<p>I hear various reports that one or the other is better and yields a better return. Does anybody have experience or opinions on these programs?</p>
<p>I’ve used Turbotax for several years and always liked it. I don’t like the way they changed it this year-its not as user friendly- so I decided to switch to Taxcut on the recommendation of some folks in Turbo’s user forum. What a mistake! Although Taxcut is easy enough to use, I found it to be severely lacking if you need anything other than the usual forms. It does not have the ability to file form 1116 (foreign tax credit) and the instructions for entering proceeds of employee stock sales are very poor. It actually makes you send your return to H and R Block to finish if you have to file 1116 (mine would have cost $300 more!)
If you have relatively simple taxes, either one is fine. If you need anything other than 1040 and schedule A, B and D, go with Turbotax.</p>
<p>Have used Turbotax for several years. Very pleased with it. Wouldn’t switch just to “try” something else.</p>
<p>I’ve used TaxCut for the past 6 years or so and although our returns are not totally uncomplicated, I’ve managed fine with it.</p>
<p>(Unlike everyone else on this thread, I tried TurboTax and did <em>not</em> like it. No need to switch, so here I stay.)</p>
<p>I’ve been using TurboTax for more than 10 years. I don’t actually like the “Interview” interface – I go directly to the forms. I’m glad they give you both options. But overall I’m quite happy with the program.</p>
<p>How about a third option, your local CPA? Support your fellow CC’ers with (unjustifiably) high EFC’s!</p>
<p>SBDad, I find that by the time I get all the paperwork together in such a way as to be able to tell a CPA about it, it’s pretty much ready to just type into a tax program. (If one were to choose to use a CPA, how does one find someone trustworthy to use? I took a friend’s recommendation when we first moved to CA 8 years ago, and had a terrible experience, which is when I started doing my own taxes…)</p>
<p>Well, I guess telling you the best way to find one is through a friend’s recommendation would be a bad idea. </p>
<p>Ask you lawyer or banker, that’s usually a good route.</p>
<p>I’m another TaxCut user–have used it for maybe 5 years now. I am not totally happy with it; I do find it confusing at times. But I tried TurboTax one year, after hearing how much better it was, and I found it even more confusing.</p>
<p>I think probably whatever one you use first ends up being the one you like, in most cases. :)</p>
<p>I use TaxAct. Cheaper than the other brands and inexpensive multiple filings.
TacAct is developed by the fine people who developed Parsons Tax which was later bought by Intuit. TaxAct comes in 3 levels: Simple (no supplemental ie Lasser’sTax Guide) free and downloadable, Complete (with Lasser’s) and Professional (itstoomuch for me). </p>
<p>I’ve used other brands previously. Big thing is that once you are familiar with one interface-its best to stay with that interface otherwise “itstoomuch” to deprogram your mind.</p>
<p>I used TaxAct to do my son’s taxes last year. They were quite simple, since he just had some summer earnings and got all his taxes back. I liked the “free” aspect.</p>
<p>Did our D’s taxes this year–she, too, had a summer job and got all that was withheld back. Next year, I am going to suggest that she put down “exempt” on the W-4 and not get anything withheld in the first place (assuming, of course, that she won’t earn over $5000 for the year).</p>
<p>I downloaded the 1040EZ form from the IRS website when doing her taxes. You can type right on the form and it was free!</p>
<p>For my taxes, I use TurboTax. Never used TaxCut, so don’t have an opinion about it. I have been pretty happy with TurboTax. Taxes can be finished in one day.</p>
<p>Shortly after I finished my return on Turbotax this year, my hard disk died. I had neglected to back anything up, of course; that means I couldn’t import any of the information from last year’s return. The good news is that I can download all the information from my W-2.</p>
<p>I could do without the five-note jingle in Turbotax (g/c\f/g/c\c), and find it a little klugy when it comes to making corrections. But it’s definitely shortened the time I spend on my returns. (I’ve never used any of its competitors products.)</p>
<p>I used TurboTax for a couple of years then changed to TaxCut about 5 or 6 years ago. My return is sort of middlin’ - I’m self employed, have an interest in a real estate partnership, etc., but nothing really exotic. Both handled it OK; I really didn’t find much of a difference between the two. I agree with previous posters, though - once you get used to the format of one it’s just a hassle to learn to get used to a different one. On the other hand, I’d be lying if I said I really understand what’s in my return or why the result is what it is.</p>
<p>Just completed our taxes, and all I can say is… What the heck?! Our income was down by 8K, our deductions up because we have 2 in college now, and… this year we have to PAY! Did the tax laws change or something?!</p>
<p>I think there’s some kind of credit which phases out when the kids turn 17 - did that happen to you?</p>
<p>Yeah, that child credit thing…I think you lose it after age 16.
What, like they no longer cost you anything???</p>
<p>No, it wasn’t the age thing (she’s 19, so that phased out a couple years ago). Having looked more carefully, it appears that the Hope Credit is prorated based on income. Also, because I made less money, I paid less taxes. Those two things combined seemed to sink me this year. Ridiculous. In my current state of grumpiness, I feel we’d end up better off in the end if we didn’t work so hard. Government wouldn’t be digging around so hard in our pockets, apparently. Grumble, gripe…</p>
<p>people,</p>
<p>As a CPA, I suppose I look at things a little differently.</p>
<p>It’s always interesting when people judge their tax burden by whether they get a refund or have to pay at the end of the year. That is really only a function of what you paid in with withholding and estimated tax payments during the year.</p>
<p>The real test is to take you total tax for the year (line 63) and divide it by your total income (line 22). That percentage is your effective tax rate and comparing it year to year gives you a good picture of your tax burden.</p>
<p>I know, spoken like a true bean counter…</p>
<p>SBDad,
How dare you be rational and correct, when I’m trying to indulge my petulance (<em>smile</em>). Yes, I know…I know… I keep telling myself all will feel better once both kidlets have graduated. Just too many checks to write now-a-days.
Your bean-counting does have its place in keeping the rest of us from freaking out…</p>