TOTALLY GEEKED!

From what I can gather:

Here's what happened.

Users of the TurboTax deluxe edition, which sells for a list price of $59.99 but can be found almost everywhere for $49.99, have discovered that for the first time, the program won't allow them to file tax schedules C, D, E or F automatically with their tax returns.

Schedule D is used by anyone reporting capital gains or losses from stock or bond sales. The others cover profit or loss and business expenses from a sole proprietor business, such as a home business (C); income from rental property, royalties or partnerships (E); and farm income (F). They're not uncommon.

Hints of this change are present on the Deluxe program's packaging, but in a very obscure way. Many users discover the problem only when they get to the point in doing their taxes where they have to start plugging information into those schedules. TurboTax then informs them they have to upgrade to the "Premier" edition, which costs another $25-$30, or even to the "Home & Business" version, which is priced $10 above Premier.

Also, many states are not accepting returns completed with Turbo Tax.

I've always used the Home and Business version...

Ohfour wrote:

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From what I can gather:

Here's what happened.

Users of the TurboTax deluxe edition, which sells for a list price of $59.99 but can be found almost everywhere for $49.99, have discovered that for the first time, the program won't allow them to file tax schedules C, D, E or F automatically with their tax returns.

Schedule D is used by anyone reporting capital gains or losses from stock or bond sales. The others cover profit or loss and business expenses from a sole proprietor business, such as a home business (C); income from rental property, royalties or partnerships (E); and farm income (F). They're not uncommon.

Hints of this change are present on the Deluxe program's packaging, but in a very obscure way. Many users discover the problem only when they get to the point in doing their taxes where they have to start plugging information into those schedules. TurboTax then informs them they have to upgrade to the "Premier" edition, which costs another $25-$30, or even to the "Home & Business" version, which is priced $10 above Premier.

Also, many states are not accepting returns completed with Turbo Tax.

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Thanks, Ohfour.

 

Heard about this on the news. I know people who use it, and I hope they got notice. 

I still do my own taxes the old way (by hand) and drop my forms in the mail. Takes a little longer to receive my returns, but I am used to waiting.  

I know what to do_sometimes wrote:

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Actually, filing problem is in Mass, maybe other states too. People who tried to file electronically were rejected because hackers filed tax returns using hacked data and therefore refunds issued to the fraudulent filers. So all electronic filing is on hold right now.

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 I do not think it was just people filing electronically were being rejected.  I think it was scammers filing electronically first with false data ensuring large refunds.  When a legitimate tax payer files later the IRS finds that a refund has already been paid.  So it is best to submit early.  I imagine by now all the scammers have already filed though.  One solution that would be met with resistance is the IRS to hold checks until a date after April 15 to catch any double submissions.