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TaxAct Decision: Direct Form Input or Interview
Old 02-04-2009, 02:14 PM   #1
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TaxAct Decision: Direct Form Input or Interview

This year our income tax return will be just like last year's, but with different numbers. For example, in both years we did a Roth conversion, but with different amounts.

So I'm wondering if it would be easiest to just open the different forms (using TaxAct) and putting in the new numbers as opposed to going through the interview process.
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Old 02-04-2009, 02:34 PM   #2
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Easiest, probably.

Most likely to result in the lowest amount of tax due, probably not, because the program interviewing you may remind you of a forgotten deduction.

Your call.

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Old 02-04-2009, 03:38 PM   #3
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Al: Why not do both, form first then the interview. Or hybrid version, forms that are simple and you know the numbers (for sure) and interview for those you are uncertain of. There is a "check" at the end but it generally only finds inconsistent or missing information.
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Old 02-05-2009, 09:14 AM   #4
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... Why not do both, form first then the interview....
That's how I did it. The interview technique didn't reveal a tiny pension/annuity I collected for three months last year. It probably was my fault not to get it from their questions but it was obvious in comparing it to the pencil form. I also found my 2007 forms great as cheat sheets. I found the interview format tedious and not my style.
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Old 02-05-2009, 10:00 AM   #5
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A couple of years back, after doing the form method, for some reason I went back and did the interview. The program did find some Energy Credits that I had totally ignored when I did the forms. I think the "savings" was less than $50 but WTH it was nice to get.
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Old 02-06-2009, 06:12 AM   #6
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I usually do the interview and then re-look over and fill in separately what I think needs to be filled-in - I vote for hybrid. However, based on the way you worded the question, you are looking at minimizing your time spent on this activity :-) So, in that case, I think you answered your own question.
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Old 02-06-2009, 03:00 PM   #7
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I'm going through the interview, and seems to have been a good decision. TaxAct did a good job of using the data from last year's return to make things easy.
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Old 02-08-2009, 10:29 PM   #8
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Wow. It's been a while since I have been on the forum.
This is the 2nd year I have used Taxact and l have only used the forms. Out of curiosity, I just did the interview and was surprised to find that I was entitled to a sizable credit from the difference of the $600 and the disappointing small stimulus check I received last year.
Thanks for the thread!

MJ
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Old 02-09-2009, 10:37 AM   #9
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Hey MJ, nice to see you! Give an update, eh?
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Old 02-16-2009, 05:55 AM   #10
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Hey MJ, nice to see you! Give an update, eh?
Hey, right back at you Martha,

I am still living in Chiang Mai Thailand, enjoying a simple life here for over 2 years. I have no plans so far to return to the US.
Life hasn't changed too much for me whether I lived in NYC, Tucson or here. I still use my bicycle as my main mode of transportation. I love to eat native Thai food as well as India food which I get when I visit both the local Hindu and Sikh temples, both free but I give an acceptable donation. I am not doing quite as much traveling as I though I do travel the neighboring countries occasionally taking my bicycle with me. I hope to go to India for the first time this year.
I am still struggling to increase my spending.
For a person who has LBYM lifestyle, spending is even harder in Thailand. For my nice furnished medium sized room which includes a balcony, refrigerator, cable TV and internet, I pay about $85/month. I just switched my health insurance to a US subsidiary in Thailand with a $1200 deductable, saving more than half off my BSBC premium which had a $10k deductable plus 20% copay.
My lazy streak is still alive and well, that's why it took me a few days to reply. Sorry
Hope you are well.
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