Turbo Tax calculated SEP-IRA wrong and now demand $99 to fix it!!

[Critter]

Contact TurboTax support and speak directly with a TurboTax support agent concerning this situation.

See this TurboTax support FAQ for a contact link and hours of operation -https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number

[noname2019]

I tried several times, but just got a recording saying, "This issue requires an expert" and the the recording explained how to buy expert services. 

[noname2019]

Interesting.  Your link does not have a phone number and Turbo Tax will not give a phone number.  

[Critter]

Use a more generic issue like "enter income" so you get past the automated system.  

If this is for a return you have already filed then you could put in for an accuracy claim instead : 

Any calculation errors on the part of TurboTax are covered under the Accurate Calculation Guarantee.  TurboTax will pay any penalties and/or interest due to a calculation error but not any taxes owed.  The Guarantee does not cover any user entry errors or omissions.

See this TurboTax support FAQ for the 100% Accurate Calculation Guarantee - https://ttlc.intuit.com/questions/2566201-what-is-the-turbotax-100-accurate-calculation-guarantee

See this TurboTax support FAQ for submitting a claim - https://ttlc.intuit.com/questions/1901269-how-do-i-submit-a-claim-under-the-turbotax-100-accurate-ca...

See this TurboTax support FAQ for documents needed to submit a claim - https://ttlc.intuit.com/questions/1901060-what-documents-do-i-need-to-submit-a-claim-under-the-turbo...

[Critter · Accepted solution]

Ok ... you did not click the link for your product  IN the link I posted.  

What is the TurboTax phone number?

The best and most efficient way for you to connect with the right person to get the help you need is to select the version you are using below.

We're open Monday through Friday from 5am to 5pm Pacific.

TurboTax Online

1. Sign in to TurboTax Online if you're not already signed in.
2. Select Search in the upper-right corner and then Contact us.
3. Enter your question, select Let's talk.
4. Select Get the number then follow the instructions to call us
   • Free Edition (without PLUS): When you select Talk to a specialist, you'll be asked to add PLUS benefits first.

The above is the best and most efficient way for you to connect with the right person so that you can get the help you need. If you still require assistance, you can contact us at (800) 446-8848.

[noname2019]

Thank you. Very helpful. 

[dmertz]

TurboTax calculates the maximum SEP-IRA contribution properly.

[noname2019]

Is that a joke? IRS says 20% of an owners net income and Turbo-Tax says 50%? 

[dmertz]

You've made several questionable assertions with no substantiation to support them.  When the Maximize box for a SEP contribution is marked, TurboTax calculates a sole proprietor's SEP contribution as 20% of net earnings (subject to the overall annual limit).  Net earnings are net profit minus the deductible portion of self-employment taxes.  This is all done on TurboTax's Keogh, SEP and SIMPLE Contribution Worksheet which accurately duplicates the Deduction Worksheet for the Self-Employed in Chapter 5 of IRS Pub 560.

If TurboTax provided a self-employed retirement deduction of more than the amount permitted to be contributed to a SEP-IRA it means that you mistakenly entered some other type of self-employed retirement contribution (a SIMPLE IRA, a 401(k) or defined benefit contribution) or you marked the Maximize box for an individual 401(k).

[noname2019 · Accepted solution]

No reason to get huffy, especially when you are incorrect. 

I am aware of the formula, which is why I know the TT answer is incorrect. And your assumption that I must have "mistakenly entered some other type of self-employed retirement contribution (a SIMPLE IRA, a 401(k) or defined benefit contribution)" is also incorrect, not to mention that it would have made their contribution smaller, not larger than it should be, and their answer is approx. double what it should be. 

[connexcindy]

I am noticing, on my 2019 taxes, an incorrect 2018 Income Summary IRA reporting! I was busy and filed a late 2018, but I can't figure out where this reporting is coming from as I look at my 2019!  My .pdf files look correct. Help!!

[dmertz]

connexcindy, please ask a separate question and provide more context.  Your question as asked seems unrelated to the earlier posts in this thread.