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+--- Thread: Do you do your own taxes? (/showthread.php?tid=293388)
Re: Do you do your own taxes? - Mike Sellers - 01-17-2025
graylocks wrote:
[quote=mattkime]
[quote=Mike Sellers]
[quote=Michael]I did use HR Block once years ago but they wouldn't let me input the extra catch-up contribution to our Roth IRA's even though I knew it was legit starting that year (2002, I think).
Why would you need to include a Roth contribution? They don't affect your taxes.
Its still reported, not sure exactly what the IRS does with the info.
Maybe it's a check that you didn't exceed your yearly contribution limit.
Never listed it on my returns and never got dinged. The IRS already has the info and wouldn't need a tax return to flag an overpayment.
Re: Do you do your own taxes? - Michael - 01-18-2025
Mike Sellers wrote:
[quote=graylocks]
[quote=mattkime]
[quote=Mike Sellers]
[quote=Michael]I did use HR Block once years ago but they wouldn't let me input the extra catch-up contribution to our Roth IRA's even though I knew it was legit starting that year (2002, I think).
Why would you need to include a Roth contribution? They don't affect your taxes.
Its still reported, not sure exactly what the IRS does with the info.
Maybe it's a check that you didn't exceed your yearly contribution limit.
Never listed it on my returns and never got dinged. The IRS already has the info and wouldn't need a tax return to flag an overpayment.
I think you're correct. That Roth IRA and regular IRA contributions are sent in by the financial house on Form 5498. I'd bet I am misremembering and it was a deductible IRA; that is reported on tax returns since it reduces income. We started with deductible IRA's and later shifted to Roths. Or, heck, maybe it was something completely different! I do remember that it blocked my ability to put in an additional amount that was allowed by the IRS. It accepted the "normal" amount but not the catch-up amount.
Re: Do you do your own taxes? - blooz - 01-18-2025
I have a good accounting firm. When my sister died i ended up with several investments to take care of. They aren't cheap, but I have to keep checking my wallet just to see if I have any money in it, so I am glad to have someone take care of the taxes for me.
I took care of my own for a while when I lived in MA and worked in NYS. Never again.
Re: Do you do your own taxes? - datbeme - 01-18-2025
Did my own for 25+ years with MacinTax/Turbotax. But a few years ago, our tax situation got much more complicated for a variety of reasons, so I hired someone and it has been well worth it.
In a way, it's like cleaning for the cleaning lady because I'm more meticulous than I ever have been at gathering, scanning, downloading and organizing everything because I want them to have everything they possibly can as early and clearly-organized as I can get it to them. I'm putting a similar amount of work in, but the peace of mind of not having to worry about some of the complicated details is such a relief.
Last year I used FreeTax USA for the first time to help my kids. So easy, and it pretty much does everything TurboTax does for a lot less (in many cases free for Federal and dirt cheap for State). I'd encourage anyone to go ahead and put the numbers in on a trial return. Tons of people are going to find this to be perfect for their needs.
Re: Do you do your own taxes? - sekker - 01-18-2025
Moved to DIY with software tools after my fancy CPA team messed up all of the taxes for me, my kids, a nonprofit and and my startups in the same year. Had to file 6 corrected tax returns!