I spoke with TurboTax on the phone for 2 hours. They acknowledged this is a serious error in not being able to correctly calculate the average mortgage debt balance with a closed original refinanced loan. I said “you have 30M CA residents with homes In many case at or above the state limit, and your calculations set my balance off by $600k — effectively having me lose 17k in claimable interest ). The person didn’t respond to that other than saying, “yes, this is a big problem” and that they will respond by Tuesday to see what will be done. No commitment to fixing it. AND they said the problem IS present both on desktop and web versions.
This is unacceptable. Probably tens of thousands of people refinanced loans in CA last year and among those probably half use TurboTax. For me, Tuebotax in its current state results in me losing about $4k in incorrectly calculated claimable state mortgage interest. So much for my “lowest refund” guarantee — this is meaningless when the software is error riddled.
If TurboTax does not post the fix to this in the next week, I will be posting the recorded call of mine (they noted they record calls, so I did the same) to Reddit to gather attention to the tens of thousands of people likely already having filed and lost thousands of dollars due to their calculation errors and shoddy programming for CA refinances.
