Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
kituppy
New Member

Will Turbo Tax cover the difference if my refund is less because Recovery Rebate Credit was not calculated correctly, should this have been caught in the review?

 
2 Replies
LenaH
Expert Alumni

Will Turbo Tax cover the difference if my refund is less because Recovery Rebate Credit was not calculated correctly, should this have been caught in the review?

No. The Recovery Rebate Credit populated on your return is the difference between what you were qualified for based on your 2020 tax return less the amount of your first and second stimulus payments you have already received and were prompted to enter into TurboTax. 

VolvoGirl
Level 15

Will Turbo Tax cover the difference if my refund is less because Recovery Rebate Credit was not calculated correctly, should this have been caught in the review?

If it is an actual calculation error Turbo Tax pays any penalties but not the extra tax due.  But it is usually user error, like leaving off some income or entering an amount wrong or in the wrong place.  

 

Turbo Tax is a self prepared return.  It has no way of knowing or checking that you entered something wrong or in the wrong place or entered something twice  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.  They only Guarantee that the calculations are right based on the entries you made.

https://ttlc.intuit.com/community/charges-and-fees/help/what-is-the-turbotax-100-accurate-calculatio...

Dynamic AdsDynamic Ads
Privacy Settings
v