Turbo tax made a mess of my taxes, missing over $1500 in tax reduction (between state and federal). Of course they will say they didn't, but here are the issues I had:
I imported a consolidated 1099 from Schwab.
1. treasuries with Accrued Market discount (AMD) are reported in schedule B as interest. But they are not imported into Oregon State return as Treasury interest (where they are tax free) so I have to manually change the numbers in the state return. TT should flag this somehow. I had to discover it by eyeballing returns.
2. Unreported T bill sale is imported as capital gain, so has to be manually adjusted into Interest and capital gain. TT should ask the questions needed to flag this. Again, I happened to find it.
3. Accrued interest paid on treasuries (and probably other bonds) is not subtracted from the interest.
It's pretty messy to fix this. Again, manual inspection.
4. Quite a few Entries in Investment and Interest section had "needs review" Flags, but these were not shown when return was checked. It was listed as 100% complete.
5, there are still problems that I have not yet resolved, for example whether or not TT is correctly handling monthly cost basis adjustments to GLD ETF.
Hard to describe how stressful and time consuming getting to the bottom of all this is/was.
