TurboTax Moderators will be notified about tax year 2019 not being available.
The Accuracy Gurantee is used if you received a penalty assessment notice. Did you receive a notice for a 2019 tax return filed using TurboTax?
Yes, for tax year 2019 and there were errors. It appears convenient to require to file a claim within 60 days and then not provide the form for that year. I have been trying to get this point across for weeks now but the help section did nothing to help.
It is way too early for a 2019 audit penalty notice ... what exactly did the notice cite as the issue ?
It is a CP14, Underestimated Tax payments. Turbotax told me at filing there would be none ....
The TT program estimates the underpayment penalty based on YOUR entries in the program ... if the IRS/State determines a different amount this is NOT a program error and is not covered under the accuracy guarantee.
Intuit works to ensure the accuracy of the calculations on every form prepared using TurboTax. If you are a registered user who has updated your copy of TurboTax with the most recent update available prior to filing your return and reviewed your return for reasonableness and you pay an IRS or state penalty and/or interest solely because of a calculation error on a form prepared using TurboTax, and not as a result of, among other things, your failure to enter all required information accurately, willful or fraudulent omission or inclusion of information on your tax return, misclassification of information on the tax return, or failure to file an amended return to avoid or reduce an applicable penalty/interest after Intuit announced updates or corrections to TurboTax in time for you to file an amended return, then Intuit will pay you in the amount of the IRS or state penalty and/or interest paid by you to the IRS or state. (A "registered user" is a user who either registers his/her TurboTax license purchase with Intuit, or has purchased a license to use TurboTax directly from Intuit). The Accurate Calculation Guarantee does not apply to tax forms completed in which the data is entered directly by you onto the form, rather than through the use of the in-product TurboTax interview guidance. You are responsible for paying any additional tax liability you may owe and providing any other information Intuit reasonably requests to validate your claim.
Additional details at: turbotax.com.
If you believe such a calculation error occurred, you must notify Intuit as soon as you learn of the mistake (and in no event later than 30 days after the penalty or interest is assessed and within the applicable federal and/or state tax filing statute of limitation) at https://ttlc.intuit.com/community/charges-and-fees/help/how-do-i-submit-a-claim-under-the-turbotax-100-accurate-calculation-guarantee-or-100-accurate-expert/00/26065 or by mail at Intuit Inc. TurboTax Accuracy Guarantee Analyst, 2800 E Commerce Center Place, Tucson AZ 85706. Intuit will then contact you to resolve the issue. To validate the claim, Intuit may require your TurboTax tax data file (mandatory if you did not electronically file), a copy of the IRS/state notice, and any other documents to support the income, deduction or credit.
@rtrace11 wrote:
It is a CP14, Underestimated Tax payments. Turbotax told me at filing there would be none ....
That would not fall under the Accuracy Guarantee. There is no failure to pay penalty and interest on taxes owed in 2019 until after July 15, 2020.
IRS CP14 - https://www.irs.gov/individuals/understanding-your-cp14-notice
No Underpayment of Estimated Tax would be owed if -
Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller.
What exactly does the notice indicate why you would have an Underpayment of Estimated Tax on the 2019 tax return?
Yeah, I knew that one way or the other Turbotax would not take responsibility even though their software did say there were no underpayments.
I did provide all the entries and Turbotax did calculate incorrectly that there were no underpayments.
The IRS disagrees ... when you figure out why then you may have a claim if it truly was a program error.
@rtrace11 wrote:
Yeah, I knew that one way or the other Turbotax would not take responsibility even though their software did say there were no underpayments.
You can still submit a claim. The TurboTax Moderators have been notified that tax year 2019 is not in the dropdown in the FAQ for Accuracy Claim.
When it is updated, I will notify you on this thread.
Thank you! I was ready for some help instead of TT defense talk
Are you talking about 1040 line 24?
And even if Turbo Tax adds it on line 24 it is only an estimate. It's common and expected for the IRS to bill you for more depending on when they actually get your payment. Or even send you a refund for some.
Maybe you can fill out form 2210 to reduce or eliminate the bill from the IRS.
It's under
Federal or Personal (for Home & Business Desktop)
Other Tax Situations
Additional Tax Payments
Underpayment Penalties - Click the Start or update button
Form 2210 https://www.irs.gov/pub/irs-pdf/f2210.pdf
And 2210 Instructions https://www.irs.gov/pub/irs-pdf/i2210.pdf
There was nothing on 1040 line 24. That is the problem, there should have been. And the rules as to why you get a penality are probably as basic as anything:
In general, you may owe the penalty for 2019 if the total of your withholding and timely estimated tax payments didn't equal at least the smaller of:
90% of your 2019 tax, or
100% of your 2018 tax. Your 2018 tax return must cover a 12-month period.
Both should have raised a red flag and create an entry on 1040-24.
If you used the TT program last year then the prior year info for the 2210 should have been carried forward for this calculation. If you had a balance due on the return the program would have taken you there and asked you to review that information for accuracy and offered the form 2210-AI to reduce or minimize it.
Log into your program, scroll down and click on ADD A STATE to open the program and review that section again ... maybe you can refute the IRS notice with a 2210-AI form.
I would call in and ask for the Desktop download program so you can open your return and see form 2210 and what Turbo Tax has on it. And look around at all the entries, forms and worksheets.
To continue in the desktop version see this…….
After you get the program installed the first thing to do before you open your tax return .tax file is to update the program and install any state programs you had. Then open your file. So you first might need to start a fake return to be able to download the state program (go to FILE - NEW).
Contact Customer Service
5am-5pm Pacific Time Monday -Friday
https://support.turbotax.intuit.com/contact/
What is the Turbo Tax phone number
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632
I have been using TT for 10 years. I use the web version. And yes it should have done all that bringing forward ... thats why i was expecting it to do it right. 100% guaranteed .... and it didnt
And we have all given you the ability/instructions on seeing what happened ... most likely it was NOT a program error ... 99% of the time it is a user data entry error but as you have been told you can put in for the guarantee however I highly doubt this is covered.
Trying to understand. I used the web version and Turbotax did not create a 2210 at all. I recall years where it did for me. Not last year. And it should have based on the basic guidelines of 2210. So what would be the point of me doing the trouble shooting on all this ? That software probably changed (I filed in Feb 2020) and ... am I not the customer? The one that pays (and has been paying for 10 years) $150 for a guaranteed correct calculations ... I would expect TT to get into this and understand why their web software is not doing that what their customers need and deserve.
The TurboTax New York State form doesn’t let information to be entered for payment of taxes owed. NY requires taxes to be filed online....for free by the way.
IRS Code Section 6601 made me pay a penalty and interest on my 2020 Turbo Tax Calculation error. Please send me an Accuracy Guarantee Claim Form so that Turbo Tax can reimburse me.
@freliades33 wrote:
IRS Code Section 6601 made me pay a penalty and interest on my 2020 Turbo Tax Calculation error. Please send me an Accuracy Guarantee Claim Form so that Turbo Tax can reimburse me.
Please check the electronic submission of Form 2021 Form 1099-DIV.from Vanguard to my tax return.
A difference of Dividend income (Wellington Fund not included.)
Please help!!! and explain.
HB
For privacy reasons and to comply with IRS regulations, TurboTax cannot work directly with your tax return. If you downloaded a tax form from Vanguard and it didn't populate properly on your tax return, you will have to enter the missing information manually.