Tax Prep Software

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R-Man
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Tax Prep Software

Post by R-Man »

I noticed that Turbo Tax keeps raising their prices. I have reached my limit with them. Has anyone every used TaxACT? Online prices appear reasonable but I have no experience with it. Any other good substitutes for TT?
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rwwoods
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Post by rwwoods »

Your question has been discussed a lot. Please do a forum search on any of the products you mentioned to find your answer.
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joe8d
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Post by joe8d »

Used the free version of Tax Act for Fed tax a couple times,including last year,and was satisfied with it.Found it very similar to TT.
All the Best, | Joe
Elemental
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Post by Elemental »

I have used TaxACT for several years now (Federal and State). I don't have any complaints. I have a fairly simple return every year, but it seems to cover all kinds of situations (self-employed, business owner, rental income, etc.).

You don't pay anything until you file, so you could always try it out.
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dmcmahon
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Post by dmcmahon »

I use TurboTax to do 4 returns every year, including my own which is extremely complex, and two different states. It makes short work of most of them. The ability to import last year's return is critical as well. For me, TurboTax is worth every penny I pay for it.
mikep
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Post by mikep »

I have used TaxAct since 2003. I highly recommend it, and in future years you can get the ultimate version which imports all your info from the previous year for only a few bucks more.
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paulob
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Post by paulob »

I switched from TT to Taxcut many years due to pricing reasons. I reevaluate every year but have not had a reason to change.

For some low-income, senior citizens and/or military, some online software allows for free filing including efile. The drawbacks: free version does not carryforward from the prior return and some calculations are beyond the scope of the free version.
Paul
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Toons
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Post by Toons »

I switched from Turbo Tax to Tax Act last year,,,after 10 years of Turbo Tax.
I used the Online version,,for my taxes and my Mothers taxes.It was a great experience,,,,efile...etc,,,,,.I have already prepared for this year with Tax Act. I highly recommend you try it.You dont have to pay till you file ,so plug the numbers in to get a feel for it(save lots of money) :moneybag
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
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Toons
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Post by Toons »

I used the deluxe version .On another note you can print your return,,save as pdf.For a nominal fee you can access your return for several years online if needed otherwise you can access it till October 15th of following year. :D
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
chaz
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Post by chaz »

TurboTax is provided at a discount (or free to flagship investors) by Vanguard.
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modal
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Post by modal »

I've used Tax Act Deluxe for the past 2 or 3 returns.
Rodc
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Post by Rodc »

One of the things I like about Turbo Tax is the calculator for donations of clothes.

I suspect we donate a lot more clothes than the average Boglehead (don't ask).

Being able to type in the items and condition and get a value back is very nice. The values are higher than I might guess in many cases and if the IRS ever asks how in the heck I came up with the values, I have a better answer than I just took a WAG.

Does Tax Act have such a thing?
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.
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Greg@TaxACT
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Post by Greg@TaxACT »

TaxACT has Donation Assistant which offers market valuations for charitable contributions.

The feature is available in the TaxACT Deluxe and Ultimate Bundle versions.
Greg Hollingsworth | Online Marketing Specialist
mikep
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Post by mikep »

Greg,
Welcome back. Any response yet on the HSA question you were looking into for me from September? http://www.bogleheads.org/forum/viewtop ... c&start=50

Thanks,
Mike
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Greg@TaxACT
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Post by Greg@TaxACT »

Actually yes, sorry, I thought I had posted this already.

That problem has been fixed for 2009, although apparently it was an issue with the instructions provided by the State of California as to how Box 12 Code W contributions were to be handled.

Here's what I got back from our taxpayer support team:
Per California instructions, starting with the 2009 California return,
amounts reported on Form W-2, Box 12 with a Code W 'Employer contributions to your Health Savings Account' will be transferred to Line 7, Column C of California Schedule CA to be added to income on Line 16 of California Form 540.
Hope that helps.
Greg Hollingsworth | Online Marketing Specialist
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bettykayWAAZ
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TaxAct

Post by bettykayWAAZ »

The big advantage of TaxAct for me is that I can enter information directly on the form, rather than using their Q&A, when I choose. When my friend first recommended it I was hesitant because I didn't want to put my information on-line, and I didn't want it to disappear on October 15th next year. Problem solved when I downloaded the free version. Now I have it on my computer forever and no-one else can see it.

