extra bedrooms to friends, or stay renting and put savings in stock market?

like

Real Estate Rookie podcast thirsty for subs

Post Photo
likefunny

I can do the math on SWR’s, but always happy to have the input of this forum, be it positive, constructive, or a really unique perspective. I’ve been lurking on a FIRE journey for a while, and here is where I am:
2.3M in retirement assets (30% have been taxed)
8k a month in expected expenses…continued in comments

like

This is gonna sound stupid, but I’m honest - I can’t do math. Calculating a tip is as advanced as I get. Thank god for excel formulas and a math savvy husband. At the end of the day, I pay all the bills (I know- but I’m more organized) and make double his salary, what low stress effort (on my limited math capacity brain) can I do to increase wealth?

I feel like I should be doing more with extra money to help us financially, but I’m scared of having to study stocks and understand the numbers. 😖

like

I consolidated grad loans in ‘15, kept federal separate from private (w SoFi @6.75%). Can I refinance w SoFi or w Earnest? Should I combine the federal and lose the protections for better %?

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal