Turbotax Accuracy

TurboTax Accuracy

PostBy: rberq On: Wed Mar 25, 2009 7:24 pm

I do my taxes myself, no computer involved, just lots of foul language and high blood pressure because of the horrendous complexity even with my pretty-simple return. A friend gave me a trial version of TurboTax, so I let it lead me through preparation by asking me questions. It missed $6,900 in deductions, and gave me an outright wrong answer on how much of my IRA contribution was deductible.

Anyone else have troubles like that? What tax prep software have you used that DOES work well and is easy to use?
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Re: TurboTax Accuracy

PostBy: Black_And_Blue On: Wed Mar 25, 2009 7:34 pm

No one really knows how to file a proper return, not even a computer.
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Re: TurboTax Accuracy

PostBy: jpete On: Wed Mar 25, 2009 7:34 pm

Get the version Tim Geithner uses. Then you don't have to pay ANY taxes. :D

I heard Warren Buffet say one time "There are 66,000 lines of tax code and every one is so that SOMEONE doesn't have to pay taxes."
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Re: TurboTax Accuracy

PostBy: tsb On: Wed Mar 25, 2009 7:35 pm

Interesting ad line above this negative post.

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Re: TurboTax Accuracy

PostBy: billlindley On: Wed Mar 25, 2009 7:43 pm

I am an accountant and I actually use H&R Block Tax Cut. If you know tax law and understand changes then these software pieces are great. The way they market them though they make it seem like anyone can simply pop them in the old computer and file thier taxes with 100% accuracy. The fact is that nothing can take the place of an accountant who is up to speed on the complexity and changes made each and every month if not week. You can use Turbo Tax or TaxCut but at the end of the day if you don;t know what to look for or where to fill in information yuo will file a false return.
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Re: TurboTax Accuracy

PostBy: Freddy On: Thu Mar 26, 2009 5:45 am

My old tax guy passed away. I just had my taxes done by a new guy...an older childhood friend that I hadn't seen in 20 yrs. He's been doing taxes by hand for over 30 years, but 4 years ago started using software. I don't know it's name, but he said the updates were over $1,000 a yr. He also mentioned that it's darn good stuff. I never tried, but I'll bet Turbo tax would have flipped and croaked with my paperwork. His software gobbled up the numbers and did a good job. Point being that there is some good software, you're just not going to get it for $35.
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Re: TurboTax Accuracy

PostBy: gambler On: Thu Mar 26, 2009 7:31 am

My wife is a tax accountant and she uses Peachtree software and some other that I can't remember. And yes it costs large sums of money to keep the software updated and yourself updated on tax laws.
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