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I purchase a microsoft money 2005 and is a liceanse for this software expire? anyday? Do I need to buy each year a new software to work? or I can use this sofware all the time ?
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Rank: Advanced Member
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You can use the software all the time .... :D
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Rank: Advanced Member
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Rank: Advanced Member
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Quicken is compatible with TurboTax... Micro$oft isn't.
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Rank: Advanced Member
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qstockman in a turbo tax software is a liceanse expire someday? or is work same as a Microsoft Money...? Did you guys fill out your tax return on a turbo tax? I fill out mannual but I want to buy basic turbo tax? but I dont know if I can use one all the time? and how you like a turbo tax? it work grate? or you can suggest some other software for tax fill?
Thanks!!! :D
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Rank: Advanced Member
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I've used TT for many years and it is great. It will file Federal and State... or multiple States. Since tax laws change every year, you need to update it so that it reflects the current tax year. Also, you would need the Premier edition to take advantage of the features for active traders. All in all, for less than $100/year (tax deductible), you can save a fortune. It's just a side benefit that it is compatible with Quicken. I'm not a huge Quicken fan, but it suffices for my needs.
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Rank: Advanced Member
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I'm not trying to sell it to you! :smt018
I just wanted you to see what else was out there. It helps me; but, you might be more tax savvy than I am and don't need it at all. :smt003 Only you can tell... TT Premire.
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Rank: Advanced Member
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g.stockman did you fill out tax form every year for IRA account? I have now a 401 k plan rollover, and IRA traditional rollover? what type of tax form I need to fill out each year? I open account 4 month ago... I download each month a 1099-DIV for trade confirmation but what tax form you use for a calculation your IRA tax?
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Rank: Advanced Member
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K-
You're getting beyond my knowledge base now. TT requires you to answer a few questions and plug in the numbers. It then calculates and prints out the applicable forms. Some of the forms that are mentioned in the help section are:
IRS Form 5329, Qualified Plans and Other Tax-Favored Accounts
IRS Form 8606, Nondeductible IRAs
IRS Form 8880, Credit for Qualified Retirement Savings Contributions
IRS Form 8881, Credit for Small Employer Pension Plan Startup Costs
You'll have to get further help from someone who knows. I'm not an accountant! :P
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Rank: Advanced Member
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Here's my two cents too.... last year I bought TurboTax and did my own... My ex (not at that time though) decided that he didn't really trust TT and as a comparison we would have our taxes done by an accountant too. They were exactly the same!!! Promise... to the penny.
Using TT from now on...
:) M
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Rank: Advanced Member
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Do you know any retirement plan that is deductable? Turbo tax have all of those document forms to fill out?if is require to fill out tax for IRA Traditional and 401 k plan roolover each year?
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Rank: Advanced Member
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Location: Oklahoma USA
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Konrad, I think you really need to seek professional advice instead of using any tax preperation software because a general understanding of tax law is necessary to use them. For instance, 401 Ks and IRA are "tax deferred accounts" under tax law which means that losses are not deductable and gains are not taxable - only the distributions are taxed and they are taxed as ordinary income not capital gains. Thus, only the distributions are reported on one's tax return. Hope this is helpful, Charley
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Rank: Advanced Member
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Hi crwinnr5 so that mean If I get profit this year $100,000 on my 401 k plan and IRA I dont need to paid tax for profit? let say I distribute |$4000 this year what should I do now? that mean I need to pay taxex only for $4000?
Thanks!
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Rank: Advanced Member
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Konrad, I still think you need to seek professional tax advice. Tax law is very complex and to try to put things in generalities does not always work because tax law is specific to that taxpayer and those facts and circumstances. But in general, only distributions are taxed if all transactions were completed inside the tax deferred account. However, please be advised that if distrubtions are made prior to one's age being 59 1/2 there is a 10% early withdrawal penalty applied in addition to the ordinary income tax. There are some exceptions that may apply. See how complex this is getting. Hope this helps, Charley
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Rank: Advanced Member
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hey charley
I going to see my tax advisor next week...
" For instance, 401 Ks and IRA are "tax deferred accounts" under tax law which means that losses are not deductable and gains are not taxable - only the distributions are taxed and they are taxed as ordinary income not capital gains|"
Those information is what I was looked for... I never understand before what mean a Tax Deffered ? and I am very happy for this reply!
Thanks!
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Rank: Advanced Member
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Location: Oklahoma USA
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You are welcome Konrad, and I am glad to hear that you are seeing your tax preparer. I gathered from your previous posts that some things might not be that clear to you - and our tax laws are very clear to everyone - aren't they? Glad I might have been some help. Charley
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Rank: Advanced Member
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" For instance, 401 Ks and IRA are "tax deferred accounts" under tax law which means that losses are not deductable and gains are not taxable - only the distributions are taxed and they are taxed as ordinary income not capital gains|"
hmm... however I read in www.irs.gov web site it show that gain are not taxable until withdrawn? is that right? and is taxes as ordinary income?
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Rank: Advanced Member
Groups: Registered, Registered Users
Joined: 7/21/2005(UTC)
Posts: 74
Location: Oklahoma USA
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Yes - partially - I hate to be that way but we are getting into some complex areas. It depends on the type of tax deferred vehicle and if you have any basis in it. But generally there is no tax on any gains or losses "inside" the tax deferred account - it is taxed only when you take "distributions" subject to the above and depending on your situation, there could be other tax consequencies. Charley
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