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Posted by Jeff on March 26, 2008, 7:06 pm
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>
>>I am using both TaxCut and TurboTax to do my taxes this year. (Do not
>>ask why .....)
>> Last year I did not need to and therefore did not make any Fed.
>> estimated payments. But, it turns out I owe some tax for which the
>> penalty both TC and TT calculated is minimal. So it is OK. But the
>> total tax due is different in TC and TT with the same data.
>>
>> I grew suspicious when I saw that TaxCut enters my "Total Payments"
>> for 2007 (I made no payments) as $1,202. I understand the $1,200
>> coming from the government incentive,
>
>
>
> Well, there's a fatal flaw somewhere. The $1200 economic stimulus
> payment isn't part of the 2007 return program, forms, instructions,
> etc.
>
> So back track to see what you did wrong in both programs.
>
>
>
>
>> but cannot figure out where the extra $2 comes from. It is not a big
>> amount, but it makes suspect TaxCut's calculations, especially as the
>> total Fed tax due at the end is different between TaxCut and TurboTax
>> using the same data!
>>
>> Any ideas?
>
>
>
> Download the current updates for both programs and double check all
> entries. If you don't know how to prepare a return on paper, the
> software can't do it better.
>
> I suspect you have a very large data entry error someplace.
I found the $2 discrepancy. There was $2 withheld on an investment. So
that is settled.
As for the $1200, I just assumed it came from the incentive because in
both TurboTax and TaxCut, a "refund" of $1200 appeared in both programs
soon after I entered the info to let it know I was married and filing
jointly. I had not yet entered any financial info so I assumed that is
what it was.
Both programs are up-to-date.
Jeff
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