IAU Taxes w/Fidelity and TurboTax

Discussion of the Gold portion of the Permanent Portfolio

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Tyler
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Re: IAU Taxes w/Fidelity and TurboTax

Post by Tyler » Mon Nov 11, 2019 11:13 am

I download TurboTax for free every year through Fidelity. I think you have to have a minimum account balance to qualify, and even then they don't make the link easy to find. But it's worth looking for if you happen to invest with them.
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Re: IAU Taxes w/Fidelity and TurboTax

Post by vnatale » Mon Nov 11, 2019 11:49 am

pugchief wrote:
Mon Nov 11, 2019 11:00 am
Xan wrote:
Mon Nov 11, 2019 9:35 am
I use and recommend Free File Fillable Forms. It's an electronic version of the paper forms. Does all the math for you. It's the official way to file online for free.
I also use H&R Block's tax software. I can usually find the deluxe version for $15-20 on sale. It's worth that much to me to import last year's returns, especially bc I do about 5 returns each year including friends and family.

Turbotax is a fine product, but way more expensive and with too many restrictions. I would need the business version from them because of some rental income, and that retails for close to $100. I can do what I need to at the deluxe level with HRB.
I buy the H&R Block Deluxe + Efile + State. Depending upon when I buy it I think I pay in $30 to $40 range. If I buy it as soon as it is available (late November / December) I'm paying on the higher end. That is usually what I do to assist me in my tax planning for the year.

And, it seems like TurboTax does charge WAY more for the equivalent product.

I did use TurboTax this year for the first time in over 20 years when I was assisting someone who uses it. I thought it'd be a superior product to the H&R Block software but, maybe, because I was unfamiliar with it (while now quite familiar with H&R Block) I found it more difficult to determine how to enter things. It got quite frustrating at some points as I knew exactly where I wanted entries in the actual forms but it was not so easy to get them to appear there.

Vinny
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Re: IAU Taxes w/Fidelity and TurboTax

Post by pugchief » Mon Nov 11, 2019 12:06 pm

Tyler wrote:
Mon Nov 11, 2019 11:13 am
I download TurboTax for free every year through Fidelity. I think you have to have a minimum account balance to qualify, and even then they don't make the link easy to find. But it's worth looking for if you happen to invest with them.
1. That is the software download rather than the online version?
2. Does that include free e-file? If so, for how many returns?
Thanks
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Re: IAU Taxes w/Fidelity and TurboTax

Post by vnatale » Mon Nov 11, 2019 1:31 pm

pugchief wrote:
Mon Nov 11, 2019 12:06 pm
Tyler wrote:
Mon Nov 11, 2019 11:13 am
I download TurboTax for free every year through Fidelity. I think you have to have a minimum account balance to qualify, and even then they don't make the link easy to find. But it's worth looking for if you happen to invest with them.
1. That is the software download rather than the online version?
2. Does that include free e-file? If so, for how many returns?
Thanks
Does anyone here subscribe to what I once read that it makes it less likely of an audit if one files in paper because there is the added step of the IRS now having to hand key entry your information into their system?

Vinny
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Tyler
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Re: IAU Taxes w/Fidelity and TurboTax

Post by Tyler » Mon Nov 11, 2019 1:56 pm

pugchief wrote:
Mon Nov 11, 2019 12:06 pm
1. That is the software download rather than the online version?
2. Does that include free e-file? If so, for how many returns?
Thanks
You can do either, but I always get the download. It also includes free e-file + one free state.
Mechanical engineer, history buff, treasure manager... totally not Ben Gates
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Re: IAU Taxes w/Fidelity and TurboTax

Post by InsuranceGuy » Mon Nov 11, 2019 10:12 pm

Tyler wrote:
Mon Nov 11, 2019 11:13 am
I download TurboTax for free every year through Fidelity. I think you have to have a minimum account balance to qualify, and even then they don't make the link easy to find. But it's worth looking for if you happen to invest with them.
Thanks for the tip. I've used Fidelity for quite some time, I'll have to watch for the deal around tax season.
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Re: IAU Taxes w/Fidelity and TurboTax

