We may be able to assist you in determining what the correct deduction and tax would have been, if you provide us with more details. But we can’t see your actual tax return. Do you have more than $750,000 of mortgage balance and the IRS is questioning your adjustment? Do you have home equity debt? What does the IRS think you did incorrectly?
Is this an in person audit, or did you receive a letter from the IRS that proposes a tax adjustment? A letter is not a true audit. If you agree that the original calculation was incorrect and the new calculation is correct, you can just pay the requested amount. If you believe that you gave TurboTax correct information but the program calculated your deduction incorrectly, you always owe your own correct tax, but you can apply to the TurboTax guaranteed to cover any penalties and interest. If you believe the IRS letter is incorrect, you have the ability to offer proof that your original calculation was correct, but you must respect the deadlines in the letter, otherwise you lose your opportunity to appeal the assessment.
