Tax Guru – Ker$tetter Letter

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Archive for the ‘Turbotax’ Category

TurboTax Fraud

Posted by taxguru on February 6, 2015

I’ve always made it very clear that I think trying to prepare your own tax returns is crazy, even when software companies such as Intuit make the idiotic claim that their DIY programs can replace experienced tax preparers.  I was always referring to legitimate tax returns.  It now appears that crooks have been successful at using TurboTax to file phony tax returns.  The bad guys have been so successful that Intuit has had to shut down their e-filing for all State income tax returns.

TurboTax halts state filings amid fraud outbreak  – from USA Today
Intuit Working With State Governments to Solve Emerging Tax Fraud Problem – from the TurboTax blog

Update: Arkansas DFA has just released this press release regarding this issue.  Basically, it acknowledges the issue, but claims that they are not aware of it happening yet in Arkansas.  However, as a precaution, they will be closely examining the 7,500 TurboTax refund requests that have already been processed for 2014.  Considering that the MO of the crooks has been to file fake returns early in the season and thus freeze out the actual taxpayers, I am betting that the DFA will be discovering several fraudulent refund claims in that batch.

Update 2: addresses this story: TurboTaxed 

Update 3: Minnesota Isn’t Taking Any More TurboTax Returns

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Posted by taxguru on April 18, 2008

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Posted by taxguru on March 10, 2008

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Using Quicken & TurboTax?

Posted by taxguru on March 6, 2008


Subject: Quick Quicken question

Hi Kerry,

I ran across one of your web pages giving hints on how to use Quicken more effectively while searching for an answer to the following question:

How do you make expenses flow from one Quicken category to multiple Schedule Cs in TurboTax?

I have multiple Schedule C businesses, and some of them share similar expenses, for example, supplies. However, I’m unable to figure out how to separate the expenses for Business 1 and Business 2, and then make them flow to their respective Schedule Cs.

From consulting Quicken’s help and a Quicken Bible book I have here at home, it says to set up classes — and I did that — but how do I tell Quicken that “supplies expenses for the Business 1 class should flow to the Business 1 Schedule C, and supplies expenses for the Business 2 class should flow to the Business 2 Schedule C?”

Your web page gave me a partial answer — to run a P&L — and I appreciate that; it gave me a better answer than either Quicken’s online help or my Quicken Bible. However, I still don’t see how to make expenses/classes flow to specific Schedule Cs.

Is there any way to do that?



Using Classes for each of your income and expense entries and then running a P&L with the columns set to show by Class is the best way to obtain accurate info to enter into each of your Schedule C forms.

As I’ve said on several occasions, I no longer use Quicken nor recommend it for small business owners. QuickBooks, which can import pre-existing Quicken data, is a much more reliable accounting program than is Quicken.

Even though there are some capabilities to export data directly from QuickBooks into tax prep programs, I have never felt that they were reliable enough to use. My clients send me their QB files and I have the class column P&L on one computer screen, while I have my Lacerte tax program on another screen, where I manually enter the data into each appropriate schedule.

You are making a huge mistake in trying to do your own tax returns and would be much better off by providing your Quicken or QuickBooks data files to your own professional tax preparer to enter into the tax program s/he uses.

As I’ve said since the beginning of consumer tax software, there is no better example of G-I-G-O (garbage in, garbage out) than programs like TurboTax.

I realize this isn’t the answer you were looking for; but I do not believe in the practice of people trying to prepare their own tax returns; so I can’t advise on how to do that.

Good luck.

Kerry Kerstetter


Thanks Kerry for responding. I appreciate your reply and advice. I did figure out the classes after writing to you.


Posted in Quicken, Turbotax | Comments Off on Using Quicken & TurboTax?