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Turbo tax calculations incorrect?
That is to broad of a question/statement. You need to be much more specific and post a detailed explanation of exactly what was incorrect, what year you are referring to, federal or state tax return, form and/or schedule and line number.
IRS agreed with my taxable amount. but the tax rate used by Turbo Tax was incorrect, resulting in a penalty on. the unpaid taxes. Do I have any recourse with Turbo Tax?
@Tonnysskat wrote:
IRS agreed with my taxable amount. but the tax rate used by Turbo Tax was incorrect, resulting in a penalty on. the unpaid taxes. Do I have any recourse with Turbo Tax?
The following link explains the accuracy guarantee.
The site below is for filing a claim.
Turbo tax said I maid 29,000 when I only made 8,855 and now turbo tax is trying to make me pay taxes
You might want to review the details of your return while in TurboTax follow these steps:
If you haven't filed your return, you can change anything in TurboTax by going back to the area and the item that you entered and select Edit next to it.
If you have filed your return you can not change anything in TurboTax. If you find any errors, you will have to file an amended return to correct it. For information on how to file an amended return use this link: How to file an amended return.
I checked the tax calculation on my return against the rate in the CCH handbook and on IRS.gov and your program incorrectly calculated the tax.
Do you have any capital gains or qualifying dividends? They are included in taxable income but they are not taxed the same way as ordinary income.
My AGI for 2019 was not very different from 2018 or 2020. But turbotax made me pay $11,000 more for 2019 comapred to $750 for 2018 and refund of $177 for 2020. I didn't make any estimated tax payments for any of those years. How can I find out if they can be redone?
If you think your prior year returns may be incorrect, you can certainly go through the Amend process. Be sure to save a copy of your originally filed returns first.
Click this link for instructions on How to Amend a Prior Year Return.
If you look at Form 1040 for those years, you can see that there are several other entries after your AGI, including your Standard or Itemized Deduction amount, to arrive at your Taxable Income.
Check that all tax withheld is correct (Total Payments) and go through any topics in the Deductions & Credits section that could apply to you.
If you had different employers during those years, the difference may be in the amount of tax they withheld from your pay. You may want to submit an updated Form W-4 to increase your withholding.
Click this link for more info on Why is My Refund Less This Year?
I spoke to a Turbotax representative/expert who logged into my computer. She pointed out I had $8,300 of new 1099-MISC (I don't have a job, not making any W-2's) for that year that I hadn't had the previous 5 years and none the next year after that. The 'other income' on box 3 of my 1099-MISC was a refund/payout of insurance trust rewards based on 20 years of my paying professional malpractice insurance. Turbotax put it in the category of self-employment income and apparently calculated self-employment taxes. Also I had to pay back some $1,700 of Obamacare premiums because of this 'income'. Still with $8,300 + $1,700 and my previous years of tax arounf $775, I still had to shell out a total of $11,700 in taxes that year.
It's like I paid more than the whole of extra 'income' I had that year. It doesn't sound logical to me. But I don't know what to do.
She(TT expert) suggested that I contact the IRS to see if that 'income' could be classified as something other than self-employment income. It is basically a partial refund of the premiums I paid over the years, although I paid them pretax as part of the company I worked for.
I don't think that is likely to happen.
To clarify, what year did you first started your 1099-MISC reporting or is this the first year you have to report this? I need to know this information so I can give you exact steps on how to report and rather you need to prepare prior year's amended returns.
I hadn't had W-2's or 1099-Miscs from 2013 to 2018 ( I retired from work due to mental health issues). Then I got this 1099-MISC in 2019. All the income from 2013 has been 1099-Int and 1099-Div. This was the first year to get a 1099-Misc after 2013.
@cvsuri To clarify, did you just receive this 2019 1099 MISC form this year or 2019? Regardless, you will need to amend your 2019 return to report the 1099-MISC. To clarify further, did you file your 2019 return using Turbo Tax online or did you purchase the software?
I had Turbotax online.
The 1099-Misc was for 2019.
I already included it in taxes for 2019. TT treated it as self-employment income and that's how I had to pay $11,500 in taxes that year.
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