I owed money and I e-filed. I basically paid somebody so I could give my money to the IRS. That ain't right. I don't know why I did that.
i e-file with turbotax through fidelity.com so i only paid 17.95. so easy to use. took like a little over an hour i think, and that was with some BSing on wash sales that i didn't understand til i called my dad. you don't have to keep track of ****, just imports it all from fidelity. now i have to print out the voucher to mail my payment at school b/c my printer has no ink. still so easy. i've only done taxes for 3 years now and all e-filed. thank God for the internet.
Wash sales suck. I swear, I've made it a commitment to myself not to buy back stock I've sold until 30 days have gone by because of it. What was really fun was when everybody was executing a million trades a day about 3-4 years ago.
so was i. different things being said on my fidelity statement and what turbotax seemed to be saying. basically they say if you buy back the same stock or substantially the same stock or security (that's the tricky part that i'm not quite sure how to play with) within 30 days before or after selling it for a loss, you don't get to deduct that loss from your income, only carry it over to the cost basis of the new stock. i.e. sell a stock for a 1000 loss. buy same stock back tomorrow for 4000. you can't deduct the 1000, but you can add that loss to the cost basis of the new stock and now say that you actually spent 5000 so if in the future you sell it for a loss, you get to count the loss then as coming from 5000, not 4000. not sure if that's what your asking, but that's pretty much all i know. my problem is fidelity said i had some loss but only a small percentage was disallowed b/c of a wash sale while turbotax seemed to indicate it was all wash sale losses and i couldn't deduct. my dad, who is a cpa so i just assume he's right, said the new mutual funds i bought are different and thus the wash sale thing doesn't apply so i get to deduct and take about 2 benjamins off my overall taxes.
i remember back in the day (like 3 years ago when i was a spry 18) wishing i could day trade for fun. now that i see what a pain taxes can seem to be, i see that would suck. luckily for me, i'm just taking in scholarship money and losing it to tuition and stuff so my taxes are relatively simple. some of the questions they ask though make me not wanna do a lot of things just to not have to deal with the headache of keeping track of it all. i hate keeping track of stuff.
Yeah, I heard that if you have multiple partitions on your computer, TurboTax will mess those partitions up. I've used TaxCut for the past several years; it's great.
That is the good thing about owning a house. Property tax and loan interest write offs. This year alone, I wrote off about $20K in taxes and interest on my house. However, the sad thing was, because my wife is an independent contractor, her owed tax wiped out our whole refund. Grrrrrrr
Dude, I just got email confirmation of my e-file being accepted. Rebate gets mailed on May 2nd. Shoot, I only submitted about 24 hours ago, and I'm already cleared. This rules!! I can't believe how quickly it was approved. I'm a TaxACT user and e-filer for life!!! Well slackers, you've got 25 minutes left . . .
