Accuracy guarantee claim issue

[Otterspace1987]

Hello, I need to file an accuracy claim but your form to do so doesn't include tax year 2024, can you add it so I can file?

[xmasbaby0]

What is wrong with your 2024 return?   Has it been fully processed by the IRS?   If there are mistakes on the return you can amend a 2024 return.   The 1040X to amend will be available in about a week.  

[Otterspace1987]

I already filed and paid but I got a letter from Oklahoma Tax Commission that I owe 83.20 because they adjusted my income tax return for underpayment (but I paid exactly what was on turbo tax). 

[VolvoGirl]

The amount Turbo Tax calculates on your 1040 or state is only an estimate.  Turbo Tax can not figure it accurately because they don't know exactly when the IRS or state will get your return and tax due payment.  It's very common and normal and expected for the IRS or state to bill you for more or send you a refund.

[Otterspace1987]

That doesn't make sense, what is the point of an accuracy guarantee if they don't know how much I should pay? That's the whole point of turbo tax, to calculate my tax payment for me based on tax forms regulations and figures. 

Anyway, I need to file a claim but the turbo tax form doesn't include 2024, does anyone know when it will be added?

[VolvoGirl]

The penalty is an estimated amount.  You could have even selected not to include it and have the IRS or state calculate it.  The guarantee is only for the calculations for the tax due or refund.  It doesn’t cover the underpayment penalty.   

[Otterspace1987]

The penalty I'm not worried about its only $4.20 in interest but why didn't turbo tax properly calculate the amount I owed before I paid? It knows how much I made last year and I input my estimated payments I already made, so it should have calculated everything properly except the penalty amount.

[Otterspace1987]

Ok now I'm even more confused, I just logged into my online tax account for oklahoma and it says I have a 200 dollar refund that was intercepted to pay penalties and interest ($4.20) with a net refund of 195.80. But the notice given a day before that one said I owe 83.20 for underpayment.  Also it says my balance is $0, does that mean I owe nothing? Or that I just haven't paid any estimated payments for this year yet? Man I hate taxes.

[MonikaK1 · Accepted solution]

If you owed tax for a different year or other amounts to the state, the state could have applied your refund to pay the other debt. If there is interest included in the amount, this could mean the debt is from a prior year.

Only if your situation meets the terms of the 100% Accurate Calculation Guarantee, Intuit will reimburse the amount actually paid by you to the IRS or state in penalties and/or interest as levied against you in their first notice (i.e., if the notice is not paid, Intuit will not reimburse additional interest and penalties for not paying the first bill timely).

The form to file Accurate Calculation Guarantee claims for 2024 should become active by around the time the returns are due.

See this Oklahoma webpage for options to contact their tax agency with questions about their bill.

@Otterspace1987 

[Otterspace1987]

Thanks for the information, that's helpful. On the letter I got it says the reporting period for this underpayment is dec 31, 2024 so it seems like it's from 2024. There are no penalties but they did charge interest of $4.20. I'll pay it and file the claim when it becomes available.