Post by pugchief » Tue Nov 12, 2019 7:34 am

InsuranceGuy wrote:
Mon Nov 11, 2019 10:12 pm
Tyler wrote:
Mon Nov 11, 2019 11:13 am
I download TurboTax for free every year through Fidelity. I think you have to have a minimum account balance to qualify, and even then they don't make the link easy to find. But it's worth looking for if you happen to invest with them.
Thanks for the tip. I've used Fidelity for quite some time, I'll have to watch for the deal around tax season.
If anyone here sees a link to the deal, please post it. Thanks
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Re: IAU Taxes w/Fidelity and TurboTax

Post by sophie » Tue Nov 12, 2019 8:16 am

Yes please!

I've gotten Turbotax through Fidelity, but only at a small discount, definitely not free. Will consider H&R block - thanks vnatale!

Oddly, New York State actually makes using the IRS online free forms impossible. There is a state online equivalent, but you can only use it if your income is below a certain (low) limit. Beyond that, they mandate that you efile through a commercial vendor. Geez! Did Turbotax bribe the governor or something?

Has anyone tried CreditKarma's free tax filing?
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Re: IAU Taxes w/Fidelity and TurboTax

Post by mathjak107 » Tue Nov 12, 2019 12:51 pm

sophie wrote:
Tue Nov 12, 2019 8:16 am
Yes please!

I've gotten Turbotax through Fidelity, but only at a small discount, definitely not free. Will consider H&R block - thanks vnatale!

Oddly, New York State actually makes using the IRS online free forms impossible. There is a state online equivalent, but you can only use it if your income is below a certain (low) limit. Beyond that, they mandate that you efile through a commercial vendor. Geez! Did Turbotax bribe the governor or something?

Has anyone tried CreditKarma's free tax filing?
We get it free from fidelity including the state as a perk for having fidelity private access status
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Re: IAU Taxes w/Fidelity and TurboTax

Post by Tyler » Tue Jan 07, 2020 12:04 pm

pugchief wrote:
Tue Nov 12, 2019 7:34 am
If anyone here sees a link to the deal, please post it. Thanks
FYI -- the free Turbotax Premier link finally showed up on my Fidelity summary page this week. You can use it to acquire either the online or download versions. Fidelity is notoriously vague about how they determine who qualifies so you may not see the same option I do, but if you have a Fidelity account it's worth checking.
Mechanical engineer, history buff, treasure manager... totally not Ben Gates
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Re: IAU Taxes w/Fidelity and TurboTax

Post by pugchief » Tue Jan 07, 2020 4:27 pm

Tyler wrote:
Tue Jan 07, 2020 12:04 pm
pugchief wrote:
Tue Nov 12, 2019 7:34 am
If anyone here sees a link to the deal, please post it. Thanks
FYI -- the free Turbotax Premier link finally showed up on my Fidelity summary page this week. You can use it to acquire either the online or download versions. Fidelity is notoriously vague about how they determine who qualifies so you may not see the same option I do, but if you have a Fidelity account it's worth checking.
It is not on my summary page, so I guess I don't qualify. :(
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Re: IAU Taxes w/Fidelity and TurboTax

Post by era » Tue Jan 07, 2020 9:56 pm

Tyler wrote:
Sun Nov 10, 2019 2:47 pm
I own IAU through Fidelity.

When you look at the annual summary, it indeed does report lots of small transactions. But Turbotax imports them all automatically so it's not a big deal.

I've never had to deal with a K-1 form, and according to this list physically backed funds like GLD and IAU don't have to issue them.
I had a quick follow up question regarding this - how are the small transactions reported? Are they little capital gains (i.e. on the 1099)? If so, if the price of gold goes up and down throughout the year, do some of the gains/losses cancel each other out?

Thanks you.
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