What's the difference between TaxAct and TurboTax?
I prefer TaxAct. I find it simpler to use and more helpful in helping answer the questionnaire. I have a fairly complex tax return and it handles it just fine. I typed my information into both last year, and while they were not exactly the same, they were within $10 of each other. For my simple 2009 taxes they were not different in any meaningful way. I have used TurboTax for years with no problems. I clicked on the TaxAct link in an ad and decided to see if there was much different. Using the free version of Taxact, and inputting the exact same information, my federal taxes came out with a $1500 difference while my state taxes (NJ) came out almost identically. I rechecked my inputs twice and could find no typos in either program. While I would make out better with the TaxAct program in my wallet, I find the detailed questioning and directions in TurboTax to be superior. Somehow I am thinking that TaxAct has missed something but I can't figure out what. And the only way to actually print out your forms with TaxAct is to get the paid version, so comparing the final forms side bybside isn't a free option. Like most software it's about what you put in to them. We use ProSeries software which is like TurboTax but $4500 with no questions.   I would do your taxes on online and then have a professional do them. You then can ask any questions you may have to better understanding of what's going on. Only take copies of your documents because some unprofessional places will try to keep them.  Do this each time something big changes in your life, you have a baby, buy a house or start a business.  May cost more but could save you thousands in the long run.  I have been doing taxes professionally for 7 years.
"There's no objective definition of what your house is worth between sales.  If you sell it for $107K, then that's the current functional definition of its worth.  There is not ""extra"" money to be had because you sold it for less than it was worth.  If the buyer is able to flip it for more, then the value of the house effectively went up and he will pocket the difference when he sells it. EDIT This turned out to be unexpectedly controversial, so let me be more precise in my answer.  I think this is important because it seems like many people misunderstand equity and how it figures (or doesn't) into the value of their home, which then leads to significant confusion and errors in what's many people's largest single investment. At any given time there are several possible ways to put a dollar value on your home.  A non-exclusive list that includes: Some of these obviously are more ""official"" than others. It would not be strange for these different values to vary by quite a bit at any given time. (This is what I meant in my original answer when I said there's ""no objective definition of what your house is worth between sales."") The interesting thing - and what I meant in my original answer when I wrote ""current functional definition of its worth"" - is that none of these factor directly into the transaction that the OP described of selling his house except for the last.  Using the numbers from the OP's example, that means the $107K.  Wherever the OP got the number $155K (either from one of the options on my list above or somewhere else), it won't be directly part of the sale between him and his friend. (For completeness, with a nod to Eric's comments on my original answer, some of these numbers may indirectly influence the sale.  For example, the buyer typically won't be able to get a mortgage for a value greater than the appraised value of the house, and so that might influence what he's willing and able to bid.  There may also be tax consequences if the price is artificially low, like, say, a gift.  As further expounded below, however, that's not directly relevant to answering the OP's stated question.) Now, the OP seemed to believe that there is an ""extra"" $48K in cash up for grabs in this scenario.  That comes from the $155K value that the OP claims his house has and the $107K price of the actual proposed sale.  This is a complete misconception.  When the buyer and seller sit down at closing and the title agent sums up who owes and who receives cash in this transaction, the $155K ""theoretical"" value will not enter into the calculation and therefore no one will pocket it. Subsequently, however, after the buyer takes possession, he may sell it.  If it's true that he ""got a deal"" on the transaction at $107K, then he maybe able to flip it and turn a profit.  But if that happens, it will be in a completely separate, subsequent transaction. Even if you look to this hypothetical second sale, however, the $155K doesn't really figure.  The new owner will have to find his own buyer, and they will have to agree on a price.  That might happen to be $155K, but there's no real reason to believe that it will or it won't." In November '14, I wrote TurboTax 2014 Marketing Mistake  Shortly after writing it, a TurboTax agent wrote (on Amazon) to counter the complaints by saying that Deluxe has these forms but did not offer Interview help for them.  As Ben notes in his comment on LittleAdv's answer. TurboTax issued an apology letter, which, in my opinion, didn't really set things straight, factually.  The forms are there, the interview and data import for stock transactions is gone. "Read up on filing an ""amended tax return"".  Essentially you'll fill out the entire return as it should have been originally, then fill out form 1040X stating what has changed (and pay the additional tax due if needed).   According to TurboTax's website, they have partnered with Sprintax for non-resident tax prep.  I am not vouching for the service; just offering it as information." The 19th century called, they want your socialism back.  &gt;I bet neither the military, NASA, FDA or your local police station/firefighters aren't providing any usefullness...  Let's see...  * Military? - not sure what good I'm getting of some fucker in Afghanistan being killed  * NASA - yes, I get value from that  * FDA - ditto, but not that much  * police - I'd rather get them reduced in size  * firefighters - we need a lot of audits on the effectiveness of those  When I buy a product from a private corporation, there are a lot of rosources that I can consult on the value they provide. I can choose between the different providers.  When the government taxes me, I don't have a choice. I must pay the taxes no matter what. It'a a totally different situation. I noticed a lot more things getting painless with Stata that would have been annoying in ecxel. In stata this could have been one command entered.   But I'm sure there are ways to do things more elegantly in excel I just don't know how. Stata was a learning effort of about a week to do what I was doing. You decide on a cost bases attribution yourself, per transaction (except for averaging for mutual funds, which if I remember correctly applies to all the positions). It is not a decision your broker makes. Broker only needs to know what you've decided to report it to the IRS on 1099, but if the broker reported wrong basis (because you didn't update your account settings properly, or for whatever else reason) you can always correct it on form 8949 (columns f/g). The two terms seem to be used interchangeably.  Even the IRS' website uses them interchangeably from one sentence to the next (emphasis mine): Many 401(k) plans allow employees to make a hardship withdrawal   because of immediate and heavy financial needs. Generally, hardship   distributions from a 401(k) plan are limited to the amount of the   employees' elective contributions only ... It might a difference in perspective:  The account holder withdraws the money, but the fund manager distributes it. Another way to look at it would be for cases that are only in transition to another tax-advantaged account.  You can withdraw the money without it becoming a taxable distribution if you get it into another tax-advantaged account within a certain time limit. "Assuming you file state tax returns, you shouldn't buy Basic. Ever. Your choice is probably between the ""Premier"" version and the ""Business and Home"" version. Price difference is insignificant (I have a comparison on my blog, including short descriptions as to who might find each version useful the most). The prices have gone down significantly, since when I wrote the article, its cheaper now."