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all right everybody i'm logan alec i'm a cpa and you know as a cpa i've used a lot of different kinds of tax software over the years and it's no surprise to anybody that the most popular tax software in the united states today is intuit turbotax so in this video i'm going to be walking through a 2020 tax return that's a tax return for tax year 2020 due in 2021 i'm going to be walking through a 2020 tax return in intuit turbo tax and as i walk through this tax return i'm going to be sharing with you my candid thoughts and opinions of both good and bad on the turbo tax tax software leveraging my background as a cpa the tax return i'm going to be walking through in this video is a very simple tax return it will qualify for the turbotax free edition so also in this video i'm going to be comparing the turbotax free edition to the h r block free edition and letting you know a couple circumstances where it might make more sense for you to go with h r block free edition over turbo tax so stay tuned for that but before we get into all that i want to mention a couple ways you can support the channel so i can continue to create content like this because you know a lot of times in the comments and in the chats on my live streams people are always asking me hey logan do you have a patreon do you have like a super chat i could give to no i don't do anything like that but if you're so inclined one way you can support the channel this year is to purchase your tax software through one of my affiliate links in the description below in the youtube description the description to this video i have various links they're my affiliate links to various tax software programs i think i got h r blog turbo tax tax layer tax act if you buy your tax software this year through one of my links i will get a commission you will support the channel so i can continue to create content like this it is no extra cost to you what so ever so if you use my link it's the same price that you would get if you went directly to turbotax.com or hrblock.com same thing and in fact sometimes these tax software companies they give us affiliates uh a discount that we can offer to our readers and viewers so some it might even be less right than that than the going retail price at the moment but at the very least it won't be more so that's one way that you can support the channel purchase your tax software this year through my affiliate links below second way you can support the channel and this is an opportunity to work with me directly if you or somebody you know owes the irs at least ten thousand dollars i want to talk to you okay a lot of folks hey hey logan they say hey logan hey do you tax return can you do my tax return i don't do a lot of tax returns these days most of my time as a cpa these days is spent helping people who owe the irs a lot of money helping them either do an offering compromise partial pay installment agreement something like this to help them reduce their huge tax bill to something a lot more manageable and sometimes shockingly low so if you or somebody you know owes the irs at least ten thousand dollars i think it's worth a conversation i put some information down in the description below for how you can get in touch with me about that all right now with that stuff out of the way let's get into my walkthrough and review of the turbo tax tax software for tax year 2020 tax returns for tax year 2020 due in 2021 so i'm gonna hop behind my laptop here and uh do start the walkthrough all right so here's the turbo tax home page you scroll down you see all the turbo tax editions here now in the future i may do a video covering each one of these editions which one is right for you and all that but for now i want to stick to the free edition because i think that probably covers uh more people that watch this channel than these other editions here so first i want to cover though is what qualifies for turbo tax free edition basically your tax return has to be super super simple so if you click right here simple tax returns only turbo tax will tell you exactly what kind of tax situations are covered by the turbo tax free edition so basically uh if if your tax income and deductions is limited to the items in these bullet points here you're good with using turbotax free edition okay however if you have any of the things down here itemized deductions you have a business stock sales rental property credits and deductions you will not qualify for turbo tax free you will have to use one of the paid additions now i want to clarify some things here because it's not entirely clear it says okay if you have w2 income if all you have is w2 right of course you can use the turbo tax free edition here it says if you have limited interest and dividend income reported on a 1099 interest or 1099 div you can use turbotax free edition okay so but what is limited here limited in this context means fifteen hundred dollars or less okay so if you have fifteen hundred dollars or less in interest and dividend income you can use the turbotax free edition because if you have more than fifteen hundred dollars of interest and dividend income you have to file what's called a schedule b and attach that schedule on your tax return and turbo tax won't do a schedule b for you unless you have the uh i believe it's the deluxe edition so um i wanted to clarify what limited means here i don't know why they just don't come out and say it but that's what they mean by that right if you claim the standard deduction uh you're good with using the free edition if you itemize your deductions you're going to have to use uh the uh deluxe or or higher if you have even more complicated tax things earn income credit you can do that in the free edition child tax credits you