thanks everyone.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

- quote -

If you don't import last years data, then you end up
manually typing in the data that would've been imported.

(You probably knew this, but I replied just in case.)

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

<goldenset[at]gmail.com> wrote:

- quote -

It saves the time it takes to reenter data like names, SSNs,
address, and sources of income. If your sources of income
are the same this year as last, importing data enables the
preparer to quickly pull up this year's Form W-2 and enter
the 2004 income information without having to reenter the
employer's name, address, EIN, etc.

Frederick Lorca

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

goldenset[at]gmail.com wrote:

- quote -

Last years taxes can affect this year. Here are only a few
things that come to mind.

Carried forward capital losses from $3000 limitation need to
be brought in.

If you did not itemize last year, your state income tax
refund is not taxable.

If you got a 1099 from a payer last year, you can be
reminded to check if you should have one from the same payer
this year.

How much your taxes were last year can affect the
calculation of penalty for insufficient withholding.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

So if you don't import last years data then you don't owe
taxes on last year's state refunds, which you itemized?
That's really funny!

BC

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

oldenset[at]gmail.com wrote:

- quote -

All the tax programs I have used transfer more than just
address, phone number, etc. They also remind me about all
the income sources I had the previous year such as bank
accounts and investments so that I am prompted to enter the
data for the current year or delete the item if there was no
income for the current year. If had a more complicated
return that had carryover items I believe these would be
automatically entered.

You will only get taxed in 2004 for your 2003 state income
tax refund if you itemized in 2003 and received a deduction
for the state income taxes paid. If you took the standard
deduction in 2003, your state income tax refund should not
be taxable in 2004.

--
Vic Roberts
Replace xxx with vdr in e-mail address.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

- quote -

I'm not familiar with TaxCut, but I assume it would be
similar to TurboTax. Transferring from last year saves you a
lot of typing. It will transfer such things as dependent
information, names of interest and dividend payers,
identifying information on W-2s, etc. It will also remind
you of what income and deductions you had last year, and
maybe show you a year-to-year comparison. In addition, it
should take care of various carryover items that you may or
may not have, such as capital loss carryover, refund applied
to this year's tax, etc. I can't see any reason not to do
the transfer, as long as you have last year's file
available.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

any value to doing this in Taxcut except for transferring
your logistics information, i.e. address, phone, etc.? any
other value also since last year, i paid taxes. from what i
understand, i get taxed for previous years refunds into this
year's tax calculation.

thanks.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->