Page 1 of 2 12 LastLast
Results 1 to 20 of 24
  1. #1
    Join Date
    Feb 2007
    Location
    Southern Pines, NC

    Why should I file my 1040 online?

    I am ready to file my 2007 tax returns. I use TurboTax, but when I got to the file-electronically dialog, TurboTax put out its hand for another $17.95 to handle it for me. Their software is very polite about it, and they offer to take that charge out of my refund, for an additional $26.95. Is any body investigating these crooks? I can use the US Postal Service for the price of a stamp. I believe they said that if I e-file I will get my refund in 3 to 5 weeks. If I mail my return, I will get my refund in May. So, what's the big deal? Give me one good reason I should e-file. How does it help me?

  2. #2
    Join Date
    Feb 2007
    Location
    Seattle, WA
    Because it reduces the chance of someone at the IRS making an error in data entry on your behalf?

    The 3-5 weeks for a refund for filing electronically seems generous; I'd be surprised if I didn't have a refund within 3 weeks. (Tho I understand why TurboTax wouldn't promise that -- they don't control the IRS, and, well, it's getting closer and closer to April 15.)

    The 17.95 seems on the high side, but reasonable assuming you're filing a reasonably complicated return (not an EZ); the $26.95 for them to "take it from your return" is laughable.

  3. #3
    Join Date
    Feb 2007
    Location
    Watching carolina Go To HELL!
    Quote Originally Posted by Jarhead View Post
    I am ready to file my 2007 tax returns. I use TurboTax, but when I got to the file-electronically dialog, TurboTax put out its hand for another $17.95 to handle it for me. Their software is very polite about it, and they offer to take that charge out of my refund, for an additional $26.95. Is any body investigating these crooks? I can use the US Postal Service for the price of a stamp. I believe they said that if I e-file I will get my refund in 3 to 5 weeks. If I mail my return, I will get my refund in May. So, what's the big deal? Give me one good reason I should e-file. How does it help me?
    I filed electronically (using TurboTax) two weeks ago , charged the fees to a credit card and got both my federal and state refunds in less than a calendar week (automatically deposited). So it depends on how fast you want your refund.
    Ozzie, your paradigm of optimism!

    Go To Hell carolina, Go To Hell!
    9F 9F 9F
    https://ecogreen.greentechaffiliate.com

  4. #4
    There are less expensive ways to get this done, I have used TaxACTOnline and have paid the same fees as with TurboTax. So, I have avoided the software purchasing costs completely.

  5. #5
    Join Date
    Feb 2007
    Location
    The City of Brotherly Love except when it's cold.
    You might want to consider reducing withholding and/or quarterly estimated payments so that you owe some tax. Why give the government an interest free advance? No point in filing electronically as a result.

  6. #6
    I read something about a free e-file for people with an AGI of less than $55K I think in Reader's Digest this past month.

    "If your adjusted gross income was less than $54,000 in 2007, you can use the IRS Free File program. Last year, 97 million taxpayers qualified; only 3.9 million used it. The e-file benefits: faster refunds (as few as ten days with direct deposit) and fewer errors (no illegible handwriting; the software checks your math). If you earned more than $54,000 last year, you can file online through third-party providers like H&R Block, Intuit's TurboTax online software, and tax preparers (go to irs.gov/efile for a list)."

    I got my federal return in about a week after e-filing this year.
    "There can BE only one."

  7. #7

    How about eSmartTax?

    Another option is eSmartTax (http://www.esmarttax.com/). Free federal filing and very easy to use. I've been using it for the past 5 years. State filing is not free, but many states, such as Illinois, have free online filing. I'd suggest using it and checking it's results against what Turbotax gives you.

  8. #8
    Join Date
    Feb 2007
    Location
    Sweet Home Alabama
    Yep - we are desperately poor right now and so qualify to free-file on irs.gov and if you are poor as well, you can too. I've never used TurboTax but I don't know... $30 just to file your taxes seems kind of ridiculous.

  9. #9

    Stimulus payment

    Also don't forget that you have to file a return in order to get a stimulus payment in May. If you're retired or don't make enough $ to file a return, you might want to think about filing one anyway in order to get the payout.
    "There can BE only one."

  10. #10
    Join Date
    Feb 2007
    Location
    Southern Pines, NC
    Quote Originally Posted by Highlander View Post
    Also don't forget that you have to file a return in order to get a stimulus payment in May. If you're retired or don't make enough $ to file a return, you might want to think about filing one anyway in order to get the payout.
    A return is an absolute requirement for the stimulus bribe. How else would they know? It is the IRS, you know.

    As to my plight, I am just a little upset that the feds and the state of NC make it possible to e-file, but they don't allow you do it directly. You need a surrogate, one like TurboTax that charges $17.95. When you consider the time value of money, that is highway robbery. I would have to be getting a bunch of bucks refund to justify that much. That amount would be about equal to one weeks interest @ 6% on a refund of $15,000.

    So why is it that I e-file to get my money faster? No, I'd rather give them the postage, and use the $17 for a nice lunch at Bonefish. I'm in no rush for the refund, but my estimated quarterly payments were a little too high, my bad. In over 55 years of filing, the IRS has avoided making a single error on my returns. So have I, but every time I've used H& R Block, some sort of error was made.

    My real complaint is that the Feds, NC and Moore County all make it more expensive to file or to pay electronically. I get around Moore County's surcharge by using Bank of America's on-line "bill pay" software. That works well for just about all of my bills. The IRS and NC don't allow that, and they don't allow me to file directly on-line . Now why is that? That's what I want to know. I'm mad as he11, and I'm not going to stand for it anymore. I will do something about it. I'm going to file my returns at the post office. I can even afford to file them by certified mail, and still be money ahead.

  11. #11
    Join Date
    Apr 2007
    Location
    St. Louis, MO
    Quote Originally Posted by Jarhead View Post
    A return is an absolute requirement for the stimulus bribe. How else would they know? It is the IRS, you know.

    As to my plight, I am just a little upset that the feds and the state of NC make it possible to e-file, but they don't allow you do it directly. You need a surrogate, one like TurboTax that charges $17.95. When you consider the time value of money, that is highway robbery. I would have to be getting a bunch of bucks refund to justify that much. That amount would be about equal to one weeks interest @ 6% on a refund of $15,000.

    So why is it that I e-file to get my money faster? No, I'd rather give them the postage, and use the $17 for a nice lunch at Bonefish. I'm in no rush for the refund, but my estimated quarterly payments were a little too high, my bad. In over 55 years of filing, the IRS has avoided making a single error on my returns. So have I, but every time I've used H& R Block, some sort of error was made.

    My real complaint is that the Feds, NC and Moore County all make it more expensive to file or to pay electronically. I get around Moore County's surcharge by using Bank of America's on-line "bill pay" software. That works well for just about all of my bills. The IRS and NC don't allow that, and they don't allow me to file directly on-line . Now why is that? That's what I want to know. I'm mad as he11, and I'm not going to stand for it anymore. I will do something about it. I'm going to file my returns at the post office. I can even afford to file them by certified mail, and still be money ahead.
    One of my uncles is a former IRS auditor. The only piece of tax advice he ever gave me was to NEVER use H&R Block.

    I did pay to e-file, but I do agree that the extra charge is a bit ridiculous. Both of my refunds were deposited into my account within a week of e-filing, so I was happy about that. One question, though: doesn't the e-file charge count as a tax prep fee, making it deductible?

  12. #12
    Join Date
    Feb 2007
    Location
    Southern Pines, NC
    Quote Originally Posted by ArkieDukie View Post
    One of my uncles is a former IRS auditor. The only piece of tax advice he ever gave me was to NEVER use H&R Block.

    I did pay to e-file, but I do agree that the extra charge is a bit ridiculous. Both of my refunds were deposited into my account within a week of e-filing, so I was happy about that. One question, though: doesn't the e-file charge count as a tax prep fee, making it deductible?
    Simple answer, I take the standard deduction. I am thinking that I might even self-prepare next year, and avoid TurboTax totally. OTOH, TurboTax does come with error protection and a lot of valuable information. That begs the question, is that info worth the 44 bucks? I just don't know. I just deferred that decision.

  13. #13
    Quote Originally Posted by Jarhead View Post
    Simple answer, I take the standard deduction. I am thinking that I might even self-prepare next year, and avoid TurboTax totally. OTOH, TurboTax does come with error protection and a lot of valuable information. That begs the question, is that info worth the 44 bucks? I just don't know. I just deferred that decision.
    The only reason to use TurboTax is for the ease of data entry and in case something new happens to your tax returns. I've used it every year and find the $40 worth it. But, that is something you need to decide.

    As for the e-file, just don't use it. The IRS has plenty of "scams" like this. For example, try and get some help from the IRS on estate tax returns. They will refer you to the instructions and then refer you to an accountant. I lump the cost of e-file in the same boat. You can bang your head against the wall and hurt yourself or (especially in your case) realize that you don't care about the extra speed in getting your refund and buy that nice dinner.

    By railing against the IRS you've denoted them as important in your life and I'm pretty sure that's not how you want to view them. They are a required nuisance, like buying gasoline.

  14. #14
    Join Date
    Feb 2007
    Location
    Watching carolina Go To HELL!
    Quote Originally Posted by Jarhead View Post
    Simple answer, I take the standard deduction. I am thinking that I might even self-prepare next year, and avoid TurboTax totally. OTOH, TurboTax does come with error protection and a lot of valuable information. That begs the question, is that info worth the 44 bucks? I just don't know. I just deferred that decision.
    I used TurboTax this year for the first time, after using TaxCut the last 7 or 8 years. I used the TaxCut because it was significantly less costly than TurboTax (typically ~$30 for the premium version including one State for TaxCut vs. ~$45+ for TurboTax). This year, I found a better deal on TurboTax at BJ's so I thought I'd try it to compare. (I also buy my Norton Antivurus each year to get the typical full rebate when purchased with tax software, rather than renew the subscription. These rebate discounts weren't as good this year.) The two programs are essentially the same and both are easy to use, so next year, whichever has the better deal gets my dollars.

    As to whether or not it is worth buying software compared to what you could do manually, you have to look at what you are reporting. If you file the 1040-EZ with nothing but earned income, maybe bank interest and a standard deduction, then yes, you could do it manually with ease. If you have stocks and mutual funds, with (hopefully) capital gains and dividends to report, then yes it is worth the cost of the program to get all the different categories of earnings placed and calculated correctly. Much easier to just enter the amounts in the correct boxes from your 1099s and press enter.
    Ozzie, your paradigm of optimism!

    Go To Hell carolina, Go To Hell!
    9F 9F 9F
    https://ecogreen.greentechaffiliate.com

  15. #15
    Join Date
    Feb 2007
    Location
    Southern Pines, NC
    Quote Originally Posted by OZZIE4DUKE View Post
    ...Much easier to just enter the amounts in the correct boxes from your 1099s and press enter.
    You have struck the nail correctly. It is easier to follow the simple instructions from the computer. I'm in the must file 1040 category, and I have a bunch of 1099s of all types to enter. I could do it manually like the old days, but I think I know it all, so I can't, or won't, read the instructions. I have mailed my two returns, and I didn't leave a gratuity for TurboTax. I feel better now. Tax season is over. May will be good month for us with all of that unanticipated wealth coming in. GWB to the rescue.

    Oz, what is "The Tandem" all about in your signature?

