What’s this group's view on accuracy of TurboTax? I wanted to use an accountant for filing this year, but the return he drafted is much less than then one I did on TurboTax ($1k vs $10k). Trying to

likehelpful
Posting as :
works at
You are currently posting as works at

Wow this is getting out of hand.....

Ok, number one, your rental mortgage interest is definitely NOT your own mortgage interest on Sch. A. It goes to Sch. E as part of your rental expenses. The only time there is crossover is a vacation rental situation with mixed personal/rental use. If it’s a full rental, nothing will be on your Sch. A.

Second, as you’ve said you are not a tax person and that is fine, I don’t judge like other people on here. I failed the AUD part of the CPA three times because I’m not an auditor so I get it! My point is if you have a new rental with depreciation and you are a part-year and/or dual resident of NY/NJ, there is no way in hell you should be doing your own return this year if you are not in tax. Both NY and NJ are extremely aggressive on residency, there are many nuances on dual-res or Part-year returns and you need to be careful this year.

Please use a professional for this year and then try again on your own next year when you don’t have so much going on.

My two cents 🤷🏼‍♂️

like

Thanks for that EY4! I appreciate I’m well out of my depth but was being lured by a large - probably wildly incorrect- refund.

@senior tax accountant 1 rightttt. Because everyone at B4 is in tax 🙄 that’s like me saying you should know advisory and audit well

like

assuming you have 2 pieces of paper to compare? OP said the turbotax won’t allow him/her to print it out and compare. I thought no accounting profession should just makes such statement without sufficient evidence?

like

I can almost guarantee it’s related to the depreciation. The same thing happened to me the first year I had a rental property. Check the worksheets and see where the amounts differ.

like

Another point to consider - If you are not an “active participant” in managing the property, your passive losses cannot exceed your passive income. So see whether your accountant checked that box

like

I had the same thing with rental property. The accountant was correct. Turbo tax handles depreciation poorly

like

OP, not sure if your office is offering this, but why don’t you get someone in Tax to help you look through it?

I also work at EY and my office is offering this service where one person can help we non Tax people and immediate family members, with preparing and filing. Even if you decide to file with TurboTax, you can get another opinion ☺️ I haven’t used this service, but it can be an option if you’re having a hard time reconciling things.

like

Not sure what’s driving your difference but I had a similar experience where turbo tax caught more deductions than my cpa... I guess depends on how experienced your cpa is but I like to use TurboTax myself. No one cares more about your money than yourself.

like

I work in advisory and am happily not focused on taxes as a full time job

As far as I can tell there are two differences: 1. Mortgage interest - accountant told me the rental property interest is all on Schedule E, turbo tax has it up by my primary residence, I believe Schedule A (they don’t let you print it out unless you file). I’ve asked the difference/ benefits but haven’t got a response. 2. NY-NJ taxes - I was a partial year NJ resident. TurboTax gives you a benefit for “double taxed” income. As far as I can see on my NJ state accountant return, there is no such credit. Also asked the question to the accountant but have not received a response.

I know there are a ton of tax people in fb so I figured it was worth a shot getting another opinion. If you have a suggestion on how I could rephrase the question into something tax people understand, I’m all ears.

Appreciate any thoughts! Thank you!

like

reconcile but it just seems odd. We’re filling jointly and have a new rental property last year, but otherwise not super complex

Any qualified tax accountant should be able to explain why the numbers vary. It’s hard to know what is done differently unless you ask. The forms look a lot different than 2017. Are you calculating depreciation on rental property correctly through ultra tax? There are so many variables

You may need to get a wage summary. NY is one of those states that recognize your entire year’s salary as taxable income even if yuh worked there for like a hour. I used to deal with that every year.

They assume all your income is taxable to start. Then you fill out a schedule backing out your non-NY income. If you don't fill out the schedule, then yes they tax everything

like

I always use TurboTax.

I have used a couple of different self preparation programs and I prefer turbo tax. But I'm on the tax side of things so I know enough to fly through parts of the process that have nothing to do with me and spend time on what matters most.

Related Posts

Incoming MBA here - am attending the Toigo Catapult virtual conference over the next few days and want to understand what to expect in the video interview component for finalists from anyone who is a current Toigo fellow

Do people tend to age out of wanting to FIRE?

In your 20s-30s, you don’t know much, you’re told what to do, you have few financial resources so you are tied to your job. Under these circumstances it makes perfect sense why you would want to FIRE asap.

