tax calculation guarantee?

[sfrance16]

I have a statement from TurboTax, that my Fed refund would be $4100+, which I planned to use it on home repairs.

I received a note from IRS that my refund was miscalculated and was only $2700+.

What happened to your "guarantee" that my tax would be "100% accurate"?

[VolvoGirl]

So the difference is 1400?   $1,400 is the amount of the 3rd Stimulus payment.  Did you already get the Stimulus payment they sent out last year starting March 2021? The IRS has records that show you were sent the 3rd stimulus payment so they removed the $1,400 Recovery Rebate Credit.

 Do you have 1,400 on 1040 line 30?  You might have tried to claim it again.   Line 30 is only if you didn't get the full amount or qualify for more. 

Did you get IRS letter 6475 saying what they sent you?  If you didn't get the IRS letter 6475 saying what they sent you then check your bank statements and check your IRS account to see when and what they sent you.

Your Online Account | Internal Revenue Service

[VolvoGirl]

100% Calculation Guarantee

https://ttlc.intuit.com/community/charges-and-fees/help/what-is-the-turbotax-100-accurate-calculatio...

Turbo Tax is a self prepared return.  It has no way of knowing or checking that you entered something wrong or in the wrong place or entered something twice  It doesn't check against any outside sources.  The IRS has copies of all the W2s and 1099s your employer and banks/brokers, etc. sent in to match against.  Turbo Tax only checks the calculations of what you entered.   It is your responsibility to check it over before you file.  They only Guarantee that the calculations are right based on the entries you made.

[NCperson]

@sfrance16 - 

let me state my understanding of the Turbo Tax Guarentee

The tax return can broadly be incorrect for one of two reasons:

1) the software's calculations does not reflect federal or state laws.  Call them 'bugs' if you wish.  these 'bugs' cause the output (the tax return) to be incorrect.  Turbo Tax will pay the penalties and interest (but not the tax itself) that arise should the software be wrong under its guarnetee

2) the tax payer enters incorrect information.  Similarly to 1), the output (tax return) will be incorrect, but in this case, it's due to user error as the software calculated (added, subtracted, multiplied and divided) correctly, but the numbers that were used as provided by the taxpayer were incorrect.  The Turbo Tax guarentee doesn't cover this type of error.

3) During the Turbo Tax interview, the tax payer was asked how much was received for the 3rd stimulus.  If this amount didn't not match the IRS records (since they are the ones that sent out the stimulus), the IRS adjusted the tax return for the difference.   That is what occured here ($1400) .  This is a taxpayer error: entering less than what was actually received.....

make sense? 

[rjs]

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@sfrance16 wrote:

What happened to your "guarantee" that my tax would be "100% accurate"?

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TurboTax cannot and does not guarantee that your tax return is 100% accurate. They guarantee that the TurboTax calculations are accurate, based on the information that you enter. TurboTax has no way of confirming that the information that you enter is accurate. It has to rely on you to enter accurate information. If your entries are 100% accurate, TurboTax guarantees that your tax return will be 100% accurate.