can do that in free edition and unemployment you can do in the free edition now i want to mention a couple things here uh comparing turbo tax free edition to the h r block free edition so now i'm over here on the hr block website and these are the forms that are supported by the h r block free edition okay there are some things that h r block covers in its free edition that the turbo tax free edition does not cover for example if you have deductible student loan interest okay you cannot use turbotax free edition but you would still qualify for the h r block free edition okay so it might save you some money to use h r block another thing uh education credits so if you qualify for the american opportunity tax credit lifetime learning credit education credits you can still take those under h r block free edition you will not be able to take those uh for under the turbo tax free edition there's other things like educator expenses the child care expenses credit the retirement savings credit those you can take with the hr block free edition but you can't take those with the turbo tax radiation so just be aware of that okay might be worth it to you if you have any of those things to look into h r block online i'm going to do an h r block online later in a separate video uh so i don't want to dwell on this too much just know that htr blog free edition does support more forms and tax situations than the turbo tax free edition okay back to turbo tax let's uh let's go back here if you're not sure what turbo tax tax software gear is i just recommend you start with the free one and it'll tell you if you need to upgrade okay so we're going to start it here how did you do your taxes last year obviously if you did use turbotax last year you're going to say hey use turbotax right you're just going to honestly say how you filed your taxes lost last year for sake of example here i'm going gonna say i use a different tax software or website click continue now it's it's telling me to create an intuit account all right so i'm going to do that the phone number you don't need to input your phone number i think they just do that to verify your account like an extra layer of security i'm i'm not going to do that it just says recommended you don't have to password obviously create a password here all right then create your account before we begin um how this is going to work is i prepared basically these uh fake tax forms i basically prepar created like a a w-2 for a fictitious person named jimmy dean and i'm going to be in putting this information to turbo tax and i also created a uh interest form for him too attack on interest date of birth uh let's have jimmy dean born on july 4th 1976. he lives in the zip code great to meet you jimmy we love our california customers we're in san diego by the way all right cool how do you feel about doing your taxes i don't know how relevant this is to uh this but uh i'm just to say good i feel pretty good okay if you have a pdf copy of last year's returns you can use it to jump start this year's taxes so what this is saying is okay if you upload a pdf of your last year's tax returns turbo tax could theoretically be able to extract the numbers from it right because the tax returns a standard form and input a lot of information for you on this year's tax return like i don't know maybe your address your name things like that i'm not going to do that if you do do that go ahead and do it i see no harm in it but of course you have to double check things okay don't just trust that turbo tax pulled the numbers from the pdf correctly right so i'm going to skip the upload let's see what should i say i'm going to say that i am single did any of these apply i'm gonna say that yes i have a dependent uh let's see here i had a job and i got bank account interest because a lot of these other things here you will need to do an upgrade uh to a paid turbo tax edition i might walk through uh more complicated tax situations in turbotax in a future video like maybe rental property stocks things like that but for now i just want to walk through the basics here just to get get the feel for um uh the turbotax soft tech software this year show more is there anything else down here all right continue okay so just review this information here if it looks accurate to you okay so it's asking to share tax info with your intuit accounts so basically they're just asking you can they share your information with some of their partners right so if they see you know that they see various aspects about your situation like let's say you tell turbo tax you owe student loans they might have a partnership with a student loan refinancing company and then you'll get emails about it same thing if refinancing if they see that oh you have a home and you pay a lot of interest on your home they they might give that information to one of their partners you're gonna get emails about it so i would just skip this i'm gonna hit continue okay no i i don't want them to disclose my tax return information okay so i'm gonna say no thanks all right hopefully i'm not too disruptive uh up here all right it says let now let's run through your personal info okay continue okay so it's got all this stuff social security number let's see what software did i give jimmy 777 665 occupation let's see what should uh jimmy be he should be a sausage maker right jimmy dean's make sausage right check the box if you are a member of four member armed forces jimmy's no state you lived in california if you live in another state in 2020 it's possible you'll have a filing requirement there i'm going to say no to keep things simple if someone else can claim you as a dependent say yes i'm going to say no legally blind no i'm preparing this return for jimmy who passed away no obviously if any of those