But eventually you advance up the ladder, you are now the boss and your people do all the grunt work. You also have built up expertise which makes the job easier. And you are making the best money of your life. FIRE is no longer so pressing.

likesmart

saw a confession that someone is afraid of dying. Lowkey im excited to die. not in a depression/suicide way but just “im so tired and don’t want to keep going” way. Know what I mean? yes, life is exciting and there’s so many great things but … eh

likehelpful

Need help!
How to get remote work in sales (person with non tech sales and account management background) when you have decades of work experience but live in a tier 2/3 city.

like

Submit resignation in any organisation only if you have minimum 2 offers in hand . Situation is going to be critical in coming days. Just thought this is important for current scenario so just posting it.

like

Currently working in Human Capital Consulting (OCM), but I may want to find my way back to doing internal HR, specifically HR business partner work. What sort of projects/work should I look for?

like

Hello fish and sharks! I am an analyst at a pharma company in NYC. I’m trying to pivot to consulting specifically in Risk Management. My boss and I talked about consulting firms and he said how consultants work all the time outside of working hours.. is it really that bad? And is the compensation not great compared to how much you put in?

like

How’re you guys getting on with all your Different-Shaped Ideas?

funnylike

I could use some advice on how I should handle this situation. I found out the other day another editor who started four months ago is making 8% more than I do. For context, I have been here for a little over a year. How do I approach my boss to inquire about a raise? Should I bring up that I know about my teammate's salary?

likehelpful

Hi Fishes,

What would be the normal CTC range for Senior Associate 2 at Bangalore?

like

Hi all, how long did it take for you to get to equity partner after MBA? Where you in MBB pre-MBA?

like
like

Does anyone have tips for negotiating salary or other perks specifically at a nonprofit?
SDZWA has a large research side that many don’t know about but the pay is rubbish compared to other research organizations.

Any suggestion for good books on entrepreneurship? Trying to gather insights and motivate myself to finally working for myself.

like

Hi, need some advice because very new investor when it comes to owning personally versus LLC. Currently own my home and planning to purchase two lots of land sooner rather than later. With three real estate assets under my arm, getting a little worried about having them all under my personal name. Should i create an LLC and purchase the lots under that name? Should i transfer my first home?

like

How do you handle it when a direct report reacts negatively during a performance review?

like

After on boarding in Pwc sdc will we get training regarding project or how will it be ? Role SA2

like

I have an in-person interview for an entry-level digital marketing role at an agency soon. It’s the final interview, and I’ll be meeting with the marketing manager + a couple others in the team. How can I prepare? and what sort of questions should I bring with me?

Appreciate any help!

like

I saw that the Warner Bros. Discovery group has started with massive layoffs over at CNN. Is any job safe right now?

like

About to be a new dad. Starting to look into childcare but feeling a little overwhelmed. Would love to hear thoughts/opinions on what to look for besides convenience.

Additional Posts in Accounting

Anyone used a usage based auto insurance in California? Shopping for car insurance but use my car very sparingly now, so looking for options.

like

Hello Fishes
Got an offer from Deloitte as senior, audit private for 76k Toronto.. Is it Senior 1 or 2..
Do I accept the offer
Thanks in advance

like

What was the compensation increase for first year seniors in the pacific south west region?

like

How’s the experience in PwC - deals tax (London)? Any insight is helpful!

like

🥺Want some suggestion for busy season!

likehelpful

What do your teams do to keep it light in the audit room so you aren't just sitting in silence all day?

like

Name your favorite true story finance movies

like

Educate me on Bitcoin please

like

Is it a conflict of interest to work for the IRS and prepare tax returns on the side?

like

Got offered to go to RSM from a big four with a 40% raise and a promotion. I should make manager this round if I stay so promotion isn’t that big of a deal. Should I take it? I’ll have smaller clients, but think I’ll really shine there too. Less work, more pay... I could always go back to my current firm. Thoughts?

likehelpful

I think I’ve seen a thread on this before but don’t know how to find it… what are seniors at PWC making in M&A tax for HCOL

like

Anybody been coached out this summer? I had a bad year, though my work was great and utilization high, I wasn’t “managing” the engagement well enough... so got held back. $0 raise, $0 bonus.

like

Leaving PwC. What should I make sure to do before giving notice and during 2 weeks. All advice appreciated! Work in tax

like

It appears EY is fixing the higher-than-expected retention issue by throwing the Elite Group training in Tax. Good strategy EY!

like

How long does it take from the moment one applies for the CPA, to actually receiving it in NY?

like

Anyone ever had a background check done on them by the client?

like

How many stoolies do we have on here? #vivalastool

like

thinking about taking a serious pay cut to have a life. my biggest concern is if I regret the change. PA does offer some wonderful opportunities. just wondering if I can last.

like

What are some of the best careers in the financial services industry?

Please explain:
Why: Coolness, WLB, Comp, Relationships, Ease-of-work
Compensation:
Career Progression:
Nature of work:

like

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

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

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