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Author Topic: CreditKarma Tax Service redux...  (Read 675 times)
Mike Irwin
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« on: February 08, 2019, 04:49:09 AM »

I looked into using CreditKarma's tax prep service two years ago but ended up sticking with TaxAct because TA did a much better job at handling my rather complex tax situation.

Now, however, my taxes are a lot simpler since I ditched the investments that were complicating the hell out of my taxes.

Plus, TaxAct's prices have really gone up the last couple of years, so I'm really thinking that this is the year I'm going to use CreditKarma.

I did some preliminary data entry work, and it seems to be pretty straight forward, but I'll really get rolling on it this evening.

I also read some recent reviews on CK's tax prep system and most reviews say it has come a long way in just a couple of years.
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MechAg94
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« Reply #1 on: February 08, 2019, 06:18:11 AM »

Let us know.  I have been using TurboTax for a long time.  Been looking for a good alternative.
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« Reply #2 on: February 08, 2019, 06:20:21 AM »

Doing taxes should be easier this year, right?  Aren't most of the deductions gone?
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Mike Irwin
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« Reply #3 on: February 08, 2019, 07:49:42 AM »

No. At least not the deductions I normally use.

They are more limited, but fortunately I don't go over the limits.

The way it's looking right now is that I should be getting somewhere around $750 back between state and Federal. That will very nicely pay for whatever handgun I decide to purchase next.
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Ben
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« Reply #4 on: February 08, 2019, 09:05:24 AM »

Yeah, I think "deductions are gone" are mostly for if you're employed by someone and don't have any side gigs. I still had a lot of paperwork to do for farm and real  estate income and expenses this year. Though after getting hosed the last three years on capital gains, I might actually end up getting some of the estimated taxes I paid this year back.
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Amy Schumer
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« Reply #5 on: February 08, 2019, 10:10:08 AM »

Doing taxes should be easier this year, right?  Aren't most of the deductions gone?

Employee business expenses are gone.  Home office, travel, mileage (like for sales reps), uniforms, union dues, business use of personal phone, etc.  All gone.

State and local taxes capped at $10,000  (Sales OR Income taxes PLUS Property Taxes).   There's a cap on mortgage interest if your mortgage is over $600k (IIRC)

Medical expenses still have to be over 7.5% of AGI to be deductible (and only those expenses above the 7.5%).  That goes up to 10% next year.

Charitable contributions are still deductible.  And no, there is no "standard" amount.  The limit is "What you gave".   And if you ever donate "stuff" to Goodwill, Salvation Army and the like, notice that they leave the "Value" line blank.  You can write in whatever number you think your stuff was worth.   Wink
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Ben
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« Reply #6 on: February 08, 2019, 10:15:39 AM »

 And if you ever donate "stuff" to Goodwill, Salvation Army and the like, notice that they leave the "Value" line blank.  You can write in whatever number you think your stuff was worth.   Wink

Though I think you need to itemize on some form for over $500, yeah? I'm always paranoid that if I go too high for the non-cash contributions that I'll trigger an audit. Smiley
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Mike Irwin
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« Reply #7 on: February 08, 2019, 10:31:27 AM »

I'm a little nervous about the charitable deduction I'm taking this year.

When Mom died she left me all of her books in her will.

Tried to sell everything, which I couldn't because the market crapped out in 2007-2009 and hasn't really recovered.

So, I donated a couple of thousand books (lots of trash, really) to a local public library.

The director of the library provided me with a donation receipt of $1,000 (he filled out the value).

That probably worked out to about 30 to 50 cents a book for mostly good quality hardbacks.
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DittoHead
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« Reply #8 on: February 08, 2019, 11:05:34 AM »

TaxAct's prices have really gone up the last couple of years

Yes they have!  angry

Doing taxes should be easier this year, right?  Aren't most of the deductions gone?

The standard deduction doubled (I think) so there are a lot fewer people that will bother itemizing.
That's going to simplify a lot of tax returns, mine included.
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Mike Irwin
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« Reply #9 on: February 08, 2019, 11:09:31 AM »

Yep, doubled standard deduction.

Because I refinanced this past year I still have more itemized deductions than the standard deduction, but that would be really nice if it were the other way around just because of simplicity's sake.

Would take my tax prep from a couple of hours to maybe half an hour, and most of that would be double checking everything.
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MillCreek
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« Reply #10 on: February 08, 2019, 12:08:48 PM »

I did our taxes the other day with my usual HR Block Deluxe software that I get for $ 20 at Walmart.  I carefully itemized all our deductions and the new standard deduction gave us a higher refund. Total refund was $ 1600 less than years past. Especially now that the house is paid off, we will have essentially no deductions, so taxes will go much quicker for us in the future, as long as the current tax code applies.
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« Reply #11 on: February 08, 2019, 02:39:01 PM »

Democrats say middle class folks won't get a tax decrease.  Since I retired in 2006, my CPA filed the short form as we had nothing to itemize that was worthwhile.  Did the same this year within the parameters of the new tax law.  I had also decreased my withholding from my IRA distribution to 10% from 15%.  We still got $1000.00 more back than last year.
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« Reply #12 on: February 08, 2019, 04:01:21 PM »

