OT: Tommaso, energyplay, thanksalot, Tom Pope, others: about TurboTax:
Thanks again for your help/advice last year regarding TurboTax (and discussion about accountant preparation vs. preparing USA tax returns oneself).
I'm finding just as you said, that preparing a return the second year with TurboTax is indeed much much easier and faster than the first year with it. Surprisingly smoother...so far (-g-)
I'm surprised I'm most of the way through it now -- of course brokerage statements will likely be revised (1099 DIV, etc.) again (and again) this year as last, so I'll wait to complete my forms.
----
Fwiw, only glitch I'm having now is handling "Foreign Tax Credit". Filing jointly, there's no problem filling the proper TurboTax boxes and getting the credit if the total foreign tax withholding is under $661. For us (wife and me), we have more than $660... some from Brazil, some Canroys, China, other countries. Trying to go for the max credit allowable in this case requires Form 1116. It is a bear to read and understand!!!! I give up. And TurboTax instructions aren't clear to me either. I guess I will go with option 2 (which TurboTax offers but doesn't recommend for most people) and that is to take the foreign tax credits, not as a credit against USA taxes, but instead as a deductible amount. Now that IS easy to do with TurboTax, and the great thing is I can see immediately I'm going to do better than taking a $660 credit. Maybe not THE most money I can save, but maybe optimum considering my troubles with Form 1116.
----------
Not meaning to rant here...sorry...just wanted to acknowledge your opinions had been helpful to me last year and again this year. |
