Comments on: Best Tax Software 2024 [Awards] https://thecollegeinvestor.com/21156/the-best-tax-software/ Navigating Money And Education Tue, 02 Apr 2024 23:42:40 +0000 hourly 1 By: Bill https://thecollegeinvestor.com/21156/the-best-tax-software/#comment-479475 Tue, 27 Feb 2024 02:38:58 +0000 https://thecollegeinvestor.com/?p=21156#comment-479475 In reply to Robert Farrington.

I live in Canada, and I can tell you, TurboTax is not at all good for Americans living abroad. For example, it has no clue about how to report Social Security income correctly, and its instructions actually give bad advice that conflicts with what the IRS requires in its own publications.

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By: Bill https://thecollegeinvestor.com/21156/the-best-tax-software/#comment-479474 Tue, 27 Feb 2024 02:36:00 +0000 https://thecollegeinvestor.com/?p=21156#comment-479474 This article is of no help to people living abroad. The issues we face in filing are extensive and for the most part ignored. And your top recommendation, TurboTax, is abysmal for such users.

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By: Robert Farrington https://thecollegeinvestor.com/21156/the-best-tax-software/#comment-479366 Fri, 16 Feb 2024 04:47:50 +0000 https://thecollegeinvestor.com/?p=21156#comment-479366 In reply to William Gaylord Stoops.

TurboTax can handle the 1040 too – but you’re going to need two accounts. One is for the trust. You fully complete the trust return, and then you get the K-1, which you then report on your personal return (and a separate account). Honestly, we almost always recommend a tax professional for your situation as this stuff tends to get messed up frequently, causing headaches to the estate and personal taxes.

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By: William Gaylord Stoops https://thecollegeinvestor.com/21156/the-best-tax-software/#comment-479360 Thu, 15 Feb 2024 19:51:40 +0000 https://thecollegeinvestor.com/?p=21156#comment-479360 In reply to Robert Farrington.

Thank you for your reply. I will be looking at TurboTax Business.
Next Question:
I will be submitting my own 1040 as the beneficiary of the income from the 1041 trust. It seems that TurboTax Business does not provide a facility for submitting a 1040. So, for my 1040, I want to maximize deductions, including charitable contributions, and I own my home, and I have bought and sold stock, and I receive a pension and Social Security. The 1041 income for the trust has to be submitted to one state, and the 1040 income is to be reported to a different state.
Any suggestions?

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By: Robert Farrington https://thecollegeinvestor.com/21156/the-best-tax-software/#comment-479313 Sun, 11 Feb 2024 20:45:12 +0000 https://thecollegeinvestor.com/?p=21156#comment-479313 In reply to William Gaylord Stoops.

Yes, H&R Block doesn’t do 1041 for individuals any longer. You need to look at TurboTax Business or TaxAct Estates and Trusts. See our guide: Estate Tax Software For Form 1041.

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