TaxAct Puns

LSU vs. Kansas State

When: Tuesday, January, 4, 09:00 PM Eastern

Where: NRG Stadium - Houston, TX

Watch: ESPN

Odds: Kansas State by 3.5 pts.

Total Points: 48.0

All-Time Series : LSU vs. Kansas State

LSU and Kansas State have met 1 time since 09/13/1980.

These teams last met 15,084 days (~41 years) ago on 09/13/1980.

Series Wins: LSU 1-0-0 Kansas State^^†

Longest streak of continuous meetings: 1 (1980-1980).

LSU has won the most recent meeting (1980) in this series.

Last 1 Meetings

^(Series Comparison Data via Winsipedia)

Through Week 16

^^All ^^rankings ^^reflect ^^the ^^current ^^/r/cfb ^^poll

LSU Injury Report

Data Scraped: 2021-12-30 20:00:03

Player|Position|Status|Reported|

I am getting fairly differing amounts when I input my info into TurboTax, TaxAct, and FreeTaxUSA. I'm in Georgia. I am unable to view the actual return documents unless I pay for TurboTax, so I am not understanding where this difference is, but it has me worried because it's significant. I've gone through all three once again to ensure I input all the information correctly and the same for all three. TurboTax has me getting a refund for all state taxes I paid in Georgia, and that does not seem right to me but I can't view the docs without paying.

TurboTax - F: 6,400 S: 2,118

TaxAct: F: 7,801 S: 395

FreeTaxUSA: F: 7,099 S: 353

Anyone else getting vastly differing amounts when using different tax prep software? They all have access to the same IRC... they should be relatively the same! I'm filing HOH, have two dependents, one W2.

I filed with TaxAct in February, they deducted their funds from my return so Republic Bank deposited my refund into my account. I am expecting a refund from the IRS for unemployment tax this week. My third stimulus (March) WAS deposited directly into my bank account and when looking at my 2020 tax return my bank and routing information are on it and are correct. So that being said, will my refund from unemployment be correctly deposited into my account or will I have an issue because of Republic Bank & TaxAct? TIA

EDIT: Answered. I fucked up and owe the 10% early withdrawal, but I hadn't finished the 8606 form yet, whcih ended up eliminating the extra income tax.

My "income" in 2020 comes from the two main sources:

1. Rolled over $12,500 from my 401k to my Roth IRA.
2. Withdrew $10,000 of contributions from that same IRA.

The rollover is my real "income" for the year, which was designed to be under the individual deduction plus leaving room for miscellaneous savings account interest and such.

The original IRA contributions came from rolling over about $28,000 of after-tax money that was in my 401k. I did this a couple of years ago, and there was no tax burden since it was after-tax money. (You are allowed to contribute after-tax money to a 401k once you've hit the pre-tax limit. It's part of the "Backdoor Roth" plan. Since it is after-tax money and counts as contributions, withdrawing it from the Roth IRA should be tax and penalty free, since I already paid taxes on it, and I'm not withdrawing earnings.)

I'm using TaxAct Free on the web, and I imported my 1099-R electronically from Fidelity, and it immediately showed this $10,000 as income, and showed a tax owed of $1,001. The $1 is some sort of "underpayment penalty", and under "other taxes" it says I owe $1,000, which has to be the 10% early withdrawal fee. The site says I now also owe $1,018 of tax because it's treating this as taxable income, pushing me over the standard deduction into the 10% tax bracket.

But none of that should be the case, since this is after-tax contributions. I called Fidelity and they said they never make a taxability determination of withdrawals, and I guess that's fine, but how do I tell the IRS or TaxAct that this money was after-tax contributions and not earnings and therefore it's not subject to taxes or penalties?

Do I modify the 1099-R to say that the taxable amount is $0? Or will that piss of the IRS?

But now I'm trying a free one called FreeTaxUSA and I don't think it asked me anywhere that question.

Is this normal?

I'm almost done doing the tax on FreeTaxUSA (and it took a long time) but thinking I should just pay the TaxAct?

Hi,

I've used TaxAct Professional Enterprise for literally 20 years. It is the only software I have a lot of experience with. About 3 years ago I used an evaluation copy of Drake for about 30 minutes and decided that the learning curve was not something I wanted to tackle at that time, and never went back to it.

This forum has a lot of love for the functionality of Drake (even though some describe it as a bit "hokey" at times), and there is also a lot of love for Intuit (hate for the company) and Wolters Kluwer, but a lot of dislike for their technical support.

The one thing that all those other companies have, that I don't have is a bigger invoice. There are a few providers that offer software slightly cheaper than what I pay for the unlimited versions of TaxAct that I buy, but not many.

I do around 1000 returns a year (solo practitioner). I do a lot of 1040's, and 1120s, a fair number of 1065 and 1120, and a few 1041 and 990's. I did returns in 23 states so far this year.

As of today, for the 2020 tax season, I haven't found a single form that wasn't in TaxAct (that I needed), and can't recall on more than a couple of occasions in the last few years of missing a form.

