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Deductions & credits
Although I use Turbo Tax every year for our joint return, I pay a CPA to do another family member's trust and personal returns. (This family member is subjected to the kiddie tax). Since I have already purchased TT for myself, I also use it to check the CPA's work every year. We always match on the personal return. Not this year. Having compared the worksheets side-by-side, all I can say is that TT's kiddie tax calculations are flat out wrong. Whether I choose the old or new method, I get very different (and quite obviously wrong) results vs. the CPA's professional software which also shows both methods. It doesn't surprise me that people are having their TT returns rejected by the IRS because of form 8615.
May 16, 2020
5:47 PM