After updating my 2018 turbo tax file on 9/7/19, as requested, my tax obligation has changed. Tax calculation as filed on 4/15/19 was $33,048 and after update it shows an obligation of $31,516? Was your tax table incorrect at 4/15/19 and did I file too soon? Do I need to now file an amended return?
Well, you should celebrate as your taxes went down. I just updated Turbotax for 2018 on Sept 7, 2019 and my Federal Taxes went up $92,750 more than I had paid in April. State taxes also did a $36,000 turn in the wrong direction as well. Not sure what changed so I’m doing my return that normally takes two weeks over again to see why things changed.
Depressed in NC.
before going to the trouble of amending your return, I would download a transcript of your 2018 return from the IRS website. Then compare it line by line to the current one to see what changed. and are you sure your looking at just the amounts for federal and state rather than what TT presents which is a combined amount.
report back in this thread as to what lines and forms/schedules changed and we can then give you additional advice
My tax due for 2018 was computed via the "Schedule D Tax Worksheet". When I compare the original worksheet to the worksheet after the update on 9/7 everything remains the same, EXCEPT LINE 18, which has changed. On the original worksheet which was part of my original filing Line 18 was only a one liner. The updated worksheet for Line 18 has sub-sections a.,b., and c. calculations which has resulted in a total recalculation of the ultimate tax due. I haven't yet downloaded a copy of my return from the IRS website, but when I compare the original TT worksheet to the updated TT worksheet the end result is an increase in the amount of my over payment for 2018. Do you believe the IRS would have resulted in the same change or is it likely that the TT program was not yet complete when I prepared my taxes in April?
The IRS specifically stated that their 2018 Schedule D Tax Worksheet contained an error.
See https://www.irs.gov/forms-pubs/error-in-tax-calculation-in-schedule-d-tax-worksheet-form-1040