TaxAct Software

[TromboneAl]

I'm going to do my tax return in December, because I want to figure out how much IRA to convert to Roth.

I plan to use TaxAct for the first time. Any comments on this software?

Thanks,

 

[Moemg]

I used it last year and I thought it was easy to use .

 

[OAG]

TA, I have used it for many years. It is pretty clean and very easy to use and I have never had a problem with it. The folks at TaxAct are from the old Parsons Technology Company that used to do professional and not for profit accounting software and goes back to Windows 95 era.

You can also just use the FREE version and mail in your return. The retail version will allow for e-filing. Also if your AGI is less than $54K you can free e-file with the IRS this year (2007 taxes filed in 2008).

BTW the 2007 versions of 1040 and Instructions are available at the IRS.Gov site. They are in pdf format for download. The 1040 is even a fill in pdf which can be filled out, saved on your computer and then printed out for filing.

 

[ChemEng]

A parallel question.. Are the tax softwares available in December for the taxes due in April? Or is it better to wait until February time frame to purchase it? Thanks!

 

[gindie]

You can also just use the FREE version and mail in your return. The retail version will allow for e-filing.

Actually, the free version allows for free E-file (at least it has in the past)

 

[gindie]

A parallel question.. Are the tax softwares available in December for the taxes due in April? Or is it better to wait until February time frame to purchase it? Thanks!

The December softwares are for the following April filings. Your software will check for updates that are released via the internet during the filing season.

 

[ERD50]

I used the on-line version last year. Thought it was OK. And you can do a free one for trial purposes, and pay only to get e-filing.

The online updates as it goes, no downloading updates, the updates are all on their end. I saved as pdfs when I was done, so I have soft copies also.

-ERD50

 

[ERD50]

Actually, the free version allows for free E-file (at least it has in the past)

I think you are right. Maybe it was pay for state? And only one free efile per household (how would they know?) - honor system I assume.

-ERD50

 

[TromboneAl]

Yes, it looks like free fed, and pay for state. They have a "preview" version now, with the real version available around Jan 10.

 

[martyb]

I've used Tax Act for the last several years and will probably use it again this time. Works well for me, especially for the price = $0 (except for the state return filing fee).

 

[Achiever51]

I've used Turbo Tax in the past and have been happy with it -- except for the cost. Can you import last year's Turbo Tax data into TaxAct?

 

[growing_older]

Worked well for me for the last couple years. No complaints.

 

[Buckeye]

I've used TaxAct since it has been available and I used the Parson's before it disappeared. I love it. I have already done my 2007 taxes using paystub estimates and the early release version of the software. It's going to be ugly if they don't pass AMT legislation. After looking at what we pay in federal, state, local, and school income tax (let alone SS and Medicare) I begin to wonder why I am working.

 

[ERD50]

I've used Turbo Tax in the past and have been happy with it -- except for the cost. Can you import last year's Turbo Tax data into TaxAct?

from taxact FAQ:

Unfortunately, the only returns that our TaxACT program will import are ones from the previous year's TaxACT editions. We continually evaluate our priorities and make product enhancements each year. Please continue to visit our product pages for future enhancement updates.

This kept me from doing it earlier, but here is what I did two years ago:

After completing and filing on TurboTax, I entered the data into the Free TaxAct on-line program and made sure the results agreed. That gave me enough confidence to go with it. BTW, I summed entries together (totals for cap gains/losses, total interest from several bank accounts, etc), so it did not take long to enter. Then I was set to import that 'fake' return into next year's TaxAct on-line.

-ERD50

 

[Peaceful_Warrior]

I love TaxAct Online. This year my situation is a lot more complex, so I'll be interested to see how it handles it. I was going to go to a tax preparer, but after posting on this board about my situation I have now decided that there's really no reason for me to get a tax preparer.

I gather all the info anyway. I do all the research for itemized deductions that relate to my situation... why pay somebody else to tell me what TaxAct can for free? (I do pay the $16 to e-file though)

 

[OAG]

Peaceful: Should handle it fine. I did my DD/SIL return for 06 with it. Few Schedule E's, Kids, Itemized, AMT, Sch D's (very long) and other stuff and it worked just fine.

Depending on your AGI you may be able to file using IRS FREE E-file. The instructions for 1040 for 2007 taxes is available for pdf download at the IRS site (irs.gov).

 

[Peaceful_Warrior]

Peaceful: Should handle it fine. I did my DD/SIL return for 06 with it. Few Schedule E's, Kids, Itemized, AMT, Sch D's (very long) and other stuff and it worked just fine.

Depending on your AGI you may be able to file using IRS FREE E-file. The instructions for 1040 for 2007 taxes is available for pdf download at the IRS site (irs.gov).

Good to know since this year was far different than ever before. 1099's, K-1s, rental income on what used to be a primary residence, moving to a different state, misc itemized deductions, having a child, starting a business...

If I hadn't have gotten married last year, I'd wonder what there was left to do this year