Should i do my own taxes?

Up until now i have done my own taxes. But in 2007 i won a substantial amount of money ($40,000). The taxes were NOT taken out of it, so after some investigating i placed the portion that i will have to pay to the government in a CD that matured just last week. Then i took a large portion of the rest and opened a Money Markey account and also opened a Roth IRA.

With all those new types of investments i am concerned that i might be in over my head when doing my taxes on Turbo Tax.

Friends who use Turbo Tax say i should be fine, but another friend of mine has me concerned since i won that money that if i screw it up, i can end up owing the government a lot more than just the taxes on the prize money.

So should i use Turbo Tax or should i go to an agency like H&R Block?

Go to a private CPA and have them do your taxes. H&R Block and like companies are the BIGGEST ripoff. It's nothing more than someone sitting at a desk looking at a screen and answering questions the exact same way that Turbotax does....only they charge you ALOT more for it. Private CPAs normally charge around $100 depending on who you go to, and if you've given them all of your information and something comes up later on, they get to defend you to the IRS.

My taxes are super complicated every year because of family trusts, income from various sources, etc. I take mine to a CPA. Let him have the gray hair! Not me!

Nothing you have is very complicated, as long as you are sure you didn't put more in the Roth than you are entitled to. TT should handle the winning of a prize, although you are going to owe a ton of money on it. And you'll get paperwork on the CD and the money market account that TT will lead you through with no problems.

But you are the only one who can make the call.

Tags

　　Investment Company 　　Investment Calculator 　　Investment Bank 　　Investment Advice 　　Investment Account 　　Invest Money 　　Invest in Gold 　　Invest Fund 　　Income Fund

Related information

I hate my new job (2 weeks!) Help!?

just hang in there, you could be surprised at how much you actually understand and know it once you give your self the chance. you are new, and there has to be a learning curve, and I am sure your...

How do I calculate an annual percentage yield based off quarterly returns?

The best method to compute such a return is to use IRR (internal rate of return) using a spread sheet like Excel. For instance, you would lay out your cash flows like this: -100 (Initial Invest...

After Foreclosure in Florida,What can the deficiency judgement take?

A deficiency judgment can be collected in the same manner as other judgments (wage garnishment, siezing bank accounts, etc). They can't mess with your credit cards.

...

How can I force myself to stay at this job ...?

No job... ever.. is worth your self esteem. I do not care how good it pays or whatever the reason, it is NOT worth it. However, I understand what you're saying about job hopping. I have t...

Getting a part time job with the studies back home or do i have to wait ?

You masy not be able to get a job in accounting without papers from the country you are now living, but you can surely get a bookkeeping job. the pay won't be as good, but future employers wil...

Do mortgage loans get taxed?

as long as your dad has an account with your brokerage firm in his name with his social security number on it, there is no tax until you make money for him. But what if you blow up and he ends...

How much (percent of salary) do you save every year? And Honest feedback on whether or not I doing okay?

I have no idea about if you'll have enough to retire or not. I think saving 25% Of your combined income is great but if you're buying a home or having kids, you need to consider a few ...

Investing in private mortgage companies good alternate to stock market?

Assuming that is what they really do. But what about when you want to sell out that stake? Or what if they sell out a book of business to a bank and assume another with worse prospects? The nice...