things are true you would you would check the appropriate box and by the way this is asking your your marital status is determined at the on december 31st right so if you were married all year but you got divorced on december 30th or december 31st for that matter uh then you would put single right or if you were single all year and you got married on december 31st you put married right but uh things are things are simple with jimmy he's a simple man jimmy's single do you have children yes i'll say that uh i have children just so we can walk through that all right so i'm going to say that jimmy has a child who lives with him and his child's name is molly molly dean i'm going to say that she was born on new year's day and 2011. she's a citizen this is my daughter this child is none of the above how many months did molly live with you uh the whole year let's say how those months were in the u.s the whole year did any of these apply to molly say no all right we know that molly's a kid but did she pay for most of her living expenses no right this is asking uh because if your kid pays for the majority of their living expenses then uh you can't claim as a dependent now obviously this is a nine-year-old right so uh she uh we're assuming here that jimmy is paying um you know uh most of her living expenses do you have an agreement with molly's other parent about who can claim her okay so obviously uh in this sample tax return i said jimmy is single but he has a dependent child obviously you need two parents to make a child um and this is asking hey do you have an agreement with molly about who can claim her okay because sometimes you know they're in the divorce or there's a certain irs form you can say to the other parent hey okay we're going to claim her every other year so in this case i'm just going to say no i don't have an agreement but if you do have an agreement you're going to say yes right to confirm to turbo tax that you can actually claim your dependent this year and not the other parent right because it's when both parents try to claim a dependent in the same year it can create a mess right the first parent will e-file with the dependent the other parent will try to e-file claiming that same dependent that e-file will be rejected they'll have to paper file then the irs is going to have to work through all the details so don't try to claim a child as a dependent unless you have the right to based on the agreement okay so i'm gonna say no i don't have an agreement because i don't want to make things complicated here for poor jimmy where did molly spend the most nights in 2020 i'm going to say in jimmy's home this can be decisive right if there is a disagreement about where uh who should claim the dependent are you letting molly's other parent claim molly for 2020 no did a relative live in your home and help support molly no i'm just going to say that jimmy and molly lived alone all right good news molly qualifies your dependent great molly social care number uh making this up obviously because in order to claim the child tax credit the child needs a social security number your children and others you support right so this is basically saying okay you told turbo tax who you support your dependents in this example is just jimmy's daughter molly clicking done current mailing address let's see what did i put on the w-2 okay i put 501 wilcox avenue los angeles california all right okay so it's going to correct the format to the standard format of the address you put in i don't care continue fine did you make money in other any other states no i'm going to say no i made where i say jimmy only made his money in california did you pay more than half the cost to keep up your home in 2020 yes right so this is basically asking hey did you basically support the cost of your house because if you didn't right if someone else paid you know for your basic living expenses or the majority of them that could cause someone else to be able to claim you as a dependent which would obviously have effects on your tax situation but in this case i'm gonna say yes jimmy paid more than half the cost of keeping up uh his home in 2020. okay best filing status for you had a household right um and it says you qualify for this because you weren't married and because molly made you eligible for this filing status right if it was just jimmy right and he didn't have molly he would just be single but had a household is generally more advantageous than filing a single so that's why turbo tax says hey you're finally had a household all right so we're going to review this this is just a review screen make sure it's all accurate make sure you input everything correctly everything looks goo hit continue okay great job so far jimmy get access to advice and specialist support with plus to feel confident about your taxes this kind of bothers me a little bit here i'm just going to be quite honest like this tax return we're going to do for jimmy is very simple we already told turbo tax that all he has is w2 and interest income and he has his daughter molly right he's probably gonna get a you know he's gonna get a child tax credit for her but on this screen turbotax is kind of pitching for thirty dollars like audit defense and and storing financial documents here and the ability to amend and tax tips and special support he's like with this symbol of a tax return he doesn't need all this so i feel a little iffy about turbotax kind of pushing uh this kind of product on a guy like jimmy who probably doesn't need it and won't won't need it okay and then they're also pushing an upgrade here i don't why would they i know they're they're really pushing this but why would they even put this column here well jimmy doesn't even need it like he doesn't have the deductions and credits that would