Domain Name Com's Software TurboTax Premier Federal + State 2007

Software TurboTax Premier Federal + State 2007

Domain Name Com's - Software : TurboTax Premier Federal + State 2007

- Beware of calculation errors!!!
I have been using Turbo Tax for over 10 years now, mostly the Deluxe version. This year I'm using the Premier version because of the stock option trades.

Big mistake.

Perhaps I should have stuck with the Deluxe version.

Everything worked as expected, albeit getting slower and slower every year. When I completed all the data entries, I was somewhat shocked by the amount of California AMT I owed. "Calm down," I told myself, as I was expected to pay AMT. It is just that the amount is a lot more than I expect. "Take a deep breath..."

But the amount was so out of whack I got curious, so I began digging around. After a bit of googling, I started to suspect there's something wrong. But I never doubted TT's calculations.

Was I wrong.

I opened the California AMT form (Schedule P) in TT and noticed a suspicious line called "Adjusted gains and loss". It turned out that my stock option proceeds were double counted, once in this "Adjusted gains and loss" and another in "Taxable Income". This double counting resulted in an inflated AMT income, and eventually AMT tax I DO NOT HAVE TO PAY.

I have contacted Intuit support but so far I've only received template replies. In fact, the response is so template I wonder if they even understand the problem.

Luckily, I can still enter my stock option trades in the dumb mode (i.e. figuring out all the cost basis myself, like you have to do in the Deluxe version) and I haven't filed yet, so damage is minimal, except for the extra $20 I paid for the Premier version over the Deluxe version.

But you have to wonder if they've made any other calculation mistakes.

If I have to double check all the calculations myself, I may as well do my tax return by hand.

If you're in California and you have stock option trades, do yourself a favor and double check your numbers to see if you have the same problem. And if you haven't bought this product, either stay with the Deluxe version or get something else.

The Premier version, in the current state, is useless for filing in California if you have stock option trades.

Rating:

- Great product...
I've used TurboTax for like the past 10 years and have never had an issue. I enjoy the product and look forward to the improvements they make every year to make the annual painful experience a tad more enjoyable.

Rating:

- Heads' up: are TurboTax's table's incorrect?
I purchased TurboTax on 2/9/2008, installed it, and downloaded all the updates. I got through the program without difficulty. When finished, I glanced at the numbers, and for fun, I decided to check TurboTax's "this is your tax" against the IRS's tax tables. Big oops----the IRS tax tables say the tax on my taxable income is $706 MORE than TurboTax says it is. Yikes. That's a big error...an error the IRS would not like. I've sent email to TurboTax to inquire about this, and I discovered how to over-ride the TurboTax number and enter the correct number, if necessary.

In the meantime, I suggest that users verify that their "total tax" shown in TurboTax is accurate by checking the amount against the tax tables.

Rating:

- product was flawed....
opened up turbotax and began a return.... entered lots of information, product quit for no reason, just disappeared, no explanation, no error message, nothing.... re-opened, tried to save after every entry, since all data from first return had been lost, and discovered after it myseteriously quit again that it had only saved some of the information entered.... After an hour on chat with Intuit, I was given a free download.... hope that will work properly......

Rating:

- TurboTax Premier Federal + State 2007
SO FAR THE PROGRAM IS WORKING OUT FINE AS IT HAS IN THE PAST.
WILL CONTNUE TO USE TURBOTAX IN THE FUTURE.

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