Comments on: TurboTax, TaxCut, and TaxACT Compared Side By Side http://thefinancebuff.com/turbotax-taxcut-and-taxact-compared-side-by-side.html like a friend telling you about money ... Wed, 23 May 2012 12:12:39 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Phil http://thefinancebuff.com/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-5829 Phil Tue, 08 Feb 2011 14:34:48 +0000 http://thefinancebuff.com/2009/02/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-5829 This year Taxcut and Turbotax do not import data from my rentals (addresses, basis, and so on) . Last year they did do that. Means a lot more work for me entering all the rental addresses, basis and so on. Why did they change? This year Taxcut and Turbotax do not import data from my rentals (addresses, basis, and so on) . Last year they did do that. Means a lot more work for me entering all the rental addresses, basis and so on. Why did they change?

]]> By: FairTaxFan http://thefinancebuff.com/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-2316 FairTaxFan Wed, 24 Jun 2009 21:58:00 +0000 http://thefinancebuff.com/2009/02/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-2316 Has anyone tried TaxBrain? They charge $69.95 for their top package, plus $29.95 to add on the state return, but they also offer discount codes up to possibly $30, but that still makes it the most expensive I have seen. Is there something better with TaxBrain over TaxAct? Or the others? I am self-employed, so need to use Schedule C and other forms that force the Top Packages apparently. Has anyone tried TaxBrain? They charge $69.95 for their top package, plus $29.95 to add on the state return, but they also offer discount codes up to possibly $30, but that still makes it the most expensive I have seen. Is there something better with TaxBrain over TaxAct? Or the others? I am self-employed, so need to use Schedule C and other forms that force the Top Packages apparently.

]]> By: Guraaf http://thefinancebuff.com/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1881 Guraaf Sat, 11 Apr 2009 23:13:21 +0000 http://thefinancebuff.com/2009/02/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1881 Does anyone know if TurboTax or TaxAct handle foreign income and Form 1116 well enough? I have a bank account in Switzerland and the bank interest income wasn't easily handled by H&R TaxCut at all. It wanted me to fill in the form and I had trouble doing so. Thanks! Guraaf Does anyone know if TurboTax or TaxAct handle foreign income and Form 1116 well enough? I have a bank account in Switzerland and the bank interest income wasn’t easily handled by H&R TaxCut at all. It wanted me to fill in the form and I had trouble doing so.

Thanks!
Guraaf

]]> By: TFB http://thefinancebuff.com/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1758 TFB Mon, 23 Mar 2009 06:03:22 +0000 http://thefinancebuff.com/2009/02/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1758 @Itchy Brother - Unfortunately that's not the case. As soon as you enter any number in TaxCut, it's rounded to the whole dollar. The calculation continues from the whole dollar. @Itchy Brother – Unfortunately that’s not the case. As soon as you enter any number in TaxCut, it’s rounded to the whole dollar. The calculation continues from the whole dollar.

]]> By: Itchy Brother http://thefinancebuff.com/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1757 Itchy Brother Sun, 22 Mar 2009 23:35:41 +0000 http://thefinancebuff.com/2009/02/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1757 TFB, Thanks for the reviews. Regarding the TaxCut rounding issue, are you sure that TaxCut isn't just displaying rounded values while maintaining actual dollars and cents values internally? In my opinion this would be a silly thing to do, but it wouldn't be the first time UI programmers have done things I think are silly. I would be surprised to find the TC folks are ignorant of the law on this particular point. TFB,

Thanks for the reviews.

Regarding the TaxCut rounding issue, are you sure that TaxCut isn’t just displaying rounded values while maintaining actual dollars and cents values internally? In my opinion this would be a silly thing to do, but it wouldn’t be the first time UI programmers have done things I think are silly. I would be surprised to find the TC folks are ignorant of the law on this particular point.

]]> By: JustAsking http://thefinancebuff.com/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1748 JustAsking Fri, 20 Mar 2009 00:50:39 +0000 http://thefinancebuff.com/2009/02/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1748 I should also mention that TaxACT is cheaper than the others--their Ultimate version (federal and state) is $20. I should also mention that TaxACT is cheaper than the others–their Ultimate version (federal and state) is $20.

