Turbo Tax Delux calculation error

[mojave_gal]

I am trying to run some different scenarios for IRA and capital gains using my already completed and filed 2020 return. Turbotax is not changing the amount of refund with different amounts plugged in! Any way to fix this error? (Amount refunded should equal total payments minus total tax, obviously.)

2020 | Adjusted Gross Income       $ 55,180.00
Federal | Taxable Income                $ 27,780.00
Tax | Total Tax                                     $ 1,293.00
Return | Total Payments/Credits     $ 1,500.00
Summary | Amount to be Refunded      $ 402.00
| Effective Tax Rate 2.34%

Thank you.

[Carl]

Do not under any circumstances do "anything" that may change your already e-filed tax return. There are no exceptions for this. If you do, chances are you will change something that will cause the information and data imported into next year's tax return to be wrong, creating a huge problem that can not be solved or fixed.

Instead, create a "NEW" return if using the CD version of the program and use that.

If using the online version, then create a NEW ON LINE ACCOUNT and use that account to complete your mock return for your "what if" scenarios.

[rjs]

Is the refund on the Form 1040 (line 34) correct? If so, use that and ignore the summary on the cover page.

[Critter-3 · Accepted solution]

Even though the downloaded program comes out sometime in November each year it is only a beta version which will not be fully operational until  late January at the earliest (much later for some forms and the state programs).  Efiling will not be open until late January at best so do not be in a rush to file.

Same with the Online version which becomes functional sometime in December. 

 http://taxpreparationsoftware.com/

Use the Tax Withholding Estimator on the IRS web site to figure out what to put on the W-4 form that you give to your employer. It's much easier than using the worksheets on the form. It will let you adjust your withholding to get the approximate refund amount that you want.

Tax Withholding Estimator

If you are trying to do some tax planning then use the fully operational 2020 downloaded version instead. 

This is my mini version of  a tutorial  that should be in the downloaded program: 

What is Forms Mode?

Forms Mode lets you view and make changes to your tax forms "behind the scenes."

If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.

Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.

Related Information:

• Why would I use Forms Mode?
• How do I switch to Forms Mode in the TurboTax for Windows software?
• How do I switch to Forms Mode in the TurboTax for Mac software?
• What is-the-meaning-of-all-the-different-colors-in-forms-mode

If you want to play around with different figures and tax scenarios without affecting your original return you can ….

• >>>In the TurboTax CD/Download software by creating a test copy: 
• 1.  Open your return in TurboTax. 
• 2.  From the File menu, choose Save As. 
• 3.  Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name). 
• 4. Click  Save. You are now safely working in the test copy and anything you do here will not affect the original. 
•  https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

• >>  use the WHAT IF tool: 
• - Click Forms Icon (upper right of screen) or Ctrl 2 (forms view) 
• - Click on the Open Form Icon 
• - In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form 
• - You will see the worksheet on the right side of the screen; enter the information right into the form 
• - To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:

1. From the File menu in the upper-left corner of TurboTax, choose Save As (Windows) or Save (Mac).
2. Browse to where you want to save your backup.
   • Tip: If you're saving to a portable device, save it to your computer first to prevent data corruption. Then, after completing Step 4, copy or move the backup file to your device.
3. In the File name field, enter a name that will distinguish it from the original tax file (for example, add "Backup" or "Copy" to the file name)
4. Click Save and then close TurboTax.
5. Restart TurboTax and open the backup copy to make sure it's not corrupted. If you get an error, delete the backup and repeat these steps.

If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.

Related Information:                             

• Retrieve a Tax File from a Portable Device
• What's the difference between the tax data file and the PDF file?

AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :

• How do I save my return as a PDF in the TurboTax software for Windows?
• How do I save my return as a PDF in the TurboTax software for Mac?

AND protect the files :

How can I protect the tax files on my computer?

[mojave_gal]

Thanks for replying Carl! I did a "save as" on my completed, already e-filed 2020 tax return and renamed it. The original is untouched. I downloaded the program and installed it, don't have a CD. I don't really want to recreate the wheel by reentered all the information.

[mojave_gal]

Thanks for replying! Good question -- YES! The refund amount is correct on line 34. Thanks!

[mojave_gal]

Thank you! This is some good info to try, especially the "what-if" tool.