Taxcaster Accuracy

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Taxcaster Accuracy

Postby 2bitwise » Wed May 22, 2013 11:09 pm

I am retired and my income and deductions are a moving target. Never having been worth a darn at figuring taxes I am having trouble figuring out if I need to pay estimated taxes. I entered my projected info for the year into the TT Taxcaster and it showed a 15% tax bracket and zero tax due. Are Taxcaster results accurate and can I rely on them for tax planning? Anyone double checked the results? Is there anything better for on-going computation of tax liability? I used the on-line version of TurboTax for last year's return and once filed you can't go back and try out what-if's for current year tax estimates. Unless I just don't know how......
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Re: Taxcaster Accuracy

Postby kaneohe » Thu May 23, 2013 1:37 am

I have used Taxcaster in the past and found it good for my purposes. You might want to compare w/ others
like this one from Block http://www.hrblock.com/free-tax-tips-calculators/tax-estimator.html
Or your full blown TT return from last yr.

Since it is free, it must be lacking certain features of the real tax software so somehow you need to discover
if those things are important for you. One thing I know that Taxcaster (and probably the Block calculator) lacked in the past was the
interaction of muni bond interest and SS.
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Re: Taxcaster Accuracy

Postby MN Finance » Thu May 23, 2013 10:37 am

Taxcaster is totally accurate given the limited data input. But it doesn't account for your individually. For ex if I run my numbers though taxcaster it gives one result, but if I go into TT it's another because I'm eligible for certain credits that the limited version doesn't account for.
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Re: Taxcaster Accuracy

Postby Grasshopper » Thu May 23, 2013 12:02 pm

I believe someone said it treats all dividends as qualified dividends. I use TurboTax from 2012 and jigger the numbers. :beer
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