]]> By: JustAsking http://thefinancebuff.com/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1747 JustAsking Fri, 20 Mar 2009 00:46:48 +0000 http://thefinancebuff.com/2009/02/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1747 TFB, Thanks for being ahead of the curve (as usual) in comparing these three. I tried TaxCut years ago and was annoyed by the way they took you by the hand and led you through like a dummy, asking questions that I could have just answered myself by filling out the tax forms. I just tried TurboTax but hated it for the same reason and gave up after an hour, uninstalled and returned it. As you point out, they ask a lot of irrelevant questions or those I don't want to have to figure out--and if I guess wrong, how will it affect my return, and will I be able to correct it easily? My feeling is, when you have to spend more time figuring out the software than the tax forms, it's easier to just do it on paper. True, you can use the forms in Turbo, but they're not really the same as the IRS forms--they have additional fields you have to fill out for the sake of the software. I decided to try TaxACT, and it was a pleasant surprise to find that it's much more intuitive. They of course have the lead-you-by-the-hand option, but the forms are straight-up IRS clones in most cases, with automatic calculation. If you try to fill in a field that affects others, you get a message asking you to enter the info on the supporting document. (You can override, but it's not recommended and won't be automatically calculated.) There were a few minor things I didn't like, but in speaking to tech support, I found that there are reasons for them, and I can certainly live with them. The software created a clean printout and corrected some math errors I had made on the paper version. I was impressed and will be using this again. JA TFB,

Thanks for being ahead of the curve (as usual) in comparing these three. I tried TaxCut years ago and was annoyed by the way they took you by the hand and led you through like a dummy, asking questions that I could have just answered myself by filling out the tax forms.

I just tried TurboTax but hated it for the same reason and gave up after an hour, uninstalled and returned it. As you point out, they ask a lot of irrelevant questions or those I don’t want to have to figure out–and if I guess wrong, how will it affect my return, and will I be able to correct it easily? My feeling is, when you have to spend more time figuring out the software than the tax forms, it’s easier to just do it on paper. True, you can use the forms in Turbo, but they’re not really the same as the IRS forms–they have additional fields you have to fill out for the sake of the software.

I decided to try TaxACT, and it was a pleasant surprise to find that it’s much more intuitive. They of course have the lead-you-by-the-hand option, but the forms are straight-up IRS clones in most cases, with automatic calculation. If you try to fill in a field that affects others, you get a message asking you to enter the info on the supporting document. (You can override, but it’s not recommended and won’t be automatically calculated.)

There were a few minor things I didn’t like, but in speaking to tech support, I found that there are reasons for them, and I can certainly live with them. The software created a clean printout and corrected some math errors I had made on the paper version. I was impressed and will be using this again.

JA

]]> By: TFB http://thefinancebuff.com/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1639 TFB Tue, 24 Feb 2009 21:38:24 +0000 http://thefinancebuff.com/2009/02/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1639 Irwin - Good for you for having a good income and not being hit with AMT. You are more likely to get AMT if you: * have children; or * live in a state with high state income tax or sales tax; or * live in a place with high real estate price and property tax I'm guessing you don't have high state income tax and property tax. indexfundfan is correct. My IRA contribution is not deductible. See previous post <a href="http://thefinancebuff.com/2008/09/a-non-deductible-ira-is-worth-it-for-me.html" rel="nofollow">A Non-Deductible IRA Is Worth It For Me</a>. Irwin – Good for you for having a good income and not being hit with AMT. You are more likely to get AMT if you:

* have children; or
* live in a state with high state income tax or sales tax; or
* live in a place with high real estate price and property tax

I’m guessing you don’t have high state income tax and property tax.

indexfundfan is correct. My IRA contribution is not deductible. See previous post A Non-Deductible IRA Is Worth It For Me.

]]> By: indexfundfan http://thefinancebuff.com/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1638 indexfundfan Tue, 24 Feb 2009 20:59:58 +0000 http://thefinancebuff.com/2009/02/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1638 Irwin, you can always contribute to a traditional IRA regardless of income. The question is whether the contribute is tax deductible or not -- you do not get a deduction when your income exceeds a certain threshold. Irwin, you can always contribute to a traditional IRA regardless of income. The question is whether the contribute is tax deductible or not — you do not get a deduction when your income exceeds a certain threshold.

]]> By: Irwin http://thefinancebuff.com/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1637 Irwin Tue, 24 Feb 2009 20:36:24 +0000 http://thefinancebuff.com/2009/02/turbotax-taxcut-and-taxact-compared-side-by-side.html#comment-1637 TFB- I hope this isn't too prying, but how can you contribute to an IRA and still be subject to AMT? I'm not a tax pro at all, but in my case I can't contribute to IRAs/Roths due to AGI, yet I still haven't been clipped by AMT. TFB- I hope this isn’t too prying, but how can you contribute to an IRA and still be subject to AMT? I’m not a tax pro at all, but in my case I can’t contribute to IRAs/Roths due to AGI, yet I still haven’t been clipped by AMT.

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