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$20 Billion refund?

I'm still filling out our Turbo Tax software, but my current estimated refund is nearly $20Billion.  Obviously, that's not right, but I can't figure out what I'm doing wrong.  Any ideas on where I should look for my mistake?  (Or do you think I might be using a fake Turbo Tax program?

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4 Replies

$20 Billion refund?

We cannot see your screen or your tax return.  You need to look at any income amount and any tax withheld amounts you entered----and look for extra zeros and/or misplaced decimals.  The comma and decimal are next to each other on the keyboard so it is easy to strike the wrong one.   If you imported any data----your W-2, any sort of 1099's----check them carefully too and make sure they imported accurately.  Sometimes things go awry with imported data--you should always compare the imported data to the printed copy.  

 

And why do you think you could be using a fake program?  Where did you purchase the software?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
JohnB5677
Expert Alumni

$20 Billion refund?

I'm not sure if your online, or have a desktop version, but I would start with anything that had withholdings.  Typically, a W-2, or 1099-R.  

Then I suggest checking estimated payment information.

This is a guide to get into these areas.

 

W-2 posting online

  1. Start out at Federal 
  2. Wages & Income 
  3. Select Wages and Salaries, or Revisit
  4. Select add a W-2 for the appropriate person if married.
  5. Post the tax ID number for the employer
  6. If you want to import the W-2, enter the value from box 1 of the W-2
    1. Follow instructions for the import.
  7. ------------To Type it Yourself---------------------   I suggest this option
  8. Select [Change how I enter my form]
  9. [Type it Myself]

1099-R Posting Online

  1. Select Federal 
  2. Wages & Income 
  3. Select Wages and Salaries, or Revisit 
  4. Scroll to Retirement Plans and Social Security
  5. Select the type of income.
    1. IRA, 401(k), Pension Plan Withdrawals (1099-R)
    2. Social Security (SSA-1099, RRB-1099)
    3. Canadian Registered Pension Income
  6. At this point you can edit an existing document of [Add another 1099-R]
  7. If a new 1099-R continue to Let's import your tax info
  8.  You can import by selecting your provider. 
    1. Follow the instructions.
  9. —----  Or to post manually —-------  Suggested
  10. [Change how I enter my form]
  11. [Type it Myself]

Estimated taxes posting

  1. Go to Deductions & Credits.
  2. Under Your Tax Breaks 
  3. Scroll down to Estimates and Other Taxes Paid.
  4. Select Estimated tax payments from the Drop-Down
  5. Then Federal Estimated taxes ...
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$20 Billion refund?

Thanks.  I discovered that after uploading documents, several blocks of the "Federal Income tax withheld" were filled with some account numbers, and they "added up" to $20Billion!

$20 Billion refund?

Thanks, xmasbaby0.  You're right.  It was an error from uploaded documents!

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