However, the free version only allows you to do only one return. So I sprung for the $12.95 Deluxe version. I use it to study for my certification for AARP tax-aide volunteer, so I do lots of returns (but only file my own).

I was working with Schedule M and it didn't give me the answer I believed to be correct. I wrote to the support team and they sent back detailed instructions -- which I thought I had followed. I sent them more information, with screen shots attached in a Word file. They responded very quickly with the suggestion that because I had not entered a social security number, it wasn't working correctly. They were right -- I was just testing one item on a return so hadn't bothered to enter the SSN. When I did, I got the answer I believe to be correct.

SO I'm putting in a plug for TaxAct -- for ease of use, for privacy, for price, and for customer support.

Another note: I used TaxCut the last couple of years. I agree with a previous poster that the Deluxe version is not necessary. It has more bells and whistles, but all the forms are in all version.

Bettykay
pshonore
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Post by pshonore »

Turbo tax also allows direct entry via the Forms (you can skip the interview).
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simba
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TaxAct 2009 - 401K deferral alert

Post by simba »

Greg@TaxAct - Thanks for taking the time to respond to other queries.

I had a question - Is the TaxAct 2009 supposed to alert us if the sum total of all the 401K deferrals [Box 12 - Code D-Elective deferrals to section 401(K)] is greater than the IRS limit of 16,500 for a person [younger than 50]?

-Simba
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Greg@TaxACT
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Post by Greg@TaxACT »

I'm not sure, let me run that by our support team and get back to you.

Greg
TaxACT
Greg Hollingsworth | Online Marketing Specialist
thekro
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I love tax act

Post by thekro »

I have been using it (TaxAct deluxe) for years. I recommend it.
Last edited by thekro on Tue Feb 09, 2010 12:34 pm, edited 1 time in total.
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Kenster1
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Post by Kenster1 »

Any reviews of Taxslayer.com --- $9.95 to prepare and efile Federal Return?
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caklim00
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Post by caklim00 »

Kenster1 wrote:Any reviews of Taxslayer.com --- $9.95 to prepare and efile Federal Return?
Taxslayer is an interesting one in that they provide audit support in case of an audit. That is the one feature that Tax Cut (or whatever it is now) has over Tax Act.
Almost there
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Post by Almost there »

I am almost finished with my tax return using Tax Act. However, just realized that TD Ameritrade has not sent me their 1099 form. So will have to call them on Monday.

Anyway, my question is: it was suggested to me to e-file my returns. How much will Tax Act charge for the Federal and State efile?
Almost there
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Greg@TaxACT
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Post by Greg@TaxACT »

Almost There,

Which version are you using, TaxACT Online or TaxACT for the desktop?

Greg
TaxACT
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Almost there
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Post by Almost there »

Thanks for asking: TaxAct online.
Almost there
sailor234
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Post by sailor234 »

Like others here I've grown tired of the ever escalating price of tax software. I've used Tax Cut for years; the package I need is $45 this year and I have yet to find a decent sale price for it.

Has anyone used the download version of TaxAct and read in a prior year return from TaxCut?

Thanks

Ray
The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man. George Bernard Shaw
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Greg@TaxACT
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Post by Greg@TaxACT »

Almost There,

E-filing is included with all of our online preparation options, there are no additional fees.

Greg
TaxACT
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inve$t0r
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Re: Tax Prep Software

Post by inve$t0r »

R-Man wrote:I noticed that Turbo Tax keeps raising their prices. I have reached my limit with them. Has anyone every used TaxACT? Online prices appear reasonable but I have no experience with it. Any other good substitutes for TT?
I've been using TaxAct for years, and prefer them to Turbotax. Also Vanguard's Turbotax freebie for flagship accounts is a scam because it's not really free.
Almost there
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Post by Almost there »

Greg@TaxACT wrote:
E-filing is included with all of our online preparation options, there are no additional fees.
Thanks Greg. You are the BEST. This is my second time around with TaxAct and I am convinced that it is easier than the other 2 tax software packages. I am not very knowledgable about doing my taxes, however, TaxAct makes it easy for me. This will be my first time e-filing thanks to all the support I have received from the Bogleheads and You.
Almost there
Almost there
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Post by Almost there »

Hello,

I am about to e-file both my Federal and State forms, however, TaxAct is charging $19.90, I thought it was $13.95. Did I mark anything that would account for the $6.00 difference?

