issues?!

1/15/2009 8:34:17 AM

price is up 33% from last year

They tried to charge you $10 to print more than one copy (have now changed that due to numerous complaints)

Were charging for federal efile (now because of said issue above is offering 5 free federal efiles) - still pay for state efile (if state has it)

It's Deductible is now done online and has to be downloaded to turbotax (not part of software)

Now you can't do some of the Schedule D and SE forms without buying premium (which is almost $100 retail....but you can find it between 70-90 online)

1/15/2009 8:54:52 AM

Ok so this is my first year of filing taxes that is gonna require more than how much did you make send us your money. Just got my 1099 from scottrade and I understand the dividends and interest and that sorta stuff. What I need to know is it is listing my proceeds from sales as a large amount of money. I understand that is the total of the money from all sales of stock. Most of the stocks I sold this year were at a loss. So please tell me that Im gonna get to report the difference and wasnt completely wrong and totally fucked now haha. It was my understanding that if you have a net loss for the year you basically take that amount off your adjusted income or whatever for the year. If I have to tack on this amount then its gonna make me look much richer than I am. Yes I am a noob so help me out.

1/16/2009 4:21:48 PM

http://www.irs.gov/pub/irs-pdf/f1040sd.pdf

[Edited on January 16, 2009 at 4:26 PM. Reason : 1040 schedule d]

1/16/2009 4:26:23 PM

You are going to be filing Schedule D this year. You will need to report each sale of stock. You will need to know your gross sales price and your basis or cost + commissions. If you have a loss you can deduct up to $3000 in losses off your Gross Income. If all the losses are due from short term sales then you will only be able to deduct $1500 from Gross Income. Any loss you cannot deduct will carry forward until you use it all.

On a side note I have seen returns that are still carrying forward losses from the 80s.

1/18/2009 10:32:21 PM

Ok thats what I thought, seeing as I believe I ended up with net sales of about -1200 that is much better than the figure I saw on the 1099 for proceeds haha.

1/19/2009 8:28:51 AM

Someone told me that if you file online using say, Turbo Tax, they ask you how much you received from the stimulus tax refund last year and you get less back. I tried running Turbo Tax both ways (checking yes i received a refund and No) and there was a $300 difference. He said that if you do the paper file there's no questions on there about whether you received a stimulus check so you get to keep that money. Is this true?

Did some googling and came up with this: http://www.irs.gov/formspubs/article/0,,id=180800,00.html

Quote :

"Recovery Rebate Credit This credit is figured like last year's economic stimulus payment, except that your 2008 tax information is used to figure this credit. Your 2007 tax information was used to figure your economic stimulus payment. The maximum credit is $600 ($1,200 if married filing jointly) plus $300 for each qualifying child. You may be able to take this credit only if: * You did not get an economic stimulus payment, or * Your economic stimulus payment was less than $600 ($1,200 if married filing jointly for 2007), plus $300 for each qualifying child you had for 2008. For more information, see the instructions for Form 1040, line 70; Form 1040A, line 42; or Form 1040EZ, line 9."

[Edited on January 28, 2009 at 9:16 PM. Reason : update]

1/28/2009 9:05:38 PM

Its the same whether you paper file or e-file your return.

1/28/2009 11:23:42 PM

WASH SALE HELP (need help on how to input this online on separate 1099-B inputs for each sale):

Close Date	Rec type	Open Date	Security	Shares Sold	Sales	Cost	ST Gain/Loss	LT Gain/Loss

12/8/2008		12/5/2008	GENWORTH FINANCIAL INC (GNW)	800.	1,598.00 	1,087.19 	510.81 
12/8/2008		12/5/2008	GENWORTH FINANCIAL INC (GNW)	1,700.	3,399.98 	2,756.79 	643.19 
12/9/2008		12/9/2008	GENWORTH FINANCIAL INC (GNW)	2,000.	4,849.98 	4,989.99 	(140.01)
12/9/2008	Wash Sale Adj	12/10/2008	GENWORTH FINANCIAL INC (GNW)	2,000.		(140.01)	140.01 
12/10/2008		12/10/2008	GENWORTH FINANCIAL INC (GNW)	2,000.	5,169.98 	5,649.80 	(479.82)

2/10/2009 10:39:28 PM

i have:

1040
1 state
schedule A
schedule D


H&R block wants $200 - who is cheaper/better?


i have stock sales (wash sales) that i need help with to get correct. would like to pay around $120 or so instead of $200!

[Edited on February 11, 2009 at 12:45 PM. Reason : state]

2/11/2009 12:45:01 PM

$200 sounds reasonable for that return. You could definately find someone to do it for $120 but they may not have the expertise you are looking for.

The loss from a wash sales adds to the basis of the replacement stock. You will realize the loss when you sell the replacement stock, assuming its not a wash sale. I dont know how turbo tax or any of the other online softwares handle it but my software has a category for wash sales.

2/11/2009 9:48:38 PM

Ive used Tax act for years and been satisfied. I download the product so not only can I do my own taxes but I can do the rest of my families as well.

2/12/2009 1:31:34 PM

http://forums.slickdeals.net/showthread.php?t=1152789

tax act: $12 for prep and fed+state efile

3/14/2009 5:50:24 PM