TurboTax or Tax Cut?

M

mtnmom99

Cathlete
Does anyone have opinions on one vs. the other? I've always been able to do our taxes myself, but this year my taxes will change due to the ages of my children, etc. They also have trust funds set up by their grandparents and I'm custodian of them - meaning I have to file on the earnings on their behalf.

I've done okay for (gasp) the past 30 years, but it gets harder and harder. I've been questioned (polite letter, not audit) by both state and IRS in the past and was able to prove my side without additional taxes or penalties. And the only time I had taxes professionally done, when I looked over them I found omissions that would have cost me almost $800! So, not interested in going that route.

Sorry to be so long-winded. Does anyone have experience with the software mentioned above?

Diane
 
DH does ours and he's been using Turbo Tax for the last three years and loves it. I'm not familiar with Tax Cut.
 
I have used Turbo Tax for 6 or 7 years and love it. It is great that it rolls your information forward for you each year, so you dont have to enter everything all over again each year.
 
I have been using Turbo Tax as well for many years. I have not used Tax Cut. So, I can't comment on that program. But, I really like the Turbo Tax program. I also like that you can import your previous data into the new year..

Good luck..
 
Look up which forms you have to file for the trusts .. the software works fine for 1040s but not 1041s. Since they are living trusts, it's probably the 1040 you need, but check to be sure. Deb
 
We've used turbo tax online for the last few years and it's really easy to use. I haven't used Taxcut so I don't have any input on that! Good luck!
 
I worked pt one tax season for Jackson Hewitt in the past preparing taxes. I think most people could do as good or a better job than some (not me, LOL) tax preparers. I have always done my own. I have used both Turbo Tax and Tax Cut and prefer Turbo Tax. One year that I used Tax Cut I found an error in the program. It was not giving me the child tax credit. I haven't used that program since.
 
I've used them both. I think one year they got all sorts of messed up and I used TurboTax. The last 2 years I've used Tax Cut and they've been fine. Probably the year they were messed up it was because I tend to skim when I'm reading directions, but I think Tax Cut is easier.
 
I am self employed and have used Turbo Tax for the last 2 years. I like this program but have no experience with Tax Cut...
 
I've tried both and prefer Turbo Tax. I wanted to like Tax Cut because it's cheaper but as they always say, you get what you pay for...
 
We've used Turbo Tax for the last several years and really like it. It's very thorough and easy to use. I don't know about Tax Cut.

Maggie:)
 
I'm another one who has used Turbo Tax for about 10 years. DH & I love it. I've bought this year's about 3 weeks ago. Sorry, I have no opinion on Tax Cut, have not tried it.
 
I've used Tax Cut the last couple years with no problems. I haven't used Turbo Tax to know which is best.

The first year I used Tax Cut I compared the forms that Tax Cut completed to what our accountant prepared for us the year before (nothing was new or different between the two years) and I swear everything the accountant had filled out Tax Cut had as well. I've been sold on it ever since.
 
I've used both for my personal return. One year I tried Tax Cut because it was a great deal (and because at one point TT was putting some proprietory restrictions on their product that they've since stopped). I went back to Turbo Tax the following year.

You didn't ask about this specifically but you may want to be sure you're handling the income from the Trust correctly. The forms and filing requirements vary depending on the type of Trust and whether funds were actually distributed to your children or not. I am a tax supervisor at a CPA firm and Trusts and Estates are one of my specialty areas. The rules are quite different from individual taxation and the potential is definitely there for confusion and even many tax professionals don't handle the issues often enough to know what to do.

ETA: I was far more "long winded" than you!! Not to lecture, but I see the aftermath of when the IRS letters start coming because someone inadvertently reported the Trust income incorrectly. It gets straightened out, but it can take awhile and who likes IRS letters??
 
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