be uh you know required that that that would necessitate this um turbotax deluxe so i know they got to make a buck right i mean they say free and they try to upsell you with this stuff but if someone has qualifies for turbotax free edition they probably don't need this stuff so this is a little distasteful to me um quite honest so i'm i'm just gonna say not now all right wages and income let's get started okay did you get dividends i'm gonna say no sell any stocks no collect money from retirement fund no you collect rent and royalty money no did you see social security benefits no did you under control a foreign bank account no so they're basically asking for things that would cause jimmy to have to uh purchase an upgraded paid edition of turbo tax all right so this is at the beginning i told turbo tax that jimmy has a w-2 and just interest income of those are his only interest those are his only income so let's start with the w-2 all right so i'm going to say work on my w-2 because i have it obviously nobody has their 2020 w-2 yet right because 2020 is not over but um yeah okay so you're gonna put the employer identification number here that is this number here where it says employer identification number so so here's another another thing where you can just upload a copy of your w2 you could take a picture of it or if you got a pdf like from your payroll processor you could just upload it and turbo tax could extract the data from it so you don't have to type it in well actually you know what i might i might try this actually uh since i i did prepare a uh a fake w-2 just see how accurate it is oh okay it said upload failed maybe it's because it's just like a fake one i made i don't know okay so that didn't work for me it might work for you based on your employer they might even be able to import it right if you put in the ein and it's a recognized employer turbo text may be able to just import your w-2 information but obviously this is a fake w2 so that's not going to work so i'll just type it in yeah i want to skip the upload because it didn't work 633 west 5th street let's put the zip code there los angeles california so the control number you don't have to put it in right it's just an identification number for the w-2 because i'm kind of like anal i'll i'll put it in but basically it's right here but it doesn't affect your tax return so uh employee info so this is just the personal info um that should be the same on your w-2 right so this is jimmy's address okay so now we're going to input the actual numbers from the w-2 wages tips other compensation so this is basically right box one here wages tips and other compensation goes in box one here box two federal income tax withheld that goes in box two here etc etc so i'm gonna fill this in okay and if you're wondering why the social security wages and the medicare wages are more than the wages tips and other compensation that's because jimmy contributed 131.25 to his 401k plan so the 401k contributions reduces the taxable wages right this is what's going to go on you know page 1 of the tax return as jimmy's wages right it it's reduced so this 131.25 reduced that amount but it doesn't reduce the social security and medicare wage base so you can see the difference between the social security wages and uh the taxable wages is the 131.25 um 401k contribution i know this is a 401k contribution because it says code d uh if you look up like the w2 code box 12 codes online it'll it'll just it'll tell you all the letters and what each code means so let's move right along here box seven so uh seven eight nine ten eleven it's all blank on jimmy's w two seven eight nine ten eleven uh box 12 is where all these codes are okay so the first code we have here is c for 417 417.49 okay looks like there's some employer provided life insurance then we got box d this is that 401k contribution for 131.25 and then we got box double d i think this is the cost of the employer provided health insurance yep 24 199.76 and then oh box w this is for hsas i'm not sure if turbotext recovers this we'll have to see okay employer contributions to health savings account okay um okay well that that might cause us not to be able to use turbotax free um if that's the case i'll just i'll just remove this all right box 13 retirement plan to the checkbox there retirement plan telling you that um eligible for the retirement plan box 14 here this is the california state disability insurance contribution casdi 835.81 [Music] so 35.81 then we have state taxes down here this is box 15. all the state tax information is down here all right so state california employer state id one two three four uh four five six seven eight says don't include any dashes okay state wages and tips etc same as the box one typically that's the case eighty three eight six seven point five four unless you you know you worked in a couple different states for the same company state income tax 484862 okay that's how much state income tax will be held from your paycheck during the year okay so let's continue okay so now it says that uh okay cool tracks the refunds up here as you go in real time so that's that's cool let's check for uncommon situations non-standard w-2 no corrected no didn't go to w-2 unreported tips paid family leave if any of this stuff applies to you you'd obviously check it but i'm going to say that none of these apply to jimmy okay so it does recognize the hsa okay so now we're going to move on so we're done with w2 now we're going to move on to interest did you receive any interest income yes we did okay now i'm going to know that interest form that i made up so payers information is big bank at 633 west 34th street new york new york one zero zero zero one so all right big bank and then the interest income in box one is one hundred