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Tax Program Problem: TaxAct

Posted by mxyplx (My Page) on
Mon, Dec 5, 05 at 13:50

If you use TaxAct be aware there is at least one glitch.

If you bought either a taxable bond OR a tax exempt bond and paid accrued interest the schedule B will show the correct taxable income. If you bought BOTH, however, the schedule B will understate the taxable income and therefore the tax.

I showed em this glitch last year and they said they'd fix it but they haven't. I emailed em today. Maybe they will patch it--hope so--but they've had a year .....


Follow-Up Postings:

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RE: Tax Program Problem: TaxAct

They came back to me with a tweak to make it right. Well!

What this amounts to is that if you don't know to tweak the program you might get the wrong answer. This implies knowing the correct answer in advance. Shouldn't have to know that. People using computers shouldn't have to know anything. Otherwise why have computers? :-)


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RE: Tax Program Problem: TaxAct

One still has to know something about tax law in order to do a return using software. I've done taxes for 10 years now and you wouldn't believe some of the mistakes I've seen on returns prepared on the various tax software programs.


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RE: Tax Program Problem: TaxAct

i agree with jlhug, a friend used turbo tax and had a refund of 5000.00. i double checked it for her and found she actually was only getting back 1500.00

the mistake, she was claiming everyone in the house as a dependant, even though they each had their own income and claimed themselves.

the sad thing is she had done this for 5 years running and never been caught!


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