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Author: reallyalldone Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Best way to do test run of 2012 Date: 11/12/2012 11:26 AM
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Since 2012 software won't come out at all for a month or so and always has many updates along the way, does doing a test drive with 2011 software work very well ?

I'm in a very different position than this time last year and also will need to do an estimated tax payment at the beginning of Jan. It's also not a simple return(self-employed, investments, rentals, pension, etc).

Thanks
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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116898 of 121061
Subject: Re: Best way to do test run of 2012 Date: 11/12/2012 12:11 PM
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Since 2012 software won't come out at all for a month or so and always has many updates along the way, does doing a test drive with 2011 software work very well ?

With the exception of the annual AMT fix 2012 law is set. And TaxAct is out with its 2012 preview edition.

Phil
Rule Your Retirement Home Fool

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Author: Wradical Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116899 of 121061
Subject: Re: Best way to do test run of 2012 Date: 11/12/2012 12:25 PM
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With the exception of the annual AMT fix 2012 law is set. And TaxAct is out with its 2012 preview edition.

Phil
Rule Your Retirement Home Fool

===================================
If only.
Yes, the 2012 law is set as to the RATES.

But we still need Congress to act to know if a bunch of things that expired at 12/31/11 will be put back. Chief among these are the R&D Credit, and the #1 question I get is about the exclusion for qualified charitable contributions from IRAs.
Answer I usually give: Yes, we think probably, but it's not back YET.

Bill

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Author: fleg9bo Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116900 of 121061
Subject: Re: Best way to do test run of 2012 Date: 11/12/2012 12:29 PM
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I also don't know where you got the 23.8% rate

If the Bush-Obama tax cuts expire, the cap gains rate will go to 20%. And doesn't ObamaCare slap an extra 3.8% tax on cap gains for evil rich people with incomes over $200k single, $250k MFJ?

--fleg

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116902 of 121061
Subject: Re: Best way to do test run of 2012 Date: 11/12/2012 1:26 PM
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But we still need Congress to act to know if a bunch of things that expired at 12/31/11 will be put back. Chief among these are the R&D Credit, and the #1 question I get is about the exclusion for qualified charitable contributions from IRAs.
Answer I usually give: Yes, we think probably, but it's not back YET.


I'd give exactly the opposite answer. Seems to me they hashed all that out at the end of 2010 and made a conscious decision about what would go through 2011 and what would go through 2012.

We shall see.

Phil
Rule Your Retirement Home Fool

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