Return to the Household Finances Forum | Post a Follow-Up

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:

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? :-)

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.

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!

 o Post a Follow-Up

Please Note: Only registered members are able to post messages to this forum.

    If you are a member, please log in.

    If you aren't yet a member, join now!

Return to the Household Finances Forum

Information about Posting

  • You must be logged in to post a message. Once you are logged in, a posting window will appear at the bottom of the messages. If you are not a member, please register for an account.
  • Please review our Rules of Play before posting.
  • Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review your post, make changes and upload photos.
  • After posting your message, you may need to refresh the forum page in order to see it.
  • Before posting copyrighted material, please read about Copyright and Fair Use.
  • We have a strict no-advertising policy!
  • If you would like to practice posting or uploading photos, please visit our Test forum.
  • If you need assistance, please Contact Us and we will be happy to help.

Learn more about in-text links on this page here