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Old 03-15-2017, 11:08 AM   #41
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Originally Posted by Sunset View Post
I use taxCut, and turn off the tax software "check for updates automatically" option.

I just manually activate the check for update when I'm going to start a new return, or some other time when convenient.
March is often a time when tax software gets fixed. By then enough early filers have done all the quality assurance and found many of the errors. State income tax calculations and forms are particularly buggy in the early weeks for filing season. Some vendors even have forms missing from their February releases.

I don't normally file until September but in any case, I recommend running the update routine before finalizing the return and transmitting just in case something got fixed between the time you started the return and the time you filed it.
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Old 03-15-2017, 11:16 AM   #42
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Originally Posted by RunningBum View Post
AGI/total tax
Nope. It's

Total tax/MAGI
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Old 03-15-2017, 11:19 AM   #43
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I usually run the update when I'm nearly done. I save it first before I do the update. Just in case something is wrong. I can go back.
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Old 03-15-2017, 12:14 PM   #44
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Originally Posted by JoeWras View Post
I even use the fill-able PDF files available from the IRS, and updating those several times (and calculating by hand, or transferring from my shadow spreadsheet) is a pain.

I really have no desire to do my taxes by hand. Tax software is well worth it.
Yes, but I wish there was an in-between option. The tax SW has become too 'black box' for me at times. I recently wanted to verify something, I knew I should be all in the 15% bracket at this point, so I changed an input by $200, expecting a $30 change in tax. Nope!

Now, try to find out why. It was really, really hard. There is a worksheet that it used wasn't in any printouts, it was all calculated internally. That worksheet is just in the Fed's 1040 instructions, I had to download and do it manually to see if the issue was there.

Hmmm, some guy was offering a free spreadsheet that handled a lot of cases, I need to look for that. It's nice to just enter the stuff, I know how to do that, and see the calculation. At least in parallel with the SW.

ETA: Here it is - I have not used it yet, so proceed with caution...

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Old 03-15-2017, 12:48 PM   #45
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move twice with home offices in different states. TT doesn't like half percentages so you need to sort of round up or down if you have three offices in different states.

That year my taxes were over 100 pages
AA (Stock/Bond/Cash ): 97.5/0/2.5% MIX (Small/Mid/Large): 25/25/50% BLEND(US/Foreign): 100/0%, REIT (Real Estate Equity): ~50% of Assets

FIRE in 2031 @ 50yrs old (+/- 2yrs) w/ a hypothetical $2.5mil portfolio, 3 appreciated homes worth $1.0mil and rental income to fund my gap years until RMD. Assets will go to an inherited IRA where I plan on watching the investments grow until I die or the trust gets executed.
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