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Respected Contributor
Posts: 2,203
Registered: ‎03-29-2011

Re: If You Are Retired Do You Do Your Own Taxes?


@Mombo1 wrote:

I have been going to my local senior center since I retired to have my taxes done. If you are an AARP member, they provide volunteer tax preparers at no cost.  They do a good job.  I could probably do them myself, but I would rather have someone who is experienced and aware of any changes in the tax law to handle them for me.  


I help do taxes at our senior center.  Over the years we've used a number of online programs. (we get "deals" on them)  I've always liked Taxslayer.

 

We only do uncomplicated returns.  This year everyone has taken the standard deduction.

 

Unfortunately our personal taxes are more complicated as my husband retired in 2018 but is still a partner.

Valued Contributor
Posts: 678
Registered: ‎03-08-2018

Re: If You Are Retired Do You Do Your Own Taxes?


@PilatesLover wrote:

I am very angry with TurboTax and TaxAct. You used to have the option to use it only for your federal return. That last few years it has forced me to go on to flling state taxes through it - no way to opt out. I called customer support to complain, go nowhere with the service rep. She tried to help me and her manager essentially told me "tough s**t" 

 

In my state doing your taxes on the dept. of revenue website is free, quick and easy. TurboTax charged me more for the state tax than the federal taxes.

 

This year I tried TaxAct which was purportedly $9.95 for the basic package. I knew itemizing our mortage wouldn't help so I didn't need to itemize. My very simple return ended up costing $39.95 because of a very small dividend. TaxAct pushed me right into the premier package with no warning or indication it was happening. No trusts, no rents, no business, foreign, stock sales - one small dividend. 

 

THEN TaxAct proceeded to zip through my state taxes and charged me an additional $35.45 so my bill, for a very simple return, cost $75.00.  Come on - two jobs between us, a little bit of bank interest, a small dividend and no itemizations!

 

I'm going back to paper!  Fed up with the both of them.


I feel your pain on the increase in pricing.  For years I used TaxAct and the fee was around $20 for both federal and state.  Last year it was close to $50 so I looked around and found H&R Block online I could do both online for under $20 so I went that route.  This year it appears that everyone jacked up their fees again.  If you have an extremely simple return its free otherwise you pay over $40.  I used FreeTaxUSA and paid under $20 again that was only because my State return was included.  All of these companies and your CPA are using the same Tax Code so I don't understand why the big rate hike.

Esteemed Contributor
Posts: 5,037
Registered: ‎03-10-2010

Re: If You Are Retired Do You Do Your Own Taxes?

I donot work and since dh is no longer living I have to have someone doing them. I do not know about the stocks so I wait for what the company did.

Frequent Contributor
Posts: 122
Registered: ‎06-15-2015

Re: If You Are Retired Do You Do Your Own Taxes?

@PilatesLover  I use the paper tax form also. I tried Turbo Tax one year and they charged me 60.00 because I need one form to list interest and dividends. My taxes are pretty straight forward. I just have to list interest income and dividends. If I have a question I just refer to the 1040 tax book. I have no need to itemize. I understand using an accountant if your taxes are complicated.

Respected Contributor
Posts: 2,615
Registered: ‎03-13-2010

Re: If You Are Retired Do You Do Your Own Taxes?

We use to do our own taxes but since when I retired they got a little more complicated.  Now that hubby is retired we still take them to a CPA.  I was an accountant but I just don't want to mess with it any more.  Hubby said he is going to do them for 2019.  We shall see.

Esteemed Contributor
Posts: 7,739
Registered: ‎03-09-2010

Re: If You Are Retired Do You Do Your Own Taxes?


@gidgetgh wrote:

My husband and I are both retired and we have an accountant do our taxes. 

 

I could easily do them, but don’t want to. My husband had his professionally done before we got married so we just continued having her do them.  


Same for us.  We have been clients of the same accountant for many decades, she charges what we feel is a  relatively reasonable fee.

Valued Contributor
Posts: 643
Registered: ‎03-11-2010

Re: If You Are Retired Do You Do Your Own Taxes?

I retired last December and I just had my taxes for last year done professionally, because I wasn't sure if they would be complicated. It took less than 20 minutes! I am going to use the forms he used as a template to try my own next year. It should be pretty easy since the ony income I will have will be SS and retirement distributions.

 

When I told my tax guy that I thought I would be able to take it from now on, he suggested that I still have him do them (of course). I am just so afraid of how to handle all of the IRA distributions and if I take out any money for a trip, etc. But, I think I will be able to use this year's forms as a first attempt next year.

Esteemed Contributor
Posts: 7,932
Registered: ‎03-10-2010

Re: If You Are Retired Do You Do Your Own Taxes?

I don't even balance my checkbook.  No way will I do taxes.  I'm not stupid, I just hate this stuff.

Honored Contributor
Posts: 14,914
Registered: ‎03-10-2010

Re: If You Are Retired Do You Do Your Own Taxes?

[ Edited ]

My husband has always done our taxes.  Now retired he did them last year for the  first year of retirement..  plans to do this years but we always wait until the end( usually owe so why do them sooner?)   He uses Turbo tax that we buy. He said that is complete enough for us.  

 

If it was just ME, I would have someone do them for me.  I do not want  to deal with it!

Super Contributor
Posts: 412
Registered: ‎06-19-2010

Re: If You Are Retired Do You Do Your Own Taxes?

I've been using Turbo Tax for many years, both before and after retirement.  It is pretty hard to make a mistake since they go over everything step by step.  I admit that it is annoying to have to pay $39 to file the state return, when the much more complicated federal return fee is only $29. It's still much less than what I used to pay H&R Block.