3 ms·
> even if you’re educated it can be frustrating to simply read tax regulations (which turbotax translates to simple english) Not sure I agree with this stateme
by labcomputer 5y ago
> even if you’re educated it can be frustrating to simply read tax regulations (which turbotax translates to simple english)
Not sure I agree with this statement. My experience with TurboTax is that the actual tax regulations are not that hard to read, and that TurboTax's translations do nothing to resolve the ambiguities of the tax code.
For example, the tax code might allow "deduction of reasonable expenses for blah blah blah" and the TurboTax "explanation" will be "You can deduct blah blah blah, but be sure the expenses are reasonable". Ok, what is "reasonable"? Oh, well, you know, reasonable.
It's like a high school student plagiarizing something they found on the internet by rearranging each sentence just enough that it isn't googleable.
Turbo tax is great if your income comes from one or more W-2 jobs (that pay cash) and a simple stock portfolio or investment properties. As soon as you start dealing with RSUs, stock options or (horror! ESPP), it starts becoming more trouble than its worth.
The ESPP thing is especially weird. Every office job I've ever had offered ESPP (so it's not some edge case). TurboTax will double tax your ESPP, unless you know the trick to enter your real cost basis[1]--and TT won't ever prompt you with "Hey, looks like you have some ESPP! Want a step-by-step guide to enter your cost actual basis so that you only pay as much tax as you actually owe?"
[1] https://thefinancebuff.com/adjust-cost-basis-for-espp-sale-in-turbotax.html https://thefinancebuff.com/adjust-cost-basis-for-espp-sale-i...