  16. #16
    Join Date
    Feb 2007
    Location
    Watching carolina Go To HELL!

    The Tandem

    Quote Originally Posted by Jarhead View Post

    Oz, what is "The Tandem" all about in your signature?
    The Tandem is me and DukeTaylor as our new co-ADs when Joe Alleva leaves. BTW, I'm the one who applied for the job when Alleva got it, and yes, I was dead serious about it. Still am.
    Ozzie, your paradigm of optimism!

    Go To Hell carolina, Go To Hell!
    9F 9F 9F
    https://ecogreen.greentechaffiliate.com

  17. #17
    The online services are free for federal tax returns if your AGI is less than 54k, as has already been stated. I used TaxACT online and got my federal refund in less than a week. TaxACT charges $12.95 for a state return, which isn't terrible. However, some states have their own sites where you can also e-file your state return for free. This varies from state-to-state, though. But it's certainly possible to pay nothing and do everything online for some people.

  18. #18
    Join Date
    Feb 2007
    Location
    Southern Pines, NC
    Quote Originally Posted by OZZIE4DUKE View Post
    The Tandem is me and DukeTaylor as our new co-ADs when Joe Alleva leaves. BTW, I'm the one who applied for the job when Alleva got it, and yes, I was dead serious about it. Still am.
    Ok. Got it. When does this happen? Do we get a chance to vote when this happens? No offense, Oz, but I think the Tandem is overkill. I think Duke Taylor can handle it all by himself, but I can be bribed if you want my support. May the power be with you.

  19. #19
    Join Date
    Feb 2007
    Location
    Watching carolina Go To HELL!
    Quote Originally Posted by Jarhead View Post
    Ok. Got it. When does this happen? Do we get a chance to vote when this happens? No offense, Oz, but I think the Tandem is overkill. I think Duke Taylor can handle it all by himself, but I can be bribed if you want my support. May the power be with you.
    We've agreed that if either of us get the job, the other will be the associate AD. He'll handle fund raising, and I'll do most of the rest. We'll have our meetings on the golf course, just like Tom Butters did.
    Ozzie, your paradigm of optimism!

    Go To Hell carolina, Go To Hell!
    9F 9F 9F
    https://ecogreen.greentechaffiliate.com

  20. #20
    Join Date
    Feb 2007
    Location
    Southern Pines, NC
    Quote Originally Posted by Bluedog View Post
    The online services are free for federal tax returns if your AGI is less than 54k, as has already been stated. I used TaxACT online and got my federal refund in less than a week. TaxACT charges $12.95 for a state return, which isn't terrible. However, some states have their own sites where you can also e-file your state return for free. This varies from state-to-state, though. But it's certainly possible to pay nothing and do everything online for some people.
    To be honest, I didn't know about TaxACT. I may try it next year, but that is not where my problems reside. I don't like it that I cannot e-file directly to the IRS. I don't mind paying for a piece of software to help me prepare my return, but once that is done, why should I have to pay someone else to e-file it for me. I have internet access. Just give me the url, and I'll e-file it myself, but no, they won't let me do that. (Some kind of corporate welfare, I guess.) Instead I mail it at the post office. By the way, I am a retired Duke graduate. My AGI is greater than $54k.

Similar Threads

  1. Replies: 133
    Last Post: 04-04-2011, 10:44 PM
  2. Rule Quiz! (File this one under 9J)
    By grc5 in forum Elizabeth King Forum
    Replies: 18
    Last Post: 02-29-2008, 02:08 PM
  3. House online
    By Channing in forum Off Topic
    Replies: 2
    Last Post: 01-02-2008, 08:58 AM
  4. why e-file
    By jimmymax in forum Off Topic
    Replies: 13
    Last Post: 03-30-2007, 06:36 PM
  5. ACC Tourney Online?
    By nrcfire in forum Elizabeth King Forum
    Replies: 0
    Last Post: 02-28-2007, 02:40 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •