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ACCURACY GUARANTEE
TurboTax provides do-it-yourself tax software. TurboTax guarantees the calculations done by its software. The information entered into that software is data entered by you, the user. TurboTax cannot and does not check that information against any outside sources, so TT cannot know if you entered your information completely or correctly. It is up to you to enter all of your information correctly and completely, and to check your tax return before you file it. If you forget to enter some income, or enter it incorrectly, enter it in the wrong place, etc. then you may end up owing additional tax to the IRS and/or state. TurboTax does not pay the additional tax you owe. If TurboTax’s calculations were incorrect, and you owe penalties and/or interest, then TT will pay the penalties and interest. The tax due is always owed by you, and must be paid by you.
If you need to enter a claim for the accuracy guarantee:
If the only itemized deductions you entered were car registration and a charity donation----what was on line 12 of your Form 1040? Did your itemized deductions exceed your standard deduction? If they did not, then the car registration and charity donation had no effect on your tax due or refund.
What did it say on line 35a of your tax return?
Where did you see $7444?
Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts) The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.
Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.” It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2023 Form 1040.
2023 STANDARD DEDUCTION AMOUNTS
SINGLE $13,850 (65 or older/legally blind + $1850)
MARRIED FILING SEPARATELY $13,850 (65 or older/legally blind + $1500)
MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse
HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)
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