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Subject Author Date
TaxCut vs TurboTax Cranky Dude 04-13-2007
Posted by MrTom on April 13, 2007, 4:11 pm
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 Cranky,

Taxcut (at least Taxcut Premier) does indeed ask about the credit. Use
Take Me To... -> Credits in the interview topics. Maybe you
inadvertently skipped the entire Credits topic in the interview process
because there are so many credits you don't get.

A few years ago when TurboTax required activation I switched to TaxCut
and have been happy with TaxCut ever since.

Tom

Cranky Dude wrote:
> Hi,
>
> Because I had used TaxCut once a couple years ago, H&R Block sent me a
> free copy of TaxCut Basic and an invitation to upgrade to a paid
> version. This year Staples didn't offer its usual rebate on TurboTax.
> So I decided to go with TaxCut Basic this year and see what happens;
> after all it was free. I did my taxes in February but never submitted
> them. Then this week I found someone who had a copy of TurboTax Deluxe
> and just for the hell of it I recalculated my federal tax using
> TurboTax.
>
> In 2006 I had replaced my water heater with an energy saving water
> heater. TaxCut never asked me about that. TurboTax did. So my tax
> bill using TurboTax ended up being $150 less than my tax bill using
> TaxCut.
>
> Conclusions?
>
> 1) Maybe TurboTax interviews are more complete.
> 2) Maybe the energy saving deduction was buried in TaxCut somewhere and
> I didn't see it, which would make TurboTax interviews are more
> understandable.
> 3) Don't trust "free" software. It might cost more than what you save.
>
> CD
>

Posted by Cranky Dude on April 13, 2007, 4:38 pm
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 NotMyAddress@invalid.net says...
> Cranky,
>
> Taxcut (at least Taxcut Premier) does indeed ask about the credit. Use
> Take Me To... -> Credits in the interview topics. Maybe you
> inadvertently skipped the entire Credits topic in the interview process
> because there are so many credits you don't get.
>

I didn't skip any sections, I read each page of the interview as I went
along. But since you said that your TaxCut Premier did ask the question
about the credit, I wonder if I saw the question and misunderstood what
it was asking and just continued to the next question. I'll try to redo
the credits over the weekend and see exactly how the question was
phrased.

CD


Posted by MrTom on April 13, 2007, 6:32 pm
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Cranky Dude wrote:
> NotMyAddress@invalid.net says...
>> Cranky,
>>
>> Taxcut (at least Taxcut Premier) does indeed ask about the credit. Use
>> Take Me To... -> Credits in the interview topics. Maybe you
>> inadvertently skipped the entire Credits topic in the interview process
>> because there are so many credits you don't get.
>>
>
> I didn't skip any sections, I read each page of the interview as I went
> along. But since you said that your TaxCut Premier did ask the question
> about the credit, I wonder if I saw the question and misunderstood what
> it was asking and just continued to the next question. I'll try to redo
> the credits over the weekend and see exactly how the question was
> phrased.
>
> CD
>
CD,

The Credits interview is just after Deductions. When you get to it you
need to check the box for "NEW! Energy-efficient home improvements".
That is in the same list that starts with the pre-checked "NEW! Phone
tax credit". Don't forget that Phone credit.

You can also get to your water heater credit by using Take Me To... ->
Residential Energy Credits. If that takes you to a page, Residential
Energy Credits, with a 1st already in the box, you would have to "Edit
Home", instead of just clicking on the Finish at the bottom of the page.

Tom

Posted by Oilcan on April 13, 2007, 10:20 pm
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> Cranky Dude wrote:
> > NotMyAddr...@invalid.net says...
> >> Cranky,
>
> >> Taxcut (at least Taxcut Premier) does indeed ask about the credit. Use
> >> Take Me To... -> Credits in the interview topics. Maybe you
> >> inadvertently skipped the entire Credits topic in the interview process
> >> because there are so many credits you don't get.
>
> > I didn't skip any sections, I read each page of the interview as I went
> > along. But since you said that your TaxCut Premier did ask the question
> > about the credit, I wonder if I saw the question and misunderstood what
> > it was asking and just continued to the next question. I'll try to redo
> > the credits over the weekend and see exactly how the question was
> > phrased.
>
> > CD
>
> CD,
>
> The Credits interview is just after Deductions. When you get to it you
> need to check the box for "NEW! Energy-efficient home improvements".
> That is in the same list that starts with the pre-checked "NEW! Phone
> tax credit". Don't forget that Phone credit.
>
> You can also get to your water heater credit by using Take Me To... ->
> Residential Energy Credits. If that takes you to a page, Residential
> Energy Credits, with a 1st already in the box, you would have to "Edit
> Home", instead of just clicking on the Finish at the bottom of the page.
>
> Tom- Hide quoted text -
>
> - Show quoted text -

This is my third year in using Tax Cut and I have been pleased. I
never found the import from Quicken helpful and I had to massage too
many entries. I just run the Quicken reports, compare them to the
external statements to understand differences (which sometimes are
valid in how I have organized my Quicken categproes) when there are
some. I am not an active trader (I am a buy and hold person), nor is
my Schedule A or B complicated. Tax Cut has pointed me to the Credits
(like I have so many) when I have needed them and I was already aware
to look for them. I do use the Premier Edition - and would use the
corresponding version of Turbo Tax. I generally hate the interviews
in both versions, but realize they are necessary.


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