How many of you actually use Turbotax or Taxact to do your US taxes?

How many of you actually use Turbotax or Taxact to do your US taxes? Which one do you recommend?

Im wondering if its easy to do expat US taxes using the above software.

Thanks!

I've used Turbotax for the last 3-4 years and it has been super easy. Last year I had H&Rblock do them and it cost me $177 and Turbo tax would have been $44 H&RB basically use the same software as Turbotax the only difference is TT you put in the info and at H&Rblock you pay them to put it in for you. They are a middle man IMO.  

Me too. I've used TurboTax since I moved here in 2006. It's also useful for the dreaded TD F form.

And your both US expats livingi in the UK? Then thats great! I might give Turbotax a try.

Did it take into account any foreign exclusions, foreign tax credit etc etc.

I am really slow when it comes to taxes, so I want to make sure that I can do my US expats easily with Turbotax or taxact.

Thanks for your help

I also have been using Turbo Tax for many years. It's really easy and guides you through all the right questions.

Ok, can I ask you all - Do the software programs work out/give you the official exchange rate? Or do you have to do all the currency conversions?

I guess, thats the only thing that I am concerned with. Hopefully, the rest will be easy.

Thanks for your info!

I would assume it does...but you know what they say about people who assume   I'm not sure if it has the exchange rate or not because all my income so far has been from the U.S. so I haven't had to deal with that. You can actually go online and input the information if you want to get an idea of how it works. You don't have to pay until you submit your taxes so if you're not happy or unsure you can always take it to a professional. Just a thought...but maybe someone else will know how that works for sure.

If all of your income has been from the US the way you avoid double taxation by the UK is often by "resourcing" the income as foreign on Forms 1116 and 8833 ane electing to claim credit for the UK tax paid.

US designed software may not be designed with UK pension plans, UK tax years, child benefit, FBARs, child trust funds, PAYE etc in mind.  They may still be great, but remember that the interaction with UK tax rules can still be confusing!

Guya, just so I understand and to make my self clear I'll explain a little better

I moved to the UK in April 09 and have not worked in the UK at all. This will be my first year filing my taxes abroad and all the income is from my last job in the US. Do you think I need to do any special forms or would Turbotax be ok since it US based income earned in the US?

It is imposssible to know from what you say because some of your US income or gains may be reported on your 2009/10 UK return - to avoid double taxation you may need to reflect this on your 2009 US return on Forms 1116 and 8833.

Thanks Guya, I'll look into the 1116 and 8833 form. I'm still waiting on my W2 from the US so once I have it I can get started with this.

You do not need to disclose resourced income on Form 8833.

I also use turbotax. I don't live in the UK though. I do live abroad and used it to do my taxes.  

Turbotax doesn't convert foreign currency, but that's easy to do by going to one of the known currency converter websites. It also has a help guide and a place for people to ask questions.

The IRS website recommends..

 www.oanda.com. and for Yearly average currency exchange rates for most countries can be found on this page...
http://www.irs.gov/businesses/small/international/article/0,,id=206089,00.html

If you think you might need other forms that aren't on Turbotax or another online site, your best bet might be to call or email the IRS office at the US Embassy or check www.irs.gov. I found that site to be helpful for me. Ugh tax season! lol Definitely could live without it.

I have a very nice CPA that I've been using for years. She actually comes to my house and we go over it together. But I don't know what I'd do if I end up living abroad. 

Thanks for all  the info - feeling a bit more confident in using the software.

Any experts out there can answer the following question;

Q. If the only foreign income that I earned was unemployment compensation in the UK - would it be best to do the foreign income exclusion OR the foreign tax credit. I would prefer to do the option that doesnt require me to be out of the US for a certain length of time. Am I correct in saying that its the foreign tax credit that doesnt require you to be out of the US for a specified period of time. If so, can I do that option in this case?

Really, thanks so much for clearing my brain fog!