Is there something that may have changed in TurboTax between the morning & evening on 1/28/23? I logged back in and my refund amounts (which in my case was a federal amount owed, and a state refund) were significantly different. I'm using the web-based version of TurboTax and am self employed. Thank you!
There have been several updates that have occurred over the past few days. To verify that the information is accurate, you will need to log in to TurboTax and double-check your entries to verify that entries have not been duplicated. To do this, you can follow these steps:
Thank you - there are no duplicate entries. Is it possible something got duplicated that I can't see? The change my have occurred when I corrected a 1099 to less than previously entered, but the amount due increased substantially.
The refund tracker is meant to track your refund in real time as you make changes to your return. It is only really accurate once you have finished entering all of the information into the return.
There isn't any way to know why it changed so dramatically for you overnight. It could have delayed processing your final entry before you closed the program until after you weren't watching it or a change to the forms that were available went through during the night.
The only important question is 'is it accurate right now.' If it is then you keep moving on.
This happened to me as well. Overnight my amount due doubled, and it is not calculating the deductions correctly. TurboTax's best advice was to "restart the whole process"
What's making it look like the deductions aren't being calculated properly?
You can check the deductions by previewing your 1040 in TurboTax online. Follow these steps to preview your 1040, and double check the entries made have not been duplicated:
There are no duplicate entries, but if I total up income & deductions the self-employment section of Turbotax, I don't end up with the same amount on line 8 of my 1040 - what might account for the discrepancy?
Line 8 of the return is from the Schedule 1 Form. This line reports other additional income that can include income other than self-employment. The Schedule 1 Form includes income such as gambling winnings, prizes, awards, cancellations of debt, jury duty pay, and taxable distributions from an ABLE account.
You can view a copy of the Schedule 1 Form by following the steps I previously provided above.
For additional information on the Schedule 1 Form, see the link below: