2006-10-25 13:09:13 · 8 answers · asked by dumunus 1 in Business & Finance ➔ Taxes ➔ United States
Well for one, all of the forms when printed will say 2005 on them and if changes have made to the tax return forms by the IRS, they won't be on the 2006 template or on your return when you print it. Second, tax laws are constantly changing, even after the software for 2006 goes on sale. When you use TurboTax, it checks for updates to the software as a result of changes in tax law and your 2005 software will only update for 2005 changes, not 2006.
2006-10-25 13:19:03 · answer #1 · answered by aint_no_stoppin_us 4 · 2⤊ 2⤋
Yes you have to purchase the product every year. You can not use 2005 version for the 2006 taxes.
2006-10-26 10:56:15 · answer #2 · answered by Key Key 2 · 0⤊ 0⤋
You have to buy it every year, thought I'm not really sure why... I do know that the 2005 version will not work for your 2006 taxes, but it's still cheaper to buy it than to take them to an accountant!
2006-10-25 20:14:06 · answer #3 · answered by Amy 2 · 3⤊ 1⤋
The answer is, yes, you have to buy the updated version every year. Te keyword being updated. Each year there are numerous changes to the tax laws i.e. new rules apply and old rules are no longer done. Ex: amount of deductable per person you aresupporting in your household, or how much you can claim or school costs.
Turbo Tax is not the only program that has to upate, all accountants and agencies experience this including the IRS.
2006-10-25 20:21:07 · answer #4 · answered by whirlwind_123 4 · 2⤊ 1⤋
Tax laws change and you need to have the latest information to fill out your returns correctly.
Although, why buy when you can prepare your return for free?
The IRS Free File Alliance partners with other tax preparation services and allows just about anyone to do their taxes for free.
Only your state will cost extra. However, you can probably go to your state's Dept. of Revenue web site and do your state's return for free.
Turbo Tax and H & R Block is just two of the FFA partners.
At this time, the service finder is closed until early January '07.
2006-10-27 13:35:31 · answer #5 · answered by Celeste 6 · 0⤊ 0⤋
You can't use prior years versions and get a correct return. The rules change every year, including many of the values like exemptions, tax brackets and credit information, and the old version would not have the updates.
2006-10-25 21:38:17 · answer #6 · answered by Judy 7 · 1⤊ 0⤋
Yes. Also, don't downgrade the product or you won't be able to transfer last year's info to this year. For example, if you bought Turbo Tax Deluxe last year, & you buy the cheaper version this year that's downgrading. You can upgrade & transfer, but not downgrade & transfer.
2006-10-25 21:35:30 · answer #7 · answered by Anonymous · 2⤊ 1⤋
For sure. Like....why do I have to buy a new calendar each year? Totally bogus.
2006-10-26 07:36:30 · answer #8 · answered by TaxMan 5 · 0⤊ 1⤋