Homework: Tax programs

[zyzzyva57]

Planning on using TurboTax or TaxCut to import your Scottrade 1099 data?

Note, you cannot do this with their on-line versions of the programs

Also, check prices with Froogle.com for rebates, e.g., Staples sold me Money Deluxe for $10, if I send in the rebate forms (of course), so this might be an easy way to update a program you use--also by buying TaxCut and Money, I got FREE shipping

(On-line, TurboTax will import from many other brokers, so check to see if yours is included--But on-line TaxCut will only import from Quicken or data if you used TaxCut last year)

TaxCut Premium with State and eFiling is the best deal ($59) -- TurboTax: $69

You need these versions to import your 1099 data

Otherwise, as with the very cheap TaxAct, you have to type in the data yourself

Too, think ahead to next year and consider your potential situation, so by the correct selection of the program you select this year, much of your personal data will already be available

[zyzzyva57]

http://www.thestreet.com/pf/newsanalysis/cuttingyourtaxbill/10341203.html

[clavocat]

can you use last years turbo tax for this years tax season??? my bro has software laying around and i figured since my only income is trading, and under the counter work, i could just use last years?

[TonyM]

can you use last years turbo tax for this years tax season??? my bro has software laying around and i figured since my only income is trading, and under the counter work, i could just use last years?

I wouldn't, there are many changes from year to year. I used TaxCut and there were even updates that I downloaded in late January. It's just not worth the hassle of a rejected return over the relatively low cost of the program, imo. I actually received mine in the mail for free and just paid the $16 for electronic filing, I don't know why i was selected to receive the free copy, but perhaps it was from visiting the various tax company websites and ending up on a mailing list.

[zyzzyva57]

I use TaxCut, so I assume this is the same with TurboTax: TaxCut has an Activation Code I can use once to file

You need a current program updated to the current tax code which changes yearly, so old programs will be useless without this update

A current program will use your core data, e.g., your SS#, adr, etc, but obviously not your income, 1099 crap, etc, that changes yearly

[clavocat]

programs are what 50 bux? maybe ill just go have someone do it for me...

[TonyM]

programs are what 50 bux? maybe ill just go have someone do it for me...

Unless you only had a handful of trades last year, I would doubt that a tax professional would be charging less than $50

[zyzzyva57]

If you have a simple 1099 with few trades, etc, then TaxAct is dirt cheap, BUT it will not import from your broker, so you will have to type in the data yourself--why I switched

[zyzzyva57]

http://www.washingtonpost.com/wp-dyn/content/article/2007/03/14/AR2007031402217.html?referrer=email

[clavocat]

so which program is the most user friendly for trades? tax cut or turbo? im goin to get one this weekend. thanks!

[zyzzyva57]

My suggestion is re-read the beginning of this thread for a starter, because earlier, I went down the same road you are about to go down

[tape]

Planning on using TurboTax or TaxCut to import your Scottrade 1099 data?

Note, you cannot do this with their on-line versions of the programs

Also, check prices with Froogle.com for rebates, e.g., Staples sold me Money Deluxe for $10, if I send in the rebate forms (of course), so this might be an easy way to update a program you use--also by buying TaxCut and Money, I got FREE shipping

(On-line, TurboTax will import from many other brokers, so check to see if yours is included--But on-line TaxCut will only import from Quicken or data if you used TaxCut last year)

TaxCut Premium with State and eFiling is the best deal ($59) -- TurboTax: $69

You need these versions to import your 1099 data

Otherwise, as with the very cheap TaxAct, you have to type in the data yourself

Too, think ahead to next year and consider your potential situation, so by the correct selection of the program you select this year, much of your personal data will already be available

you cannot do this with their on-line versions of the programs
Do you meant online version or online download version?
Is online download version the same with box from staples, amazon?
Thanks

[zyzzyva57]

I use Scottrade and TaxCut on a CD to simply import my Scottrade trades into the tax program--With TaxCut, it has to be the CD version

I did my taxes in 30 minutes, e-filed, and got back my returns in less than a week

Tip: whatever you use, stick to it, because, for example, this year TaxCut already had much of minute stuff already entered from last year, e.g., name and address, etc

[tape]

Thanks
Going to get on today from staples
I use Scottrade and TaxCut on a CD to simply import my Scottrade trades into the tax program--With TaxCut, it has to be the CD version

I did my taxes in 30 minutes, e-filed, and got back my returns in less than a week

Tip: whatever you use, stick to it, because, for example, this year TaxCut already had much of minute stuff already entered from last year, e.g., name and address, etc

[zyzzyva57]

Staples is a good company

Here is one more consumer tip: this year around Dec 1 start watching for an early release of the 2009 tax program for 2008, because the early release is cheaper...Then in Feb or March or April 09, activate the program so any updates will be downloaded

[Philcatman]

Anyone have information on the wash sale rule? I find it a bit vague. First year doing my taxes with G & L. I have never traded the same stock twice but Gains Keeper flags some of my trades wash sale????

[zyzzyva57]

Until someone can provide you a better answer, try this (http://www.fool.com/taxes/2000/taxes001006.htm)

I would sense this will only "red flag" you depending upon the size of your account

TaxCut seems to know how to work through this when I just import my Scottrade GainesKeeper data into TaxCut