The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Direct-Form Entry Tax Software Date:  2/9/2009  7:27 PM
Author:  chris319 Number:  104407 of 127754

I downloaded and installed TaxAct -- not the online version but the downloaded version. It's pretty slick, and cheaper than the others, too. The user interface is nice and clean. You can go directly to the forms and enter numbers, navigation is easy, no pesky interview process if you don't want it. It figured my tax correctly with my qualified dividends and it did form 1116 with my foreign tax. I found nothing really to complain about. Next year I will definitely go for the TaxAct downloaded version again.

I got TurboTax and when it came time to figure schedule D, it choked on one of the numbers I entered (it was eight figures). Oh oh, now what to do? I am not a multimillionaire by any stretch of the imagination (not after 2008) but when you trade frequently the gains and losses are cumulative, your gain or loss being the difference between the purchases and the sales. Bye bye, Turbo Tax.

TaxCut is OK. The user interface is a little clunky and it wasn't much help with form 1116 and the foreign tax credit. I have to use the worksheet on page 38 of the 1040 instructions and I'll have to check, but I'm not sure TaxAct was handling my situation properly.

CompleteTax -- I don't plan to use it any more.

The boxed/downloaded programs that you install on your hard drive seem to have a definite advantage over the on-line preparation programs.
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us