I'll be the first to tell you that TaxAct is starter software, and I find it clunky at times, maybe this is just two decades of experience talking, but I always seem to get done what I need to get done. Tech support is always there, most of the time they can answer my question or at least point me in the direction of figuring it out, so I can't really complain about that either.

Is there anyone here who has some experience in TaxAct that can tell me what it doesn't do well, or what Drake (or whomever) does better? If I'm honest, at this point I don't think I'm missing anything that I need. I use the forms entry, and have for years, so I can't even speak to the other forms of input (Q&A), but I can't help but wonder if the extra cost of the higher end products might save me some time, which as we all know is always in short supply.

Thanks for letting me pick your brain.

Add TaxAct to the list of tax preparation sites that screwed over their customers by using Republic Bank. The IRS sent TaxAct customers’ stimulus checks there and couldn’t care less. They refuse to fix the issue and are forcing us to claim it on our taxes. TaxAct couldn’t care any less either.

With standard deductions and literally plugging in numbers into the calculator, double and triple checking, this is what the estimate is that I would OWE. How is this possible that I would end up paying about 40% of my income in taxes when I don't even make $60k?

So, long story, my wife and I had a baby last year and she was 6 months when I filed my taxes with TaxAct. I apparently don't know how to count and put her age down as 5 months originally and only got the $500 dependent tax credit when I filed in February.

I realized my mistake, went back and fixed it and my refund jumped to $4K-something and I filed and amended return. It said the additional refund on the amended return would be issued separately from the original return.

Well, I still haven't seen any refund whatsoever and I neglected to save a PDF of the return when I filed. Now, when I log into TaxAct the refund is showing as almost $6K. If I go onto the IRS website to check the refund status it says my information is not correct, and I can't remember what either original refund amount was, and TaxAct apparently has no saved record of what I actually filed. Do I just have no way to actually check it at this point? IRS just shows that they received my return and that it is processing. Any help would be greatly appreciated.

Just wondering if there others out there like me. I filed my taxes on 2/9, accepted by IRS on 2/12 and, like most other 2/12ers I have nothing on my transcript for 2020 and the usual "still processing" message on the IRS Tax Refund Tool. In researching possible causes, I noticed that TaxAct's software added $200 on 1040 line 30,even though I entered the correct amounts of both received stimulus checks....making my expected refund $1205.00. Now, if I review my return on TaxAct, it shows the expected refund amount of $1005.00 (which is correct) and nothing on line 30. So, they screwed up and they've changed it. I have no doubt I'm in the errors department because of them and this error. This is after purchasing their "deluxe" edition for $24.95. Lesson learned? Never, EVER will file early again and will NEVER EVER use TaxAct. Any others out there experience the same thing?

Any Taxact people seen a DD?

Hey guys,

I'm a CPA working in government that is slowly starting a side business of bookkeeping and tax. Eventually I want to make this side gig my full time income, but I'm still in the initial stages. Currently working on my application to become an e-filer via the IRS.

Right now I have one restaurant client that is an LLC.

I do their QBO bookkeeping, and I want to do their quarterly tax payments and annual filing.

I love how easy the step-by-step process is to submit a personal return on TaxAct. Is filing as easy with the Professional Enterprise? How much "hand holding' does it include?

I admit I do not have any tax experience other than personal returns, so this is my first foray into business returns.

I figure I might be able to get 5-10 total tax clients next year, with one or two of those being businesses.

What are your thoughts on the pros and cons of TaxAct Professional Enterprise? Who are some of the software competitors for the (very) small scale CPA practice?

Dear Valued TaxAct Customer,We want to keep you up to date on the status of your stimulus payment. We have received confirmation from the IRS that your second stimulus payment will be delivered via direct deposit into your bank account by February 1, 2021.To get more answers to commonly asked questions about the second stimulus payment, go to the TaxAct Blog.Sincerely,
The TaxAct Team

Georgia State vs. Ball State

When: Saturday, December, 25, 02:30 PM Eastern

Where: Cramton Bowl - Montgomery, AL

Watch: ESPN

Odds: Georgia State by 6.0 pts.

Total Points: 51.0

All-Time Series : Georgia State vs. Ball State

Georgia State and Ball State have met 2 times since 10/17/2015.

These teams last met 1,939 days (~5 years) ago on 09/02/2016.

Series Wins: Georgia State 1-0-1 Ball State^^†

Longest streak of continuous meetings: 2 (2015-2016).

Ball State has won the most recent meeting (2016) in this series.

Last 2 Meetings

^(Series Comparison Data via Winsipedia)

Through Week 16

1

Old Dominion vs. Tulsa

When: Monday, December, 20, 02:30 PM Eastern

Where: Brooks Stadium (SC) - Conway, SC

Watch: ESPN

Odds: Tulsa by 9.0 pts.

Total Points: 52.5

All-Time Series : Old Dominion vs. Tulsa

According to Winsipedia these teams have never met.

Through Week 15

^^All ^^rankings ^^reflect ^^the ^^current ^^/r/cfb ^^poll

Old Dominion Injury Report

Not Available

Tulsa Injury Report

Data Scraped: 2021-12-17 16:00:04