Problem updating turbotax
And while it's dithered, its stock has withered: Intuit shares have lost 7.25% this year through Friday, much worse than the 3% decline suffered by the S&P 500 index. Users of the Turbo Tax deluxe edition, which sells for a list price of .99 but can be found almost everywhere for .99, have discovered that for the first time, the program won't allow them to file tax schedules C, D, E or F automatically with their tax returns.
Schedule D is used by anyone reporting capital gains or losses from stock or bond sales.
What makes this decision so curious is that home tax software is the quintessential "sticky" product.
Nobody buys more than one program per year so they might compare, say, Turbo Tax to H&R Block--who wants to do their taxes twice?
Updating Turbo Tax does not update Turbo Tax for a prior tax year to Turbo Tax for the current tax year.
These differences also impeded our ability to introduce new innovations across the entire Turbo Tax product line.Another way of putting it is that the firm has raised the price of Turbo Tax for many users by or more. As I write, on the customer review page for the Windows download version of Turbo Tax Deluxe, 1,360 out of 1,526 customers have given the program the lowest rating of one star.Wrote one reviewer: "I hate being gouged, and I hate weasel word explanations even more." This appears to allude to Intuit's hamfisted response to the uproar, which appears to be written in pure corporate gibberish.If your computer is connected to the Internet, Turbo Tax automatically checks for updates.If an update is available, Turbo Tax will ask if you want to install it.