$20 Billion refund?

Forum|Forum|3 years ago
March 28, 2023
2 replies
15 views

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?

xmasbaby0

Level 15

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.**

JokarAuthor

Level 2

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

JohnB5677

Level 15

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

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

1099-R Posting Online

Select Federal
Wages & Income
Select Wages and Salaries, or Revisit
Scroll to Retirement Plans and Social Security
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
At this point you can edit an existing document of [Add another 1099-R]
If a new 1099-R continue to Let's import your tax info
You can import by selecting your provider.
1. Follow the instructions.
—---- Or to post manually —------- Suggested
[Change how I enter my form]
[Type it Myself]

Estimated taxes posting

Go to Deductions & Credits.
Under Your Tax Breaks
Scroll down to Estimates and Other Taxes Paid.
Select Estimated tax payments from the Drop-Down
Then Federal Estimated taxes ...

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JokarAuthor

Level 2

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!