Tax Preparations

[okiron]

Well, I am officially disappointed in TurboTax.

I had 2 jobs in 2007, one for the first 6 months, one for the last 6 months. I made $5,000* each on both jobs. So $10k* for the entire year. I put the w-2 of first job into TurboTax. It says I'm getting $500* back. I put second w-2 in expecting another $500*, it says now that I'm getting $300* back. I make double the money and I get less money back apparantly. What more is...I only worked 6 months in 2006, making $5k* for the entire year. I got $700* back. I make $5k* more than the year before, yet my return is somehow $500* less. GOBBLE GOBBLE. Wanna know something weird? If I delete first job off, I'm getting $500* back. If I delete second job off, I'm getting $500* back. $500* each for both but if I have them on the report at the same time it's $300 back. I DON'T UNDERSTAND THE MATH!!!!! I remembered that I had a similar problem last year. TurboTax Online and TurboTax on cd gave me different returns.

Any recommendations on tax preparation programs? Anyone use TaxCut? I'm wanting to move to Sacramento with this return so I am wanting to send the darn thing in ASAP.


*making numbers up

 

[Bo B Bunny]

If you fall into a higher tax bracket from the additional income, you get less in return.

Other variants are location of yourjobs vs. where you are (county) and how much they took out in taxes at each job.

I am not sure what your situation is but if you are single, no children or other dependants, you should just file the easy form?

If you are a student, you should get most of it back.

We have to file a zillion schedules because hubby has so many job related expenses and we own our home, etc. SO we have to have an accountant do ours. I'm not fond of programs because we have found they don't always "know" what to look for in our case.

You should be kinda straight forward.

 

[slavetoabunny]

Unfortunately Bo is correct. The more money you make, the higher tax bracket you fall into. This means that you pay a higher percentage of your income in taxes. Just wait until you earn so much money that you have to pay them at tax time instead of getting a refund. The first time is always a shocker!

 

[Bo B Bunny]

The fact that we have so many deductions and pay extra in all year is the only reason we get a return - but it's usually a good one.

They get to have my money all year when I could be drawing interest, but it eases our minds and keeps us from spending it if they hold onto it LOL!

 

[slavetoabunny]

I had to pay every year for about 12 years until I bought my house. Now the interest and tax deductions usually net me a decent refund.

 

[NZminilops]

Tax there sounds so confusing! Here, it's taken out of your pay each week, you never see it, and that's that. No filling out forms or refunds or whatever. On your pay slip it will show what tax you've paid to date etc.

 

[TinysMom]

NZminilops wrote:

Tax there sounds so confusing! Here, it's taken out of your pay each week, you never see it, and that's that. No filling out forms or refunds or whatever. On your pay slip it will show what tax you've paid to date etc.

That is the way it is done here - we never see it - its taken out of our paycheck every week or every other week.....etc.

The difference probably is that we do file and sometimes (often times?) can get refunds....based upon our situation - ie folks with kids may get back more than folks without kids....etc. etc.

Peg

 

[Bo B Bunny]

Sometimes we over pay the IRS so we get refunds.

Like with us, we don't know our expenses each year and we get to claim them so we have to figure out what we owed vs. what we paid.

NZminilops wrote:

Tax there sounds so confusing! Here, it's taken out of your pay each week, you never see it, and that's that. No filling out forms or refunds or whatever. On your pay slip it will show what tax you've paid to date etc.

 

[okiron]

Ok...I would believe you guys except Errik has been making the same amount of money for last year and this year's taxes...and his "estimated return" was wayyyy below what he should be getting. And the whole, online and cd giving me different answers thing.

And no one has any suggestions on programs

 

[JadeIcing]

We just follow the easy form. No cds, no programs. Never had a problem.

 

[nermal71]

try www.taxactonline.com it's free for the one version and they file it for you. You will pay to do your state ones though unless your state has their own "free site"