topic Re: Different tax platforms in Get your taxes done using TurboTax

Different tax platforms

Xxogirl — Sat, 05 Feb 2022 06:09:40 GMT

How come when i input all my information into turbo tax to get the amount i should be receiving, it is completely different from a different tax preparer platform? I input my amount in turbo tax and it took off 2000$ when i input my 1098-t form. I tried it with h n r block and when i input my 1098-t form, it didnt deduct any money at all. Any help and recommendations would greatly be appreciated.

Re: Different tax platforms

xmasbaby0 — Sat, 05 Feb 2022 14:13:05 GMT

All of the tax preparation software must be checked by the IRS and must comply with all of the tax laws. If you enter the same data ---correctly --- into any of the software programs you should get the same results. When you get a wildly different result with them it means you entered something differently. We have no way to know which program you used correctly.

If you can describe where you entered your 1098T and which education credit you were working on, perhaps someone here can help you understand what happened.

And...can you be claimed as a dependent by someone else?

Re: Different tax platforms

Xxogirl — Sat, 05 Feb 2022 14:55:13 GMT

When i am on turbo tax, i enter the amount of financial aid i received in box 5, it lowers my taxes drastically. My box 1 is 0. When i use cashapp or h and r block and inter the same information in box 5 of the 1098-T, they dont deduct anything at all. Also, i cannot be claim as a dependent on someone elses tax return. How do i know if the software has been approved by the irs?

Re: Different tax platforms

Vanessa A — Thu, 10 Feb 2022 19:45:18 GMT

For a software company to transmit your return to the IRS, it has to be approved by the IRS. The software should all produce the exact same results unless you are entering different information. One answer can totally change the amount of your refund or your taxes due. If you have $0 in box 1 of your 1098-T and an amount in box 5, box 5 could become taxable income as scholarships and grants received that are not used for education is taxable.