Turbo Tax vs. CPA

[Pilsy]

Sorry if this has been covered already! I was going to throw it in another tax thread, but each one is sort of specific, and I'm afraid it will get overlooked. 

Have folks here used Turbo Tax for pretty complicated tax scenarios and been happy? Is there ever a scenario when it's really necessary to use a CPA instead of trying to do it yourself with software (and perhaps the live help offered at the highest price point)? 


PDQ

We've used TT for years, and I guess we have some mildly complicated (IMO) components (e.g., a rental property, employee stock plans); but my MIL passed away last year, and we have it in our heads that we really need to work with a CPA this year because of that. She left some cash, investments, and property to my H and his siblings; dealing with the paperwork has been incredibly time-consuming for my H, and I keep thinking that means big implications at tax time. But maybe the hard work is behind us (him) and we're blowing things out of proportion. 

We thought we found someone, but he's shown himself to be a dud, so we need to find someone new or just go ahead with TT again. 

Is a CPA necessary? How much more complicated are things going to be this year than last year? Thanks for any input you can give!

[ohgillian]

PDQ this part I don't know if this really answers your question, but I received an inheritance of various types of stuff (cash, securities, land) and there weren't any tax implications that year. Eventually when I sold things there were, but otherwise no.

Are there specific things that you are concerned may be taxable from her estate? That's the only part I can comment on. I am suspecting that the hard work is behind you for now. I mean, the estate was a bear for me, but it didn't come over into my taxes until I sold things.

Let me know if my reply is too detailed and I will delete the details in the  second paragraph. 

[just]

This doesn't directly answer your question but ...

I found it REALLY hard to find a CPA to take me on - even in January. I had an issue this year that I was 99% sure I knew how to deal with, but the actual financial impact of getting it wrong was significant. So that, coupled with just being busy, I spent most of January looking for someone (recommended by a friend) who would take on my EXTREMELY basic tax situation (literally - just W2s and 1099INTs) and advise me on the other issue, and no one would take me. I was willing to spend 100s - low thousands for it.

In the end, one of them took pity on me and told me that my 99% understanding was 100% correct, so just do that and file by myself ...

[konapoppy]

How big of an estate is it? That will plan into this and have implications for your likelihood of an audit.

[Pilsy]

Mar 26, 2021 18:58:52 GMT -5 ohgillian said:

Are there specific things that you are concerned may be taxable from her estate? 

Not too detailed. Thank you! The estate was required to sell some things so liquid assets could be divided among siblings.

Mar 26, 2021 20:05:49 GMT -5 just said:

I found it REALLY hard to find a CPA to take me on - even in January. 

So that might mean we don't have a choice! At least it would be a decision we don't have to make.

Mar 26, 2021 21:57:52 GMT -5 konapoppy said:

How big of an estate is it? That will plan into this and have implications for your likelihood of an audit.

I'll PM you. 

Thank you all for trying to help!