dollars if if you receive a 109 interest with with uh information other boxes uh you know click this check box and it'll it'll show you the other boxes to fill out but jimmy doesn't have that another question do any uncommon situations apply i'm gonna assume that's no okay so because uh jimmy had employer hsa contributions we're going to review his hsa information okay so we yeah okay so i'm going to remove that hsa information from jimmy's w-2 because it's it's it's forcing uh an upgrade to a paid edition which i don't want to do in this walkthrough so i have to go back and remove the hsa you wouldn't actually do this by the way this was actually your w-2 you would you would put everything on your w-2 that's not what i'm saying i'm saying that just for the sake of this example i don't want to have to go through that paid edition in in order to uh to walk through the hsa stuff so um i'm just gonna remove that for from jimmy's w two and pretend it didn't exist all right so no i was not affected by a federally declared national disaster no no cryptocurrency stuff quick check for tax breaks okay let's get started so it's saying hey the standard deduction is looking pretty good so now right now it's turbo tax is asking for all the itemized deductions right and if your itemized deductions the sum of all your itemized deductions are greater than the standard deduction for your filing status which in jimmy's case is 18650 for head of household um then then to go with standard with the itemized deduction right but uh we're not going to say that's the case for jimmy so we're saying no jeffy doesn't have any of these things we're saying that jimmy okay donate a little bit to charity uh no medical expenses right okay so standard deduction that's what we're going with obviously if you make significant charitable contributions if you own a home um you know your your income your state income tax is high then you might itemize your deductions right and then you have to buy a paid turbo tax edition right but in this case we're walking through the turbo tax free edition we're saying jimmy doesn't have a lot of itemized deductions so he's just going to take the standard deduction did you pay for child or dependent care okay so i think if i say yes here turbo tax is going to charge uh i think you have to upgrade i believe right h r block doesn't charge for this this is another one of those things where um if your situation is like jimmy's right you would qualify for the turbo tax free edition except you paid for child or dependent care and qualify for tax benefits for it well then astronaut block online free edition might be better for you because you don't have to pay for it because i think with turbo tax you're going to have to upgrade here we're going to see no home buyer credit no alimony no teacher expenses no college university expenses this child independent care credit let's see if it makes me upgrade there it is there it is okay yeah so you do have to pay if you are eligible for tax expenses related to paying for daycare for your child then you do have to upgrade to turbotax deluxe at least uh h r block that would be free to take those benefits okay so i'm going to remove them here so this is included in the free edition the child tax credit by the way okay income tax is paid they're combining the federal income tax withheld and the which which is you know basically counts against your federal tax liability and your state income tax withheld which counts to get your state liability but because he's not itemizing his deductions you know this this is does nothing for him for tax i don't know that's kind of i think they're just trying to make this number look big even though these things do different things i mean um it's weird they're all kind of lumped there like that anyway standard deduction okay that's what everybody in that filing status gets okay wrap up tax breaks great roll down tax breaks okay okay so this is the karzak thing right it's um typically right in years past you would have to itemize your deductions in order to get a deduction for charitable contributions right but the karazak said hey if you don't itemize your deductions you can still get an above the line uh meaning the line being your agi you can still get a deduction for charitable contributions even if you don't itemize okay so we're going to say that that jimmy uh made a thousand dollars in terrible contributions in 2020 it would only be he'd only get 300 deduction for it though because that's the limit in the cares act that the karatzak said so okay well it's not even letting me put a thousand because it's saying the maximum you can put is 300. okay let's see if you qualify for any uncommon tax situations okay let's get started did you hire a nanny no do you want to play a refund of next year's return no professional campaign fund no identity theft no all right let's keep going okay now it's asking about stimulus payment right uh because you'll recall i've said this a lot in my stimulus videos you know if you didn't get the full stimulus you're entitled to in 2019 through a stimulus check you could be eligible for uh the recovery rebate credit on your 2020 tax return so that's what this is asking right here okay so it's asking did you get a stimulus payment yes um okay so i'm going to say that jimmy got a stimulus payment for seventeen hundred dollars that's 1200 for him 500 for molly okay this amount looks right okay let's see let's say what if he only got 1200 right so they they missed the 500 for molly for him uh let's see what turbo tax does okay great right you qualify for the stimulus credit so because jimmy only got if we're saying jim only got 1200 stimulus check then he's also eligible for the 500 for molly right so okay health insurance uh i'm going to say no