Almost there
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Random Musings
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Post by Random Musings »

inve$t0r wrote:
Also Vanguard's Turbotax freebie for flagship accounts is a scam because it's not really free.
Why is that? Cost Vanguard pays to Turbotax is embedded in expense ratio's and passed onto others without the Flagship status?

I have used Turbotax and TaxAct in the past - both have worked well for my needs.

RM
Almost there
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Post by Almost there »

I had previously written:
I am about to e-file both my Federal and State forms, however, TaxAct is charging $19.90, I thought it was $13.95. Did I mark anything that would account for the $6.00 difference?
Just wanted to give you an update: Greg from TaxAct contacted me and resolved the issue and I was able to file my Federal and State taxes for $13.95, which was a special price given to returning TaxAct customers. TaxAct responded immediately to my email request and I felt comfortable contacting them - this never happened when I previously filed with other tax software.

Last year and this year - TaxAct really made it an easy way to file.
Almost there
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iceport
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Post by iceport »

Greg@TaxACT wrote:Almost There,

E-filing is included with all of our online preparation options, there are no additional fees.

Greg
TaxACT
Hi Greg,

Hope you spot this question about e-filing using TaxACT. I have never e-filed by any method, but this year might be the first time going paperless. One of the determining factors is personal privacy, so the following question is important.

If TaxAct is used to e-file, even if using a PC-installed version of the software, is TaxAct required by the IRS to retain information about the individual tax return, as well as certain computer system information?

The reason I ask is that a statement from an older version of H&R Block software identifies such personal data collection, claiming the IRS requires it. If that's so, one would assume ALL commercial tax software companies would be subject to the same record-keeping requirements.
H&R Block wrote:Information We May Collect Online

We collect certain personal information so that we may prepare your tax return. This information typically includes, for example, your name, address and certain other data such as your social security number, income and deductions data, and other personal information about you and your dependents that we need to prepare your tax return. This information may also include system information, such as your operating system version, internet protocol (IP) address and the number of times you electronically file using the software and the website from which your tax return preparation originated. The Internal Revenue Service ("IRS") requires us to collect certain system information in connection with electronic filing of tax returns.

We may collect personal information in connection with transactions other than tax return preparation that you complete or propose to complete with us. This personal information may include, for example, your name, address and certain other "nonpublic personal information" such as checking, debit and credit account numbers, balances and payment history, income and assets. We may collect this personal information about you from you, the IRS, our franchisees, our affiliates, and certain non-affiliated third parties such as credit reporting agencies.

The IRS requires HRB Digital to retain filed tax returns for a period of at least three years. It is HRB Digital's policy that if you start, but do not complete, a tax return in our online tax programs, we will generally keep the tax return information you provide until the end of the tax season.

We assign a global unique identifier (GUID) when you use our web-based tax preparation products and when you use our software to create a return. The GUID is a unique alphanumeric combination. While the GUID does not itself contain any data, in some cases it does allow us to match your information, which may include personal information, with data collected by our software or through your use of our web-based tax preparation products or the website. Generally, we look at the results of such data matching on an aggregated basis and use the results to help us better understand your use of our products and services.
Do the same IRS record retention requirements apply to e-filed returns using TaxAct? The TaxAct privacy policy is not as explicit about the IRS retention requirements, but it does say the following:
TaxAct wrote:All information you enter while using TaxACT is used strictly by 2nd Story Software, Inc. to provide the services requested by our customers. We maintain physical, electronic, and procedural safeguards that comply with applicable law and federal standards. All data is stored on 2nd Story Software servers and is backed up to prevent the loss of data.
Thanks in advance for any information you could provide concerning personal data record-keeping by TaxAct.

--Pete
Abbey10
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Post by Abbey10 »

Check your financial institution for TurboTax discounts. I've never paid the full price.

Vanguard

Fidelity

Bank of America -- I think these guys offer 35% off

~Abbey
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