After e-file of Fed and State I discovered that (1) I made an entry error by failing to input Fed Tax withheld on my wife's IRA/RMD. Result is I am scheduled to pay by direct debit an extra $884 plus a $3 penalty. I am hoping the Feds catch the error and debit the correct amount without the penalty. My question is why Turbo Tax did not flag the obvious missing entry? What if anything should I do now?
(2) I entered all State withholding correctly but Turbo Tax added it incorrectly and now I am scheduled get a refund that is $440 too much. How could that have happened and what if anything should I do now?
I'm sure the Feds will get their money and I hope it is the right amount, but I am also sure the state will not send me an over payment if they send anything at all.
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Feds won't catch the RMD. State might catch state error. Wait until everything is processed, then file an amendment.
The first step is to let the tax returns run their cycle. Anything you do before that will complicate things. Once everything is processed you should file an amended tax return for both the Federal and state. You can then make the appropriate corrections.
Thank you. The need to amend was clear to me and the advice to wait was good.
Thank you. The need to amend was clear to me and the advice to wait was good. As an employee I had hoped for some insight as to why the missing entry was not flagged and as to why a calculation error was made.
I had started an IRA entry and aborted it when I realized I had checked the wrong owner. That was flagged on review, and I deleted it. I also got a flag on review about a missing entry related to the child tax credit and it only went away after I entered 0. I had not even visited the child tax credit area since I have no children. I have used TT for many years - at least 15 - and had no issues until last year and now this year. I recognize my errors but am losing faith in TT.
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