Gyroscopic Investing

1NV35T0R wrote: I'm wondering if you can do a hybrid approach at all of sending in your tax returns by e file for everything else and stating something in the e file about the other form. Then, mailing in the 8621 form and anything else monetary-wise to pay for any capital gains, etc.

I'm pretty sure the answer is no, you can't do this (unless you're willing to e-file and then later send in an amended return on paper).  When you e-file you can send in a paper form with a check, but you can't send additional forms that are part of your return.

rickb wrote:

1NV35T0R wrote: I'm wondering if you can do a hybrid approach at all of sending in your tax returns by e file for everything else and stating something in the e file about the other form. Then, mailing in the 8621 form and anything else monetary-wise to pay for any capital gains, etc.

I'm pretty sure the answer is no, you can't do this (unless you're willing to e-file and then later send in an amended return on paper).  When you e-file you can send in a paper form with a check, but you can't send additional forms that are part of your return.

Aww poo. So I'm assuming everyone using GTU on here files a paper return or uses something other than TurboTax? That certainly makes me less motivated towards getting GTU instead of just IAU for the paper gold-portion of my PP. Thanks for your input regardless though rickb.

1NV35T0R wrote:

rickb wrote:

1NV35T0R wrote: I'm wondering if you can do a hybrid approach at all of sending in your tax returns by e file for everything else and stating something in the e file about the other form. Then, mailing in the 8621 form and anything else monetary-wise to pay for any capital gains, etc.

I'm pretty sure the answer is no, you can't do this (unless you're willing to e-file and then later send in an amended return on paper).  When you e-file you can send in a paper form with a check, but you can't send additional forms that are part of your return.

Aww poo. So I'm assuming everyone using GTU on here files a paper return or uses something other than TurboTax? That certainly makes me less motivated towards getting GTU instead of just IAU for the paper gold-portion of my PP. Thanks for your input regardless though rickb.

If you use Turbo Tax you must like paying more and getting less.

steve wrote:

1NV35T0R wrote:

rickb wrote: I'm pretty sure the answer is no, you can't do this (unless you're willing to e-file and then later send in an amended return on paper).  When you e-file you can send in a paper form with a check, but you can't send additional forms that are part of your return.

Aww poo. So I'm assuming everyone using GTU on here files a paper return or uses something other than TurboTax? That certainly makes me less motivated towards getting GTU instead of just IAU for the paper gold-portion of my PP. Thanks for your input regardless though rickb.

If you use Turbo Tax you must like paying more and getting less.

Which ones are better? I currently use TurboTax and would love to get more and pay less! 

Pointedstick wrote: Which ones are better? I currently use TurboTax and would love to get more and pay less! 

I use Taxact

Wow, TaxAct is a ton cheaper. Can it file form 8938 for you too? If so, I'm a convert. If you have a referral code or something, I'd love to throw a kickback your way.

Pointedstick wrote: Wow, TaxAct is a ton cheaper. Can it file form 8938 for you too? If so, I'm a convert. If you have a referral code or something, I'd love to throw a kickback your way.

Taxact can e file form 8938 for you, that started this past year. I have been a taxact deluxe user for years.. before I experimented with turbo tax , tax cut and did my return on all three to compare results, The free version is great also however, it doesn't import from past returns like the deluxe version, you could manually import using copy and paste from prior return..with the free version. I think that because I preorderd taxact deluxe it only cost $9.95. I appreciate your thought of throwing a kickback my way but I am here only to help friends and family and do not seek compensation.. Once you get used to taxact you can do your return very fast  it is similar to turbotax without all the complication as far as knowing what version you need. It also can handle a simple buisness return. They also have good product support if you need it.

steve wrote:

Pointedstick wrote: Which ones are better? I currently use TurboTax and would love to get more and pay less! 

I use Taxact

Is that just due to personal preference or did you have reasonings for using Taxact over TurboTax. Such as Taxact catches deductions that TurboTax doesn't, etc.

1NV35T0R wrote:

steve wrote:

Pointedstick wrote: Which ones are better? I currently use TurboTax and would love to get more and pay less!  ;D

I use Taxact

Is that just due to personal preference or did you have reasonings for using Taxact over TurboTax. Such as Taxact catches deductions that TurboTax doesn't, etc.

When I experimented with different tax software I got the same results. I put the same information in and the same results on all three, turbo tax , taxcut and taxact. Taxact costs less and can also do business return , turbo tax needs a special version to do business return. Basically they all do the same and are very similar. So it is my preference to pay less and get more. Taxact can e file form 8938 for you if that is something that is important to you.

steve wrote:

1NV35T0R wrote:

steve wrote:
I use Taxact

Is that just due to personal preference or did you have reasonings for using Taxact over TurboTax. Such as Taxact catches deductions that TurboTax doesn't, etc.

When I experimented with different tax software I got the same results. I put the same information in and the same results on all three, turbo tax , taxcut and taxact. Taxact costs less and can also do buisness return , turbo tax needs a special version to do business return. Basically they all do the same and are very similar. So it is my preference to pay less and get more. Taxact can e file form 8938 for you if that is something that is important to you.

I'd be more interested in the 8621 which would sway me towards using GTU since I could have GTU and still e-file if I used Taxact versus TurboTax which doesn't support 8621.