topic How does turbotax guarantee it calculates the tax 100% accurate? in Get your taxes done using TurboTax

How does turbotax guarantee it calculates the tax 100% accurate?

manbeing — Fri, 07 Feb 2020 15:29:12 GMT

I am owing a huge tax bill this year, so I want to see if other software would figure out the same number.

When I did was I just entered figures of two W2s. Absolutely No credits or deductibles considered. Again, just two W2s. this was the simplest tax return case. Why did TT and TaxAct show me more dues than the other three?

joint filing and each software summarized the same earnings on each W2. No typos entered.

TurboTax: -$5,763

HR Block: -$5,707

TaxAct: -$5,763

FreeTaxUSA: -$5,707

TaxSlayer: -$5,707

Re: How does turbotax guarantee it calculates the tax 100% accurate?

SteamTrain — Fri, 07 Feb 2020 16:22:08 GMT

@manbeing

....maybe those two added an estimated underpayment penalty amount, where the others are just letting the IRS figure the penalty.

You can see a 1040 worksheet in your TurboTax account, from the ,<Tax Tools<<Tools pop-up menu. The penalty on the 1040 worksheet would be at line 24.

Re: How does turbotax guarantee it calculates the tax 100% accurate?

manbeing — Fri, 07 Feb 2020 17:44:52 GMT

Year, you are right. I saw $56 estimated penalty on Line 24.

Thanks for your help!