let's just say he was covered through his employer child independent care yeah delete this info for my taxes right obviously if you paid for child care you would want to take this credit right but just for the sake of this example i don't want to have i'm focusing on the free edition here i don't want to have to do the deluxe edition for the sake of this walkthrough right and if you do have this consider using h r block online because you can still file for free turbotax will make you upgrade to take this child independent care credit okay so i'm gonna say delete this info from my taxes all right so now it looks like we're done with fed federal now we're just doing state okay so you know the state tax return a lot of it is based on the federal tax return it transferred a bunch of information over okay uh this is like state specific a lot of this might be state-specific stuff to california i'm gonna blast right through this right okay so this is just saying look a lot of these forms aren't ready to e-file yet i'm recording this video obviously and not maybe not obviously i'm recording this video in december basically and while the tax software is up and running and you can use it as i just did and save your return you won't actually be able to e-file until january right and the date here um to e-file your federal return is january 7th it's saying california january 28th so um can't you file yet i wouldn't eat file's return anyway because it's a fake return for a fake person i guess this is it okay ah and here it goes again pitching this how dare you well at least they got rid of the upgrade to deluxe because jimmy obviously doesn't need it but again with this kind of return jimmy's return is so straightforward so simple you you don't need like audit defense you know what i mean it's just an upsell that they can make more money or they can make some money off of you because the whole goal of the free edition right is either they're going to upsell you on this or when you do have a more complicated tax situation when you buy the house right when jimmy does start investing in stocks when he gets gets a rental property okay then while his information is going to be in turbo tax um you know he'll just keep using turbo tax because that's what he used last year rather than having to go to an entirely new tax software so that's why they do this free edition right they try to get these little upsells here but it's really just to get that continuity right so that you're going to use turbotax as a paying customer for 20 years 30 years right after you have that complicated tax situation that's the whole strategy here um okay i'm gonna say not now i think this is pretty much it well done jimmy wait lock in today's price that was free okay i guess i guess you do have to put in your phone number okay right okay free good good good free for free okay i'm going to stop here because obviously this is a fake person and i think that's all really the information you need at this point all right so that was my turbo tax walkthrough and review for tax year 2020. just at the end here let's go over some pros and cons let's start with the pros uh pros is that the design was was great right it felt luxury i don't know if luxury is the right word but it felt really seamless to answer the questions and and get through the tax return screens turbotax didn't use any weird jargon there wasn't any glitches even though you know it's very early in the tax filing season it assumed that they worked all the bugs out in testing so just the user ex erience and the design was great and is top of the line and is is pretty tough to uh to match there um it seemed to ask the right questions to be accurate right like i tested the stimulus thing i tested the hsa thing i tested the child independent care it knew what to ask it knew what to look for so overall turbotax seems very accurate um in its tax preparation so you probably don't have to worry about accuracy unless you put in some information wrong uh right but uh turbotax seems to be doing the right thing there in terms of cons the free version is lacking i mentioned this uh earlier in the video the hr block free edition actually accommodates more tax situations than the turbo tax free edition for example the child and dependent care credits right if you pay for daycare for your kid or some other kind of care for a dependent could be an adult dependent that isn't covered in this it would be covered in h r block online i covered this at the beginning of the video so i'm not going to talk too much about it here also the upsells i i really didn't like the upsells that turbo tax made to poor old jimmy as uh we were walking through the return because jimmy what he has a w-2 a straightforward w-2 and he has 100 of interest income and he has a dependent not a complicated tax situation he doesn't need to pay an extra 30 bucks he doesn't need to pay 30 bucks for audit protection he's not going to be audited that's just it's not going to happen so um yeah that is my turbo tax review i would say if you are qualified for turbo tax free edition it's it's a great pick um i will probably be doing other walkthroughs of more complicated tax scenarios i want to do walkthroughs of other tax softwares this year just so i can get you know get get into all of them and really do comparisons i'll probably do a turbo tax page versus hr block at some point in the future but yeah i i hope you enjoyed this walkthrough um before we go please if you would be so kind just use my affiliate link for turbotax below if you're going to buy turbotax this year or any of the other tax softwares i have down there i would really really appreciate it and it would really help out the channel if you do that thank you so much and i will see you in the next video bye you