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A small difference in on-line tax programs

Posted by raee (My Page) on
Sat, Apr 7, 07 at 23:41

I've been working on my returns this evening and used turbotax first (because I've used it before & was used to it) then went over to TaxAct (because it is free). I had found TaxAct not quite as clear in its instruction, and not entirely sure that I had entered everything correctly in either program so I compared the two--yep, everything identical except--a $1 differnce in the interest income total. Well, I went over the entries in both programs--time-consuming, they don't make it easy to do --both correct & identical. Finally figured it out--one program rounds each entry, then adds for a total; the other adds the exact amounts & then rounds the final sum. It made no difference to my final outcome, but I imagine that extra dollar could sometime kick one up to a slightly higher tax. Thought someone might find it interesting. Now I've got to go to bed--tomorrow is a work day! Happy Easter!

Raee


Follow-Up Postings:

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RE: A small difference in on-line tax programs

There's another free one called TaxBrain, or something like that, isn't there?

ole joyful


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RE: A small difference in on-line tax programs

"It made no difference to my final outcome, but I imagine that extra dollar could sometime kick one up to a slightly higher tax."

IF that were even the case, they would pay the higher tax on just that dollar.

No worth worrying about.....


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RE: A small difference in on-line tax programs

Raee - a silly question, but I'm the curious sort - Which program did which? If I remember correctly, either method is IRS approved.


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RE: A small difference in on-line tax programs

liz h, I think that taxact rounded each entry, turbotax the sum. You know, if you get your tax from the tax table, each step up in income is another $14 in tax (or it was in 2005).

Hope you are all done & filed--sent mine in last night.


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RE: A small difference in on-line tax programs

Thanks raee - mine is in the mail FINALLY.


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RE: A small difference in on-line tax programs

One dollar will make a huge difference in TaxAct Online. I have used it since it's inception. This year 1 dollar would have made a 60 dollar diffence in tax liability.


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