I have been reading posts about various federal tax return software programs online. I have not done a return online. Usually I use the standard 1040 form with no deductions as I never reach or pass the threshold. Our state does not have an income tax and we have no city tax. This year I will have W2s, bank interest, the 8910 tax credit from, and my wife sold some stock she received from her employer. There are just 2 of us in the family and have no other deductions. Can someone explain to me what probably would be the best online software to use this year and what else I might need? Thanks for your help.
<div class='quotetop'>QUOTE(Walker1 @ Jan 30 2007, 10:23 AM) [snapback]382777[/snapback]</div> I like Turbo Tax, I started with it after I bought a house and all that. Once you pick one, you tend to get locked in since it has your data from last year at hand etc. The other big one I think is Tax Cut.
<div class='quotetop'>QUOTE(Beryl Octet @ Jan 30 2007, 10:29 AM) [snapback]382781[/snapback]</div> Highly recommend Turbo Tax!! Tried Tax Cut once and gave up because it had so many errors. Could not get updates from their web site. I complained to H&R Block to no avail. I ended up doing the forms myself.
<div class='quotetop'>QUOTE(jtmhog @ Jan 30 2007, 10:44 AM) [snapback]382790[/snapback]</div> OK, Given that my wife and I only will be using the 2006 tax credit form for the Prius and she sold a small amount of company stock, which version would you recommend? We do not itemize, and do not have state or city taxes. Thanks.
I've used both, and both are great. I've stuck with TaxCut for the past coupla years, though, simply because I like the H&R Block association--and the deduction finder. It's totally worth it, btw. I did my taxes (with cap gains/losses, donations, tax credits, child care, medical, etc.) in about 30 minutes the other night. I've probably gotten back thousands I wouldn't have otherwise gotten back unless using this software or going to a tax prep specialist. (Of course, my taxes aren't all the way done yet because the IRS hasn't released all the info needed about the hybrid tax credit...so I'm just waiting.) Hope it helps.
<div class='quotetop'>QUOTE(Beryl Octet @ Jan 30 2007, 10:29 AM) [snapback]382781[/snapback]</div> How is it for figuring out whether you qualify for AMT or not?
<div class='quotetop'>QUOTE(JackDodge @ Jan 30 2007, 01:23 PM) [snapback]382866[/snapback]</div> It does it very easily. My AMT is $0, according to the program.
<div class='quotetop'>QUOTE(livelychick @ Jan 30 2007, 01:58 PM) [snapback]382890[/snapback]</div> My accountant takes care of everything so I don't have to worry about it but I've been told that if I had to figure it out that I'd have to do the numbers twice so I'm wondering if the programs do that for you.
<div class='quotetop'>QUOTE(JackDodge @ Jan 30 2007, 01:23 PM) [snapback]382866[/snapback]</div> It's in there. I've never had to pay it that I can remember.
I use TaxCut too. It makes the whole process as easy as it can be, given the complexity of the federal system. It calculates the hybrid credit but warns you that you can't file yet since the forms aren't final. It automatically figures out if you're subject to the AMT or not.
<div class='quotetop'>QUOTE(JackDodge @ Jan 30 2007, 01:34 PM) [snapback]382910[/snapback]</div> About 7-8 years ago we discovered that it only takes a little longer to enter out own data into TurboTax than to pull everything together (and answer all the standard questions) for our accountant. Our taxes are probably a bit more complicated than average but the tax software still makes everything easy. Now that we do it ourselves I have a much better handle on where and how much money goes to the taxman. If you're at all nervous about doing it yourself I'd recommend using your accountant this year, and also using the software and doing it yourself. Then compare the numbers, look at the time it took, and how much your accountant cost and do whatever makes the most sense, for you, in the future.
