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

- Transfer of Last Year Data from TaxCut - Misleading Statement from User Support Site
I attempted to transfer prior year data from TaxCut software, which I used then. After receiving an error message, here is what I read on TurboTax support site:

"Transferring from TaxCut
Here's how to transfer from your 2006 TaxCut return to TurboTax 2007:

You need last year's TaxCut return file on your hard drive. Search your hard drive for your TaxCut return file. TaxCut 2006 files have a .t06 file name extension. (See Search for Files and Folders.)
If the TaxCut file is on a storage device (such as a floppy disk, CD, or other storage media), copy it to your hard drive. You can copy your return to any folder on your hard drive. We recommend copying it to the My Documents folder or another folder that you can easily remember.
Open TurboTax 2007.
To start a new return, select Start Return from the Welcome screen, or go to the File menu and select New Tax Return. If you have already begun entering your 2007 return, any existing information will be lost when you transfer.
If your TaxCut file is listed on the Transfer Tax Return Information screen, select the file. If the file isn't listed, select Browse to Find File, navigate to your TaxCut file on your computer's hard drive, and then select Open.
Select Transfer Return, and then select OK to confirm the transfer.
If your TaxCut return is password-protected, enter your password at the prompt, and then select OK.
The relevant information is transferred from your TaxCut 2006 return to your TurboTax 2007 return. You can review your transferred information and add, edit, or delete items as necessary. (See Review, Edit, or Delete Transferred or Imported Information.)"

Now, here is a response that I received from TurboTax E-mail Support in regard to the error message I was encountering, after my unsuccessful repeated attempts to follow the guide from the Support Web Site:

"...when attempting to transfer TaxCut information into the W-2/1099 Reporter, the Tax Return Information screen automatically displays any 2006 TaxCut files it finds on the system.
However, because TURBOTAX ISN'T DESIGNED TO TRANSFER TAXCUT FILES INTO THE W-2/1099 REPORTER (my capitalization), this message appears when you attempt to do so. The best way to resolve your concern is to manually enter your information through TurboTax.

If you want to transfer your tax data file from H&R Block's "TaxCut" tax preparation program, you'll notice that this option is not available or dimmed in the TurboTax program.
This is a known program limitation in TurboTax.

We apologize for the inconvenience."

So much for the promised feature.

Rating:

- Expat users beware online edition!
The online version of this product generates errors with a high audit probability for expatriate users. First, it asks you to enter numbers in response to what are actually complex tax questions that it does not guide you through. Example: enter the amount of your itemized deductions that were attributable to your foreign earned income. Do you know which itemized deductions must be allocated to FEI (reducing the exclusion) and which can be fully reported -- without asking TurboTax? You'd better know because TurboTax won't give you the answer. Even if you know the answer, TurboTax can produce misleading cumulative statements of 'unreimbursed employee expenses' to file with your return. Second, TurboTax imported a $7000 loss from a prior return without any explanation. It might be a Net Operating Loss that I'm entitled to carry over and that I'm going to lose if I don't report it. It might be a bug or an error. No way to tell which it is with the tax information available through TurboTax online so I have to independently research the issue. The Premier edition is for users with particular income reporting needs and it should automatically generate, or at least give us access to an explanation of the numbers it generates in those specialized data fields. The online version of this product does not. Third, TurboTax online Premier never gave me the opportunity to identify my foreign accounts and automatically reported I didn't have any. Fourth, I could not get the database to register corrected information and update. I had to delete the offending datafile and re-enter from scratch. Fifth, even if you know the particular form you need to file and correct there is no way to get at it. Bottom line: if I didn't have independent knowledge of tax rules and reporting I would have taken this product at it's word and filed a completely erroneous document. Some of the errors on my return would have generated increased tax owed or an audit. Be extremely cautious of the online edition of this product (and watch out for these issues in other versions)!

Rating:

- TurboTax 2007
TurboTax Premier 2007 is a very good product and performs as advertized.

It is easy to use and can access a large portion of your tax information online, provided you are a user of online services. It was a quick step by step process, that is provided you have all of your tax information readily available. You can complete your state and federal tax return in half a day or less depending upon the complexity of yor return using this software.

I can highly recommend TurboTax Premier.

Rating:

- hard if you have multiple states
I finally was able to use turbo tax to do my fedral, two state and rental in another state taxes. It was hard and I am not still sure if I did it right. If I got all my deductions or if I got too much. The Fedral was easy but the different states with rental was very hard. It did not give me options to break down part rental and part when I lived in my rental for taxes, inspite of telling it when I rented. It did not automatically put in numbers from rental income in different states. This left me to guess what numbers to put where and it made a 300 dollar diffence in my returns.
Next year wont use it, though that is partly due to the fact I will earn a lot more.
Recommend: Only if you have to deal with one state

Rating:

- AMT info too late in process
I was disappointed when after entering a lot of deduction detail, TT informed me that my AMT would make all that work obsolete. It also changed the estimated amount due by thousands of dollars after all my hard work was done. Had it given me some AMT information early on - and it should have been able to do this because of my gross income, capital gains and dividends, and NYS tax filing, I could have avoided hours of labor. I am very unhappy about AMT - who wouldn't be, but now I transfer some of that unhappiness to TT who should have advised me about its impact much earlier in the data collection process.
Otherwise, TT has been my filing s/w of choice since 1995 and I'll probably still use it in the future. I just feel bad about when in the filing process it informs the user about AMT impacts.

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