Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
TurboTax vs TaxAct accuracy
Old 04-04-2011, 02:26 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,587
TurboTax vs TaxAct accuracy

I've been using TurboTax for many years, and have always been pretty satisfied. I used it again this year, but thought I'd try TaxAct side-by-side with it, to see whether I might like it better.

Entered the exact same data in both applications, and there was only one significant difference. TaxAct showed that I'd get a larger refund from the state than TurboTax did.

That sounded great, but on further investigation, I found that TaxAct was giving me a credit I didn't qualify for, and that would have probably raised a flag at the state tax office. Looking into the help file, TaxAct explained the line correctly (not authorized for me), but gave it to me anyway.

On the whole, I found TurboTax slightly easier to use (I enter everything manually instead of downloading info), and certainly more accurate on this one item.

So despite the higher cost, I guess I'll continue with TurboTax.
__________________

__________________
Pas de lieu Rhône que nous.
braumeister is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-04-2011, 02:52 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,380
Quote:
Originally Posted by braumeister View Post
I've been using TurboTax for many years, and have always been pretty satisfied. I used it again this year, but thought I'd try TaxAct side-by-side with it, to see whether I might like it better.

Entered the exact same data in both applications, and there was only one significant difference. TaxAct showed that I'd get a larger refund from the state than TurboTax did.

That sounded great, but on further investigation, I found that TaxAct was giving me a credit I didn't qualify for, and that would have probably raised a flag at the state tax office. Looking into the help file, TaxAct explained the line correctly (not authorized for me), but gave it to me anyway.

On the whole, I found TurboTax slightly easier to use (I enter everything manually instead of downloading info), and certainly more accurate on this one item.

So despite the higher cost, I guess I'll continue with TurboTax.
I once tried Tax Act. It could not do everything I needed, so I bought Turbo Tax and re-did my taxes with it. I should never have bothered to try it.

Ha
__________________

__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 04-04-2011, 03:10 PM   #3
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,084
The first year my son started work after he graduated I did his taxes with TurboTax but back then it would have cost to e-file and since TaxAct was free we used that and it came up with $35 extra tax back. When I compared the two returns, TaxAct had correctly picked up a credit that TT missed. Because he was such a low earner that part year, and he participated in his 401k, he was entitled to a credit.

The following year I tried TaxAct myself but it didn't handle my Foreign pension very well.

My son and I still use TaxAct for his return.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 04-04-2011, 04:19 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,263
Quote:
Originally Posted by braumeister View Post
On the whole, I found TurboTax slightly easier to use (I enter everything manually instead of downloading info), and certainly more accurate on this one item.
I imagine someone out there could provide an opposite story. I have no idea about accuracy (are there any published studies?), but TT PO'd me so bad one year that I jumped ship to TaxAct online. TT had a bug, and the only way I found it was to search through their forums - in some deep dark corner a mod gave a workaround. But they never acknowledged it or fixed it publicly. The only way I caught it was that I was pretty sure of the tax code, so I questioned it. I thought the tax programs were supposed to know more than me? And it would not have resulted in any kind of actual tax error, it would have just incorrectly limited how much I could put into an IRA. So no audit is going to call out that I put in less than I could have, people do that all the time. So any guarantee to represent me in an audit was worthless in this case.

But hey, Turbo Tax 'worked' for Timmy, so why not go with it?

-ERD50
__________________
ERD50 is online now   Reply With Quote
Old 04-05-2011, 02:57 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Feb 2008
Location: Indialantic FL
Posts: 1,196
I like tax act, guess I'm used to it now. I do 3 other family members using it as well. Next year may do my Dad's at the VITA site, where I volunteer using the software provided. That way can e-file his federal and local free. I've used TT and HR Blocks software before and each has pros and cons. Price and ease of input tipped the scale in favor of tax act for me.
__________________
JimnJana
"The four most dangerous words in investing are 'This time it's different.'" - Sir John Templeton
jimnjana is offline   Reply With Quote
Old 04-08-2011, 09:00 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,947
Thanks for posting the comparison. Which versions did you compare?

I am pretty much disgusted with TT but continue to use it. I do admire how well if handles multiple dependent education deductions/credits. I have stuck with the download version of Basic. I did not lose any features necessary for my return by dropping to Basic from Deluxe. On the basis of 4 federal returns in the family the cost is trivial. Dependent children also qualify for Free Federal E-File anyway. I always get a glitch when I efile, so I just file a paper return by mail anyway. My state has free online efile, so not much value to the state software except maybe saving me from re-entering some data.
__________________

__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Concerns about the database accuracy and the search feature Nords Forum Admin 7 01-25-2010 01:56 PM
IRS the accuracy-related penalty and interest charges Spanky FIRE and Money 17 05-20-2008 12:54 AM
TaxAct Software TromboneAl Other topics 16 11-19-2007 04:50 PM
Can anyone here verify the accuracy of this ? mickeyd FIRE and Money 4 12-01-2006 06:32 PM

 

 
All times are GMT -6. The time now is 12:13 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.