An error that I discovered this year when reviewing last year's return:
I entered my foreign tax paid as my total foreign dividend income. Is this too "uncommon" an error for it to be part of TurboTax's error-verification protocol? Is it too "granular" an error to be caught? To what extent does TurboTax actually check results before giving a return the green light?
The feds also missed the error, though, although it is pretty blatant.
I'm just curious as to whether other people have had this type of a problem.
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TurboTax can't know that you misidentified an amount that you entered.
It can't read your mind.
Because the same amount appears in the forms in both categories (where it has been recorded), whereas total foreign dividend income has to be much higher than the amount of foreign tax paid on it, this should be an obvious red flag.
My RMD was included twice.
Turbo Tax made the mistake, I've tried
for over over a year to talk directly to someone
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:
@loumcnamara One thing that could have happened......did you import any 1099 forms? Even if you didn't import the 1099R but other 1099 forms from the same bank or brokerage it might have imported the 1099R too. Then you also manually entered it.
Turbo Tax is a self prepared return. They only guarantee the calculations are right based on your entries. They won't know if you entered something wrong or twice or in the wrong place or left something out. It doesn't check against any outside sources. The IRS has copies of all the W2s and 1099s your employer and banks/brokers, etc. sent in to match against. Turbo Tax only checks the calculations of what you entered. It is your responsibility to check it over before you file.
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