Personal Finance, Taxes 
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Remember to Update Your Tax Forms & Software

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While it’s always important to ensure that your tax forms and tax preparation packages are up to date prior to you submitting this, this year it is especially important. In the eleventh hour, Congress extended some of the tax breaks that were set to expire including lucrative ones regarding deducting sales tax and education related breaks. The issue this year is that the IRS originally printed the forms on November 7th, prior to these extensions being approved, and many folks received software packages in the mail as part of promotional mailings. Personally, I know that TaxCut sent me something in the mail (twice actually) where they were giving you the software in hopes you’d install it, prepare your taxes, and pay them for it. While I’m sure some software packages do phone home to check for updates, sometimes folks prepare taxes without being connected to the Internet so it’s important do check for these updates. (If you prepare your taxes through online sites like TurboTax Online, you won’t have deal with updates since it’ll always be up to date)

Here are the update news pages for each of the major tax preparation software packages:

As for the pencil and paper folks, if this isn’t another reason to go with the software, I don’t know what is. As for checking whether your form is up to date, I recommend that you don’t download any forms until March and you’ll likely have the most up to date forms. I wouldn’t pick up the forms from the Post Office, I’d just download and print out ones from IRS.gov to be absolutely sure.

Update: IRS has issued some guidance with regards to the recent tax laws.

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5 Responses to “Remember to Update Your Tax Forms & Software”

  1. Matt says:

    MARCH?

    You’re kidding, right? That’s giving the government an extra month on that interest-free loan we’re all required to provide.

    I’ll be checking the H&R Block Online site on a daily basis, beginning February 1st, and ending only when they finally open the application and let me e-file. (Since ADP doesn’t issue W2s until the absolute last possible minute allowed by federal law, I can’t file before then even if the option is open. I’d file on New Year’s Day if I could.)

  2. jim says:

    You should adjust your withholding this year so that you’re loaning the government a little less :)

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  4. Unsatisfied says:

    I tried using the Online version of TaxACT premiere last night. It was not updated to include one of those last minute previsions that’s very important to me. Although the TaxACT! link/FAQ above says the online version is always up to date, this was not the case! I’ll be switching to TurboTax — good thing I didn’t pay for a TaxACT download!

  5. TurboTaxSckr says:

    I’ve bought TurboTax for the first time this year and regret it. The update is not availabe for file download you have to order an update CD shipped in two weeks. You can do online update but if the machine you want to do your taxes with and the machine you want to download at are two different computers, you’re stuck with the CD option. Two weeks is a lot and if you want to wait until mid March you risk the chance to run out of time withTurboTax. Taxcut has a file download option.


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