Stupid question here: In Oct 23' I purchased land and received a 1098 for 2 months ending for 2023, with interest of $800. I am using TaxAct tax software that asked if I received a 1098, I did so I entered the $800 interest. I had very little deductions to itemize, so I chose Standard Deduction. However, the tax software recognized I entered the $800 in the 1098 now it forces me to upgrade to "TaxAct Deluxe" and pay $50 more to upgrade before filing. My Question - Because I chose Standard Deduction, do I even have to report the $800 on the 1098? If I actually chose to use Itemize, then I understand and would need to upgrade. But because I selected Stand Deduction, I'm wondering if I even need to report the $800. It's just a moot point! I'm just trying to avoid having to pay the extra $50 to upgrade TaxAct.
Tax accountant here. No if you choose standard deduction, you do not need to report the $800. Do not even enter your 1098 info in there. If you have enough deductions to itemize that exceeds standard deduction then you can go ahead with itemizing your deductions. Many people go with standard deductions since they do not have enough to itemize.
Hi Aaron! Currently, we charge entirely up front for our software. However, going into TY23, we are working to implement payment plans for our customers. This has not been finalized yet, but we will release more information on this soon.
I used TaxAct one time to file my taxes last april, and so far they’ve harassed me by calling me 7 times in the last 2 hours. we’ve already reported all of your numbers to the FTC. you guys are done. we will take more action if necessary.
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Do I used my EFIN and EIN for it
Stupid question here: In Oct 23' I purchased land and received a 1098 for 2 months ending for 2023, with interest of $800. I am using TaxAct tax software that asked if I received a 1098, I did so I entered the $800 interest. I had very little deductions to itemize, so I chose Standard Deduction.
However, the tax software recognized I entered the $800 in the 1098 now it forces me to upgrade to "TaxAct Deluxe" and pay $50 more to upgrade before filing.
My Question - Because I chose Standard Deduction, do I even have to report the $800 on the 1098? If I actually chose to use Itemize, then I understand and would need to upgrade. But because I selected Stand Deduction, I'm wondering if I even need to report the $800. It's just a moot point!
I'm just trying to avoid having to pay the extra $50 to upgrade TaxAct.
Tax accountant here. No if you choose standard deduction, you do not need to report the $800. Do not even enter your 1098 info in there. If you have enough deductions to itemize that exceeds standard deduction then you can go ahead with itemizing your deductions. Many people go with standard deductions since they do not have enough to itemize.
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How to add health insurance premium. Thanks
with taxact is it a monthly payment? or a one and done payment for the software?
Hi Aaron! Currently, we charge entirely up front for our software. However, going into TY23, we are working to implement payment plans for our customers. This has not been finalized yet, but we will release more information on this soon.
@@TaxActProfessional How can I know which forms my clients require? Is there a client/pro interview guide incorporated into the software?
@@TopDollarGoldUSAyou read tax law.
I used TaxAct one time to file my taxes last april, and so far they’ve harassed me by calling me 7 times in the last 2 hours. we’ve already reported all of your numbers to the FTC. you guys are done. we will take more action if necessary.