The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: 2003 Tax liability guestimate Date:  8/11/2003  11:55 PM
Author:  edcosoft Number:  66456 of 134394

The Quicken Tax Relief estimater says it will tell you how much you'll save, not how much your taxes are. I couldn't get the "Next" button to work beyond the first page, so I don't know what it will do. It says it has the new 2003 rates (as different from the original, pre-May 6, 2003 rates), but I can't tell. Does it ask for LTCGs prior to May 6? That's a good indication if it will really calculate. Their regular Tax Estimater gives you a blank page when you click on it. On both counts I declare Quicken useless. Same thing happened with both when I tried them a week or so ago.
I didn't notice that Block won't do SS taxability automatically. When I looked at it I was more interested in whether it computed the AMT correctly (it does as far as I tested it) and pre-post May 5 LTCG.

Edcosoft doesn't have these problems nor limitations, but instead of putting your personal info on the web (as Q and H&R require), it's a Excel97 spreadsheet on your own computer. It does the SS bit automatically and AMT--even has a second Scheudule D for figuring line 16 of form 6251, and form 8801 for AMT Credits, and does form 3800, child tax, savers credits and student loan interest deduction automatically.

None of these are complete tax programs, just pre-estimaters, and it would be impratical to have them do everything, but for starters they should use Post May 5 rates and rules, ask for pre-May 6 LTCG, compute AMT if you are normally subject to it, and H&R and Edcosoft are the only 2 that will. Ed
Copyright 1996-2022 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us