In article <Z2LGj.48625$yk5.45700[at]newsfe18.lga> ,
"Jeff" <Willliam[at]naol.com> wrote:

- quote -

The standard deduction for MFJ is $10,700.

As to the $1200 - do you have dependents (children)? Are you mistaking
the $1200 child tax credit for a refund, perhaps?

As someone said, tax software is very useful to enter data neatly, fill
out the forms, and do the math, but is no substitute for knowing what
you are doing.

--
-Ernie-

--
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"Paul Thomas, CPA" <paulthomascpapc[at]bellsouth.net> wrote in message
news:ekBGj.26323$vr3.18079[at]bignews2.bellsouth.net...
- quote -

have been the standard deduction for me and my wife totaling $1,200 and
it must have appeared a little later in my entries.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Jeff" <Willliam[at]naol.com> wrote
- quote -







Huh. Makes me glad I'm not using that software.





--
Paul A. Thomas, CPA
Athens, Georgia

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Paul Thomas, CPA" <paulthomascpapc[at]bellsouth.net> wrote in message
news:SVyGj.10807$9O.6479[at]bignews3.bellsouth.net...
- quote -

I found the $2 discrepancy. There was $2 withheld on an investment. So
that is settled.

As for the $1200, I just assumed it came from the incentive because in
both TurboTax and TaxCut, a "refund" of $1200 appeared in both programs
soon after I entered the info to let it know I was married and filing
jointly. I had not yet entered any financial info so I assumed that is
what it was.

Both programs are up-to-date.

Jeff

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Jeff" <Willliam[at]naol.com> wrote

- quote -



Well, there's a fatal flaw somewhere. The $1200 economic stimulus payment
isn't part of the 2007 return program, forms, instructions, etc.

So back track to see what you did wrong in both programs.




- quote -



Download the current updates for both programs and double check all entries.
If you don't know how to prepare a return on paper, the software can't do it
better.

I suspect you have a very large data entry error someplace.






--
Paul A. Thomas, CPA
Athens, Georgia

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

I am using both TaxCut and TurboTax to do my taxes this year. (Do not
ask why .....)
Last year I did not need to and therefore did not make any Fed.
estimated payments. But, it turns out I owe some tax for which the
penalty both TC and TT calculated is minimal. So it is OK. But the
total tax due is different in TC and TT with the same data.

I grew suspicious when I saw that TaxCut enters my "Total Payments" for
2007 (I made no payments) as $1,202. I understand the $1,200 coming
from the government incentive, but cannot figure out where the extra $2
comes from. It is not a big amount, but it makes suspect TaxCut's
calculations, especially as the total Fed tax due at the end is
different between TaxCut and TurboTax using the same data!

Any ideas?

Jeff

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >