Gimme your opinions on Turbo Tax sotware.

[comsnark]

I alway electronically file since I want to minimize the chance that Uncle Sam takes even a peek at my return. Electronic filing also speeds up your refund if you are getting one versus mailing the return in. I filed on March 21st and got a State refund electronically deposited to my account on March 28th.

Heh.. I have the opposite view. I don't think turbo tax sends them a PDF, right? I figure that if the return is filed electronically, it is in a numerical format. Then the facts and figures are easier to data mine. I don't mind if a no-name clerk looks at the return as they enter the key numbers. . but I don't want it too easy to run statistical analysis upon. . . .I don't want to make it too easy for them to run electronic comparisons of my data vs. their data and so on.

If I am owed money. . I do let the system direct deposit the funds. Getting a check in the mail is so 1986. If I owe them money. . you bet. . I am writing a check and enclosing it. Of course, I realize that all they do is process the check as an electronic payment. . .but still. . .I write the check.

Been using Turbo tax for years... Maybe since mid 90's. It automatically does appreciation and will take last years forms and get you the max refund. It allows notes for every single input that may be an alert for the IRS. Maximizes your return. It takes me about 1.5-2 hours to do the whole return. Has the ability to find your W2 ans 1099R info online and fill in all the lines in all schedules, etc. I would not use anything else. I got a $10 coupon from Costco this year so my CD was $29 (which is reportable as a valid tax expense)... (That cost was no State tax) WA has no state tax yet... You can find deals on line too for all versions of the CD.

I use to use a tax guy but not anymore... Turbo tax will take a little more work for you the first time you use it... But you will like it once it is done.

I also file electronically and normally get my refund directly into my checking account...

It also compares your work with US wide filers and lets you know how you compare and if you are in the "audit" zone.

I was audited once and after printing out my information and presenting it, the IRS accepted everything and it took about 30 mins to clear me... I never print out the return but keep it electronically on a burned CD with my paperwork just in case... I did print it out once and it took about 30 pages of paper... Hence, burn the return to a CD and file it in a folder...
You don't want to keep it only on your puter... they do crash...

I also save PDF's of every return (I do add passwords to each file), as well as key financial statements (also in encrypted files). I like to have a copy of all my financial records with me when I travel. It sometimes upsets the Admiral when I am 6-10 time zones from home, and I can get information faster than she can get it out of the filing cabinet 2 feet from the phone.

 

[douglee25]

My advice is to use Taxact online. www.taxact.com

It costs somewhere under $20 for both your state and federal. You don't need to download any software and the program saves all your information online. You can print everything out and save it for your files as well.

I'm going on my 5th year using it and it's well worth the money.

Doug

 

[shuizen]

If you efile use the software that you like best. All of the companies that offer efile have already gone through a rigorous certification with the IRS for efile and error checking. I would not use a package that is not certified for efile even if filing paper, they do not have IRS approval and something may be very wrong.


If you file by paper the data entry personnel enter the information into the computer that inputs the data into the same system as eFile goes through for error checking. If the typically temporary personnel make a data entry error it can cause more work for you. eFile is the way to go, just send in the check slowly.

Definitely look for state and federal education assistance credits. They changed names and qualifications for 2010 as part of health care reform.

 

[Mr Salt]

I have been doing my own taxes on a a PC since 1985. I find that Turbo Tax is great. What I like about it is that it carries forward all those items that have to be carried forward, capital losses, amt. It calculates and picks up all the all the needed schedules. It will help you figure out whether or not any of your wife's education is deductible. The free H & R Block program only covers 1040 EZ.

Good luck

 

[Larry]

I have been using Turbo Tax for 12 years, it is very comprehensive and self explanitory. I learned many years ago that doing your own taxes makes you think a little more throughout the year of your tax implications you may incur (investments, stocks, and donations).

 

[The Bill Collector]

The money I've saved using Turbo Tax....
I bought a 450 !!!