GTFan
Thinks s/he gets paid by the post
CreditKarma free tax filing is now open to all who requested access.
What is active versus passive on a K1?
Thanks for this post. I actually only paid about $28 for TA for fed/state as I pre-ordered, but have been considering FreeTaxUSA. Only thing that has held me back is I can't find enough reviews from users. I for one would very much appreciate your posting an update review of FTU after you've completed filing. Perhaps I will try FTU next year.
New owners, new prices.TaxAct has really raised their prices this year, I think I paid $28 last year for TaxAct Plus.
I am by no means an expert on this, but I believe that the K1 does not specify active or passive. The decision to file active or passive is made on the tax return, depending on whether or not the taxpayer is materially involved in the investment. Those materially involved in the investment file the losses as active, those not materially involved file as passive.
IIRC, active losses can be claimed on the yearly return. Passive losses are carried forward until such time that you can use them.
I have done my taxes, well, every year since I have worked. I also worked as a tax guy for a number of years. I use TT and expect to continue to but this is an interesting discussion.
I think the focus should be more on efficiency, usability and security than just cost of the program. Essentially, all of this software is inexpensive for what it does. But I want to be sure the software is easy to use, accurate and saves me time. I use the PC version of the software and do not efile. I want to minimize access of my tax info to anyone, so I avoid any software requiring me to enter my info into a website.
E-filing and online software create needless risks, IMHO. I am not alone as the attached article makes clear.
Good filing and let's be careful out there.
E-filing taxes? Watch out for fraud.
Thanks for the tip. Just tried it myself. I've always used TurboTax in the past, but have been experimenting this year. So far I like FreeTaxUSA the best, Taxact second, and TurboTax third. (Based on usability, not price).
Will see if I still feel that way after dealing with my 1099-Bs. That was the killer last year. Only TurboTax handled a messy 1099-B correctly.
Sounds like a pro-TT & pro-H&R Block e-file ad to me. Thanks.