![]() ![]() ![]() My T Rowe mutual fund is long standing and I’m familiar with the 1099 and Box 7 – Foreign Tax Paid (credit) which is common to international mutual funds. I’m a retiree with a basic return showing Social Security, pension and my T Rowe International Fund dividends using the standard deduction and single filing status. I purchased Turbotax “Premier” version for $74.89 to access the import feature per my T Rowe Price International Fund 1099, pension, etc. I nonetheless assign three stars rather than one to TurboTax 2021 because I expect it will be as useful as previous versions for calculating the PAST year's taxes. So why does Intuit bother to distribute it's program in this woeful state? Why not wait until the results are at least within shouting distance of being accurate? It is not remotely close to being accurate. And what the program spits out to you as your tax liability is worthless. I say "less than" because it is rather cumbersome and time-consuming to enter your best estimates of expected income, by income source, into the program. Sadly, for users who wish to send tax withholding instructions to their employers and/or brokerages, TurboTax 2021 is less than helpful. Using last year's (2020) TurboTax would be more useful. In short, the current version of TurboTax 2021 (as of ) is essentially worthless for calculating 2021 estimated federal and state taxes. This produces a wild overstatement of taxes due, regardless of what Congress decides to do to change the 2021 tax law. ![]() No questions are posed by TurboTax asking whether these were "short-term" or "long-term" (it makes a big difference!) Weirdly, 100% of the distributions are currently treated by TurboTax 2021 as though they're short-term distributions. I recorded a sizeable amount of "capital gains distributions" from my mutual fund accounts. On all the relevant forms, this is shown (and used) as a bit more that $7,700. In the structured questionnaire, I reported a bit more than $3,800 in interest income. Let me give an embarrassing example, embarrassing at least to TurboTax's programmers. It's calculations are wildly off, even bearing in mind that there are not final versions of some the crucial tax forms. Sadly, TurboTax 2021 seems to be worthless for this purpose. But, guys, it's certainly feasible to use the rules in effect for 2020 to make a plausible guess about the 2021 income tax schedule, including relevant capital gains tax rates: The tax year is 92% completed! How many basic tax rules can Congress really change?! It is now early December 2021, and I understand that Congress has yet to finalize the details of tax calculations for 2021. As a long-time user of TurboTax, primarily for calculating LAST year's federal and state taxes, I have become interested in the program's capacity to predict the CURRENT year's taxes (that is, at this moment, 2021 taxes). ![]()
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