I have used Turbo Tax for several years and have been pleased with the result every year until now.
In my case, TT indicates that we were eligible for "a third stimulus payment of $4,200". That amount didn't match the amounts on the 6475 letters, so I selected the 'No' option. As required in TT, I entered the total amount that we received, which was $2800. Therefore, on line 30 of the 1040, the amount shows $1400. I would understand this to mean that we should be receiving another $1400. After all of this, my refund calculated in TT was $422. Like many others, I received the CP11 notice indicating that I owe $978 instead. ($978 + $422 = $1400). In the end, I'm not surprised that I have to give back money that came for 'free' from the federal government.
I reviewed the other posts on this topic and have come to the following conclusions:
- Obviously, with this many people having the same problem, something needs to be corrected in Turbo Tax. Perhaps the TT calculations are correct, but my opinion is that the questions relating to the Recovery Rebate need to be clarified in the future.
- For those responding to posts on behalf of Intuit, I suggest spending less time defending Turbo Tax and spending more time apologizing for the problem and stating what Intuit will do to correct this going forward.
Best wishes to all.
