Any nurses file their own taxes? Turbo? h&r block?

Home Health Columnist / Guide · Mar 21

My husband used Turbo Tax for years to do our taxes. 2 sons also use. After he died in 2020, I found Turbo easy to use with my two W2, investments and pension --- also able to take tax deductions for major home repairs due to mobility issues in 2022, got money back last year.

ponderingDNP · Mar 21

I've been using Intuit by TurboTax for as long as I can remember to do my own taxes. I generally get refunded because I chose to limit my hours to start enjoying life. I even left travel nursing for a lower-paying position that was more in line with my retirement needs.

This year, I'll be lucky if I break even (and that's OK) because I made moves last year that landed me a substantial increase in salary during the last quarter of the year. Things are still falling right into place as expected.

klone, MSN, RN · Mar 21

ponderingDNP said:

I've been using Intuit by TurboTax for as long as I can remember to do my own taxes.

Same

Zamy · Mar 27

I'm trying Ramsey Smart Tax this year. It's cheaper than Turbo Tax. So far it's the same. I believe most of us who are single with no kids end up in the 24% tax bracket which blows! I have come to the understanding that taking on more jobs to learn new skills creates no incentive in the long run. I mine as well volunteer instead of giving most of what I made in part time jobs to the tax man.

Emergent, RN · Mar 28

Once you get set up in Turbo tax, it's pretty easy. I have 2 rental properties, and an investment account. It's user friendly. I opt for the minimal service. One year I got the extra advice option. I don't recommend that, you get a different person each time and some of them didn't seem too smart.

londonflo · Mar 28

Zamy said:

I'm trying Ramsey Smart Tax this year. It's cheaper than Turbo Tax. So far it's the same. I believe most of us who are single with no kids end up in the 24% tax bracket which blows! I have come to the understanding that taking on more jobs to learn new skills creates no incentive in the long run. I mine as well volunteer instead of giving most of what I made in part time jobs to the tax man.

will the new education move to a higher position job?

adventure_rn, MSN, NP · Mar 28

I always have, the only circumstance as a nurse in which I wouldn't is if I were a travel nurse.

A couple of random tips:

Depending on how much you make, both H&R and TurboTax have a 'free' version. I think the income cutoff is around $75,000-ish, but it changes every year. You should *always* start with the free version (not the regular version). If you start with the free version but don't qualify, it will prompt you to upgrade to the regular. However, if you start with the regular version and it turns out you qualify for the free, it won't notify you - if you then realize on your own that you qualify for the free, it will force you to complete the entire process again from scratch (since they obviously prefer that you use the paid version). I usually find the free versions every year by googling 'TurboTax free' and 'H&R block free'.

Also, this is a little bit over the top, but I always complete my taxes on *both* TurboTax and H&R Block every year, then only submit using the one that's a better value. Some years it's TurboTax, some years it's H&R Block. I do this for a couple of reasons. First, they each have different prices every year (especially if your state has an income tax), and you may qualify for the free version in one system but not the other. Second, I use it as a double-check to make sure my taxes are filed correctly. If one system says I'm getting a slightly larger refund than the other (~$100-$200), I'll pick the one with the larger refund. However, if the numbers are vastly different (>$1,000), it tells me that one of them didn't get filed correctly, and I need to figure out which part is incorrect.

The first year you get set up on each system it takes a little bit longer (maybe 1-1.5 hours each), but every subsequent year when you log in it saves all of your information so it's much faster - for me it only takes about 20 minutes per system, though I take the standard deduction instead of itemized which is much easier. Nowadays, the systems can pull most of your tax info in automatically - you just type in one of the numbers on your W2 is imports the entire thing, and if you have any investments through your bank, retirement accounts, or investment companies, it will sync with your bank and pull all of that info in, too.

It seems really intimidating at first, but once you've gone through it a couple of times, it becomes much easier.

brandy1017, ASN, RN · Mar 30

If you aren't traveling and just have a regular job, no need to pay for a tax preparer. Yes check and see if you qualify for any of the free tax programs. I've used software for years, in the beginning, turbotax, but switched to tax act which was cheaper, now more expensive than it used to be, but it has a free version. I think the free turbotax version is only for EZ forms and has a lower income cutoff than taxact or H&R Block. And if you have an HSA you have to do the long, standard form. My brother uses H&R Block. They are all easy to use and will keep your info if you continue with them from year to year.

mmc51264, BSN, MSN, RN · Mar 30

I have an accountant. For my student loans, the PSLF, and getting a lower monthly payment, I needed to file married, separate. We also have special needs kids that we are still supporting entirely (20 and 22)

To me it is worth it to make it as efficient as can be. We had used H&R Block for many years. The first year we went to the accountant, we got money back instead of owing.

I think anything other than a straight 1040EZ should be an accountant.

Editorial Team / Admin · Mar 30

I have a tax preparer do mine. Between the W-2, multiple 1099s, mortgage, student loan interest, etc. it's just easier that way. Worth the money for my own free time of not doing it and stressing over it.

Beerman, BSN · Apr 13

This thread makes me sad.