Turbo Tax Online Vs. Purchased Turbo Tax??

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Discussion Overview

The thread explores the differences between using Turbo Tax online and purchasing the Turbo Tax software, with participants sharing their personal experiences and preferences regarding tax filing methods. Additionally, there are discussions about filing requirements for income tax, particularly concerning 1099s and W-2s.

Discussion Character

  • Opinion-based
  • Anecdotal

Main Points Raised

  • One participant, identifying as a consultant, mentions they have used Turbo Tax online in the past and is curious about the benefits of purchasing the software.
  • Another participant shares their experience of switching from purchasing the software to using Turbo Tax online, noting it is cheaper and allows payment only upon submission.
  • Several users mention the convenience of Turbo Tax online, including features like retaining login information and transferring data from previous years.
  • One participant discusses using Tax Act online, stating it is cheaper than Turbo Tax and that they verify their work with Turbo Tax.
  • Another participant expresses the need to finish filing their taxes and inquires about receiving their PC 1099.
  • One participant shares their experience of gathering information for tax filing and questions whether their daughter needs to file income tax based on her earnings.
  • Another participant believes that a minimum income of $500 is required before needing to file taxes, while another mentions that 1099s differ from W-2s.
  • One participant reflects on their experience of using Turbo Tax online for several years, highlighting its ease of access and data security.

Areas of Agreement / Disagreement

Views differ on the necessity and benefits of purchasing Turbo Tax software versus using the online version, with some participants expressing a clear preference for online filing. There is no clear consensus on the income threshold for filing taxes.

Contextual Notes

Participants share personal experiences related to tax filing as consultants, with varying levels of familiarity with tax requirements and software options.

Who May Find This Useful

Consultants looking for insights on tax filing methods and requirements may find the shared experiences relevant.

L
lkspeir
Messages
361
I've done Turbo Tax online in the past. However, I'm wondering if there is any benefit to purchasing the actual software over using the Turbo Tax online.

This is my first year to file my taxes since being a consultant.
 
I used to buy the software before I discovered that you could do it online. Now I always do it online. You don't have to pay until you submit, and it's cheaper.
 
Yep. I totally agree! I use Turbo Tax online. It's sponsored through my Credit Union and the nice thing is, you have the same ID/Password every year and they will transfer your information into your new return!

Thanks for the reminder! I need to finish filing mine!!
 
I use Tax Act online. It's cheaper than Turbo Tax, and we always check our work with Turbo Tax and it's always the same.
 
hoosierchef said:
Thanks for the reminder! I need to finish filing mine!!
Click to expand...

Have you gotten your PC 1099 yet?
 
  • Thread starter
  • #6
No, I haven't gotten my PC 1099 yet, I'm just getting all my info together on a spreadsheet first, so I'll be ready. This morning on the way to work I was wondering if there was any benefit to purchasing the Turbo Tax software.I do have one more question....My daughter (17) works part time. She only made $380 last year. Does she have to file income tax? Is there a dollar value that you have to make that constitutes filing?Thanks everybody!
 
I think you have to make at least $500 before you have to file, but I could be wrong. Don't trust me!!
 
supergirljennie said:
Have you gotten your PC 1099 yet?
Click to expand...

I didn't sell last year, so I don't have to worry about that yet. I just signed up on 01/25/07. I'm still waiting on my kit! :p
 
hoosierchef said:
I didn't sell last year, so I don't have to worry about that yet. I just signed up on 01/25/07. I'm still waiting on my kit! :p
Click to expand...

You'll be so excited when it finally arrives. My mum is waiting on her upgrade kit, and she's so anxious. :)
 
You have to earn at least $600 from one entity for it to be reported on a 1099.
 
I worked for just a few weeks at a Preschool last year. I just got my W-2, and it says my income was $340.00. Does that mean I don't have to turn that in? I also helped for a few weeks at a Middle School and made about the same amount. I don't have to turn that in either?
 
Jennifer - I believe you do because your combined income is over $500. We have W-2s from various places some years...teaching a class here or there, etc. and have always turned them in.

On the online vs. software debate...online - being using it for 8-9 years now - nice and easy - easy to access past returns throughout the year - no worries about personal hard drive crashing and losing data or forgetting where I put files...
 
To add, I believe 1099s differ from W-2s, but look for additional advice, I'm not a tax guru...
 
janetupnorth said:
Jennifer - I believe you do because your combined income is over $500. We have W-2s from various places some years...teaching a class here or there, etc. and have always turned them in.

QUOTE]

I thought I had to, but wanted to make sure. Thanks!
Click to expand...
 

Frequently Asked Questions

What is the main difference between TurboTax Online and the purchased version of TurboTax?

The main difference lies in the delivery method and accessibility. TurboTax Online is a cloud-based service that allows users to file their taxes via a web browser, while the purchased version is a software package that you install on your computer. Online versions are typically updated automatically, while the purchased version may require manual updates.

Can I access my TurboTax Online account from multiple devices?

Yes, TurboTax Online allows you to access your account from any device with internet connectivity. This means you can start your tax return on one device and continue on another, making it convenient for users who switch between devices.

Are there any differences in features between TurboTax Online and the purchased version?

Both versions offer similar features, but there may be some differences in the availability of certain tools or forms depending on the version you choose. TurboTax Online typically provides a more streamlined experience with guided assistance, while the purchased version may offer more advanced features for complex tax situations.

Is my data secure with TurboTax Online?

Yes, TurboTax Online employs strong encryption and security measures to protect your data. Intuit, the company behind TurboTax, takes data security seriously and uses industry-standard practices to safeguard your personal and financial information.

Which option is more cost-effective, TurboTax Online or the purchased version?

The cost-effectiveness depends on your specific tax situation. TurboTax Online often has a pay-per-use model, which can be cheaper for simple tax filings. However, if you have a more complex tax situation or plan to file taxes in the future, purchasing the software may be more economical in the long run, as it typically allows for unlimited returns for that tax year.

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