1931791
Turbotax would cost me a $5,452 Tax Credit for 2020 taxes because it does not support Form 8846 to claim a Credit via Form 3800 for overpaying the 7.65% SS+Medicare tax on Tips that exceed the tip amount required to have waitresses achieve min-wage for non-tipped staff. Paychex processes payroll for many restaurants owners but it collects and pays SS+Medi tax on ALL tips. I could find no Form 3800 workaround for the missing Form 8846 so now must pay a CPA to do my taxes. I wasted my money on buying Turbotax.
You'll need to sign in or create an account to connect with an expert.
You seem very knowledgeable about the issue. Why not do your return yourself on paper. Then simply mail it in?
The purpose of my post is to warn all business owners with tipped employees of this serious Turbotax omission. To avoid high cost of CPA tax filing, I will explore other tax filing software like from H&R Block.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
cchilton18
Level 1
smaster123
Returning Member
mitchden1
Level 3
Raph
Community Manager
fireman0175
Level 3