HI,
I used Turbotax to do my taxes and e-file.
The program said I owed a small amount, so I paid it along with the price of the program.
The IRS has sent me notice that TurboTax miscalculated my taxes as $700.00 to low and I own that.
What are my options? Does Intuit/TurboTax have any culpability in giving me incorrect results?
How do I find what was miscalculated by the program?
Thank you.
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Something similar happened to me. According to TurboTax, I was getting a $932 return. This week I received a letter from the IRS informing me that in fact I owed them $468 PLUS $0.87 in interest. TurboTax was off by $1400 and I look like some deadbeat who doesn't pay their taxes.
$1,400 is the amount of the 3rd Stimulus payment. Did you already get the Stimulus payment they sent out last year starting March 2021? The IRS has records that show you were sent the 3rd stimulus payment so they removed the $1,400 Recovery Rebate Credit.
Do you have 1,400 on 1040 line 30? You might have tried to claim it again. Line 30 is only if you didn't get the full amount or qualify for more.
Did you get IRS letter 6475 saying what they sent you? If you didn't get the IRS letter 6475 saying what they sent you then check your bank statements and check your IRS account to see when and what they sent you.
Your Online Account | Internal Revenue Service
If the IRS thinks they sent it to you but you didn't get it request a trace for a missing third Stimulus payment
https://www.irs.gov/newsroom/questions-and-answers-about-the-third-economic-impact-payment-topic-j-p...Your Online Account | Internal Revenue Servic
I did get the first and second stimulus checks, but not the third, yet it's showing up on Line 30. I will investigate this further!
Edit: I DID get the third stimulus check and deposited on the same day as the second stimulus check! I remember getting the letter giving me the heads up that I should have received the second check, I remembered opening the second check, but the third stimulus check is a complete blank. I'm glad they caught my mistake and I was able to pay what was due.
Thank you so much, VolvoGirl! And TurboTax, I'm sorry I badmouthed you! I'll see you guys next April!
If you didn't get the 3rd Stimulus payment for 1400 then it should be on line 30. But if the IRS took it off they show they already sent it to you. Check your bank deposits again.
STIMULUS PAYMENTS
EIP1 The first Stimulus payment was 1,200 for each spouse and 500 for each dependent under 17. Came out in spring of 2020.
EIP2 The second Stimulus was 600 per person and dependents under 17. The 2nd stimulus checks started going out at the very end of December 2020 and continued into January/Feb 2021.
The first 2 Stimulus payments went on your 2020 return even if you got the second one in Jan/Feb 2021.
EIP3 The 3rd Stimulus payment started going out in March 2021 and is for 1,400 for each person listed on your tax return, no age limit. The IRS used your 2020 (or 2019) return to send the checks out fast. If your 2021 return changes and you qualify for more you can claim the extra as the Recovery Rebate Credit on 1040 line 30. But line 30 is only if you didn't get the full amount or qualify for more. Not the amount you already got. The IRS also sent out letter 6475 to tell you how much they sent you . If you are married then each spouse should get a letter for half.
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