Good morning,
As a relatively new business with limited number of clients, I am now exploring options of tax software to use for 2021 tax season.
I used ATX Max this year and find that it is not cost efficient though and also find some issues when trying to do returns with international related forms. I have been testing Drake for a while now. It has good reputation and reasonable pricing, excellent support team. The thing is that when I used Drake to create a return involving foreign capital gain adjustments in 1116 form, line 1a can not be calculated automatically, I have to manually do the adjustments and enter the result there. Line 18 (specifically for AMT) does not get the correct amount. It leads to a AMT tax on 1040, which based on my understanding, should not. I contacted drake support team but they insisted the software is correct here. As I have used ATX and Taxact before, I tried those softwares to run the same return. Both gave me reasonable amount in line 18 of 1116 AMT and no AMT tax on 1040. It may be because I am still in the learning curve of drake and has not find the correct way to input foreign capital gain in 1116? Can anyone comment here?
Also, I am reconsidering Taxact, it turns out that it works better than Drake and ATX Max in this specific 1116 case.
I used to use Taxact but heard people saying that is is not sophisticated enough for tax professionals. Can anyone comment here too?
In general, what are you guys recommendations if I can to pick from ATX Max, Drake and Taxact.
Thank you so much!