I've been using H&R Block tax software for a number of years - it works OK. It also comes with "Deduction Pro" which helps you put a value on household goods you've donated to charity. (It doesn't cover EVERY possible item you may donate, but it covers a lot of common stuff like books, clothing, etc., and gives you values that are defensible should you be audited. Tip: Having receipts is a GOOD thing!)
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Chester32141
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« Reply #13 on: February 10, 2019, 07:00:23 AM »

 I've used Turbo Tax for years ů picked up a copy of deluxe on ebay this year for under $9 ů  cool
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« Reply #14 on: February 10, 2019, 06:17:36 PM »

Credit Karma, free for me to file Feds, still waiting for the state option with them

Nothing crazy here, w-2, 1099-G, mortgage stuff.
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Mike Irwin
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« Reply #15 on: February 12, 2019, 04:33:51 AM »

I'm still waiting for the last of my forms from Vanguard.

The only thing I still need.
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Mike Irwin
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« Reply #16 on: February 12, 2019, 04:51:54 AM »

Hey, nice. Credit Karma can import W2s from ADP, which is the processor that my company uses. Nice to see that they've caught up with TaxAct and the others. That's one thing I always hated was entering all of the info from my W2. Always felt that I was going to make a mistake.
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« Reply #17 on: February 12, 2019, 06:40:18 AM »

I'm still waiting for the last of my forms from Vanguard.

The only thing I still need.

WHAT?!?

Did you piss off the Bogleheads or something? I think they have to send them by 15FEB, but it looks like they put you at the end of the line.  laugh
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Mike Irwin
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« Reply #18 on: February 12, 2019, 07:15:53 AM »

"WHAT?!?"

Yep, always been that way with my Vanguard brokerage account. Always comes at the last stinking minute.

I can easily cobble the information together from my quarterly statements and the like, but I don't much care for doing that. I always feel as if I'm going to screw up and end up missing something and have the tax man decide to crawl up my ass with a microscope just because.


Friend of mine also has a brokerage account with Vanguard and it's the same for him.


It's kind of weird, because I also have company stock in my 401k with Vanguard, and the 1099-R for the dividend distributions from that was available at the beginning of January.
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Mike Irwin
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« Reply #19 on: February 14, 2019, 06:32:31 AM »

The more I get into Credit Karma tax, the less impressed I am with it. It's not... iterational I guess is the word I'm looking for... in that it doesn't ask a lot of things that should be standard intro questions for anyone starting a tax package...

Things like... Did you own a home? That triggers a whole bunch of things that should be asked, like did you pay mortgage interested and points, did you pay property taxes, etc., which can make a big difference on whether you itemize or claim the standard deduction.
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Amy Schumer
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« Reply #20 on: February 14, 2019, 03:55:45 PM »

WHAT?!?

Did you piss off the Bogleheads or something? I think they have to send them by 15FEB, but it looks like they put you at the end of the line.  laugh

Yep, brokerages have until 15 Feb to get your info into the mail.  That includes your 1099-B, 1099-INT, and 1099-DIV's.

Mine's here at work, everything but that stuff keyed.  What makes it even worse is because I get a W-2 from Mutual of Ummmmmmaha with the Sick Pay , I have to mail in a paper return and wait 6-8 weeks to get my refund.    angry angry angry angry angry angry
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Put our backs to the north wind.
Hold fast by the river.
Sweet memories to drive us on,
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« Reply #21 on: February 14, 2019, 04:09:12 PM »

Yep, brokerages have until 15 Feb to get your info into the mail.  That includes your 1099-B, 1099-INT, and 1099-DIV's.

Mine's here at work, everything but that stuff keyed.  What makes it even worse is because I get a W-2 from Mutual of Ummmmmmaha with the Sick Pay , I have to mail in a paper return and wait 6-8 weeks to get my refund.    angry angry angry angry angry angry

How the heck does that happen?  As far as I knew, you could, worst case, electronically submit the filled out forms.
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Mike Irwin
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« Reply #22 on: February 14, 2019, 05:49:49 PM »

I get my forms electronically.

Sent from my SM-G960U using Tapatalk
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Amy Schumer
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« Reply #23 on: February 15, 2019, 11:49:18 PM »

How the heck does that happen?  As far as I knew, you could, worst case, electronically submit the filled out forms.

Unless you get a W-2 with code "G- Sick pay", in which case you have file a paper return.
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Some days even my lucky rocketship underpants won't help.


Bring me my Broadsword and a clear understanding.
Get up to the roundhouse on the cliff-top standing.
Take women and children and bed them down.
Bless with a hard heart those that stand with me.
Bless the women and children who firm our hands.
Put our backs to the north wind.
Hold fast by the river.
Sweet memories to drive us on,
for the motherland.
Mike Irwin
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I Am Inimical


« Reply #24 on: February 17, 2019, 10:50:10 AM »

Freaking FINALLY got my Vanguard 1099-DIV.

Jesus.
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