Has anyone here Ever used Turbo TAX...

**Wealthizfreedom** · 01-16-2007, 06:55 AM

Re: Has anyone here Ever used Turbo TAX...

I've used Turbo tax for the last 5 years and have had no problems at all. It will always calculate the same if your inputs are the same, it will only reflect what you've entered. Income, deductions etc...

**Broken Arrow** · 01-16-2007, 07:18 AM

Re: Has anyone here Ever used Turbo TAX...

There are several members on here that do it online. Maybe they'll chime in later in the day. I'll be doing online as well this year.

**mom-from-missouri** · 01-16-2007, 07:21 AM

Re: Has anyone here Ever used Turbo TAX...

I've used Turbo Tax the past 2 years with no problems.

**boefixepa** · 01-16-2007, 07:24 AM

Re: Has anyone here Ever used Turbo TAX...

I've used TT for the last five years without a problem.

**poundwise** · 01-16-2007, 07:52 AM

Re: Has anyone here Ever used Turbo TAX...

I have nothing negative to say about Turbo Tax either, however, you may want to check out Tax Act online as well.

**Gruntina** · 01-16-2007, 08:56 AM

Re: Has anyone here Ever used Turbo TAX...

I confess... I use HR block and pay a hefty price of $85 dollars. Not frugal at all. I have done Turbo Tax online for three years in a row. I gave up because for some silly reasons I spend too much time on it trying to make it accurate without mistakes. I usually have a second job that can consist of self-employment and have so much receipts and paperwork.

Now I just hand in all my papers and HR sort it out and organize my stuff and put it in a neat folder packet every year. I am happy because it only takes one hour of my time rather than several nerve wracking hours at my home computer.

My filing cabinet is nicely organized and I am a happy camper. Definitely my splurge here.

**rduell** · 01-16-2007, 08:58 AM

Re: Has anyone here Ever used Turbo TAX...

I've used Turbo Tax the past 2 years and not had a problem.

**fairy74** · 01-16-2007, 09:20 AM

Re: Has anyone here Ever used Turbo TAX...

I've used turbo tax federal and state for the last 6 years, no problems, very happy with them!

**autoxer** · 01-16-2007, 09:30 AM

Re: Has anyone here Ever used Turbo TAX...

Originally posted by Savingmonster

My tax situation is very simple.

I have No Dependents
I don't own a home

I earned 69k last year
Fed taxes were 12k

I am just trying to do a simple estimate on a federal refund, but it's not working for me. I just keep getting back $405, which is absurd.

You can get an estimate from the 2006 Federal Tax Rate Schedule

If your taxable income was $60,150, then you would owe (4220 + 25%x(60,150-30,650)) = $11,595 and if you withheld 12,000, then you would get $405 back.

What is absurd about it?

**MonkeyMama** · 01-16-2007, 12:44 PM

Re: Has anyone here Ever used Turbo TAX...

I am a CPA. If you don't have dependents or a house or anything than all you can deduct is a personal exemption and the standard deduction.

The only thing you can really do to save money at this point is make an IRA contribution. That is all we can recommend in these cases - retirement retirement retirement. You can still contribute $4k for 2006 (until April) and get a tax deduction (and save some taxes) but be careful if you are already in a retirement plan through your work. Assuming your single - then not much you can do.

OR if you could participate in a 401k plan going forward...

Get a house and some kids too - hehe.

Don't hit me but I made about the same and my tax bill was about 1/12 that with all my deductions. But yeah, childless without a house, not much you can do - sorry!!!!!!

**lgslgs** · 01-16-2007, 12:59 PM

Re: Has anyone here Ever used Turbo TAX...

Originally posted by Savingmonster

I earned 69k last year
Fed taxes were 12k

I am just trying to do a simple estimate on a federal refund, but it's not working for me. I just keep getting back $405, which is absurd.

Just pull a 1040A for (short form) from the IRS site right here http://www.irs.gov/individuals/artic...118506,00.html Also pull up the instructions for form 1040A

First figure out your adjusted gross income. That's your wages and other earnings. There's also linbes for you to subtract out your IRA contributions

Then you figure out your TAXABLE INCOME. That's your adjusted gross minus your standard deduction (which is written right there on the form) and your credit for your exemptions (that should be one exemption - you). The taxable income is several thousand less than the adjusted gross,

Then look up you tax in the tax table whish is in the instruction booklet you can download on line.

Then write in how much tax was held out of you paycheck.

Finally see how much your refund is.

In your tax situation doing the 1040 should be really easy.

Lynda

**lgslgs** · 01-16-2007, 01:05 PM

Re: Has anyone here Ever used Turbo TAX...

OK
Total gross = 69K
Standard deduct = 5150 (single)
1 exemption = 3300

Taxable income = 60550

Tax (filing single) = 11,576

If you withheld 12,000 refund is $424

That doesn't factor in any extra income (interest, dividends, etc) or andy IRA contributions or other credits.

It just took me 6 minutes to run through a 1040A for you, including getting the forms and making a cup of tea. If your tax situation is really that simple you might want to just deal with the forms and skip the expense of buying tax software.

Lynda

**Savingmonster** · 01-16-2007, 04:18 PM

Re: Has anyone here Ever used Turbo TAX...

Originally posted by lgslgs

OK
Total gross = 69K
Standard deduct = 5150 (single)
1 exemption = 3300

Taxable income = 60550

Tax (filing single) = 11,576

If you withheld 12,000 refund is $424

That doesn't factor in any extra income (interest, dividends, etc) or andy IRA contributions or other credits.

It just took me 6 minutes to run through a 1040A for you, including getting the forms and making a cup of tea. If your tax situation is really that simple you might want to just deal with the forms and skip the expense of buying tax software.

Lynda

Thats crazy, last year my tax situation was exactly the same, but I did make 59k and the FED was 9000. I got back about $3,800 for the FED!!! (I got like 800 for the STATE)

I even tried putting in that amt for my 2006 online just to see and it was like 700$ the most!! which is just retarded.

I thought I was missing something or doing something wrong, but I guess my tax person knows something, I don't know.

I wanted to do it online this year, because I thought my situation was very simple and straight forward.

**veronak** · 01-16-2007, 05:23 PM

Re: Has anyone here Ever used Turbo TAX...

I used Turbo Tax last year and had no problems, I'll use it again

Has anyone here Ever used Turbo TAX...