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The www.FedPrimeRate.com Personal Finance Blog and Magazine

Tuesday, December 22, 2009

No E-File for Those Taking Advantage of The New Homebuyer Tax Credit

I hate doing my taxes. I loath it. It's a huge waste of my time dealing with a tax code that seems to be bloated just for the sake of being bloated (to keep tax attorneys and accountants fat.) I don't hate tax attorneys, nor do I hate accountants. I just hate the tax code and the system that perpetuates it's insanely oppressive nature.

I'd pay someone or a firm to do my taxes for me, except I don't want to spend the money. Even more critically: if there's one thing I want to have full control over in my business life, it's my taxes.

I use the online version of TurboTax. Been using it for many years, and have been quite happy with it. However, there was an unexpected problem last year. TurboTax screwed up my state taxes, and when I contacted Intuit on 3 separate occasions about a refund, they made excuses, and I'm almost certain that they lied to me. I had to contact my credit card company to get a chargeback. Needless to say, I don't use Turbo Tax to do my state taxes anymore, and if a competitor comes out with a better product, I'll use it for my federal taxes.

If anyone has any experience with the HR Block offering, or any other competing tax software, please post a comment!

You Can't E-file if You Took Advantage of the New Homebuyer Tax Credit

E-file is great, as it makes the whole crappy business of doing your taxes a bit more efficient. However, for those who want to take advantage of the generous First-time Homebuyer Tax Credit which Uncle Sam instituted to help the struggling housing market, you won't be able to e-file your taxes. You'll have to print out your docs and sign and mail stuff the old fashioned way. Yuck! Sucks, but that's just the way the IRS wants to do it. Here a short clip from the folks at TurboTax:

Before I go, just wanted to add this: if you're worried about getting audited, and you make less than $200,000, you should really stop worrying. Click here to read this article.

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