We have investments and a rental property on top of jobs, but it was easy to enter all the needed information through H&R Block Premium. We have used this for several years and the prior year pertinent info is automatically carried into this years taxes. Hardest thing was waiting for all the documents to finally arrive from various investments to input the information.
Great software, but here are some problems I faced: (a) I had some difficulty with entering the 1099-SA information. This form differs from the 1099-R forms, but somehow it is included with them, and the software was finding an irregularity. Specifically, there is no Box 7 in 1099-SA, and the Distribution Code is in Box 3 (a 1 instead of 7). Then I had problem with what to enter in the "IRA/SEP/Simple" box. Finally I put a 1 in box 7 and left the IRA box blank which fixed the problem, and Form 8889 was generated. (b) An entry in my SS benefits form was entered as "tentative," with no good description on how to fix it. I found out by accident, by double-clicking on the entry. (c) I also had trouble with the "donations" deduction. I can't recall if the "Private Foundation or Donor Advised Fund" box is preset with an "X" or if I entered it by mistake. Please check this out, and also provide some clarification.
Saved my file under documents but it doesn’t save in HR software. I had no problem in previous years so am feeling a bit frustrated. Other than that it is good
Couldn't import data from nationally known financial institutions. Had to manually enter too much data; could've used paper and pen instead. Help was unclear with too many topics; had to search online for answers.
Cons: Time consuming, Hard to prepare, Hard to import documents
The review of Schedule D requires that each trade had to be opened/reviewed even though they were imported directly from my securities firm else it would not allow the return to be e-filed. I had almost 600 individual trades in 2021 and it took me over 6 hours to just open and closes each trade without reviewing any of the data. You really need to insert the option no to review those trades.
Also your business deductions for home office has become more tedious and confusing.