TurboTax really dropped the ball on me...

[MacBaine]

Ok, so I filed my taxes a couple months ago...and TurboTax had figured that I should recieve about $90. Cool, I need a little extra money. So, I get a letter from the IRS today saying I am entitled to nothing! Sonofa! :| I have no idea what happened... but my dad is gonna take a look at it later. Kinda put a damper on my day

 

[Mr.IncrediblyBored]

Hmm... I believe my brother uses/used TurboTax. I might wanna warn him something may be up.

 

[Rallispec]

turbotax got me over 1000 dollars from the state and gov't.

 

[MacBaine]

<< turbotax got me over 1000 dollars from the state and gov't. >>



Can ya' help a brother out?

 

[Rallispec]

<<

<< turbotax got me over 1000 dollars from the state and gov't. >>


Can ya' help a brother out? >>


lol! sorry man', i've already spent it as a downpayment on my new car

 

[ggavinmoss]

Are you sure it wasn't user error?

Pretty lame in any case.

-geoff

 

[rahvin]

<< Ok, so I filed my taxes a couple months ago...and TurboTax had figured that I should recieve about $90. Cool, I need a little extra money. So, I get a letter from the IRS today saying I am entitled to nothing! Sonofa! I have no idea what happened... but my dad is gonna take a look at it later. Kinda put a damper on my day >>



TurboTax fills out the tax forms for you, it DOESN'T stop you from breaking rules, taking deductions you shouldn't be, filing in the incorrect status or generally fvcking up a tax return. You probably made a very common error and the IRS computer flaged you as soon as you filed, better hope that you don't in fact owe them money instead of getting a return.

 

[wyvrn]

Turbo Tax isn't much better than H&R Block, imo. I filed my online return with them, and then found a couple of new exemptions afterwards that was nowhere in their software. Now I have to refile to get that money! From now on, I am taking my returns to my CPA.

 

[rahvin]

The website version probably doesn't do all the deduction checking that the software does. Software works pretty good, it "reminded" me that I have stock that went valueless and I can declare it valueless and claim the loss on this tax return.

 

[linuxboy]

Software works pretty good, it "reminded" me that I have stock that went valueless and I can declare it valueless and claim the loss on this tax return.

If you're taking a capital loss, remember that the limit is 3 K and you can carry it forward indefinitely to offset future gains.

That is, unless trading stock is how you make your living, in which case you'd need to be a broker-dealer and have the necessary paperwork/certifications done.

Just a reminder to help you save a few bucks, if it's applicable in this case.

Cheers !

 

[gittyup]

Did it take into account the extra tax refunds we all got last year?

 

[mithrandir2001]

<< Did it take into account the extra tax refunds we all got last year? >>


It takes that into account. Your refund won't be reduced if you claim that you received a tax refund checks.

 

[UNCjigga]

$1783.46!!! WHOOO!

 

[MacBaine]

<< TurboTax fills out the tax forms for you, it DOESN'T stop you from breaking rules, taking deductions you shouldn't be, filing in the incorrect status or generally fvcking up a tax return. You probably made a very common error and the IRS computer flaged you as soon as you filed, better hope that you don't in fact owe them money instead of getting a return. >>



But there isn't really any error to make. I didn't make that much, just around $2,000. I am only 17 so my only income is from a crappy little hobby store. I have no deductions and no dependants... so what could I have messed up?

 

[kranky]

Maybe you said you weren't someone else's dependent. I bet that could affect what happened.

 

[Murphyrulez]

<<

<< TurboTax fills out the tax forms for you, it DOESN'T stop you from breaking rules, taking deductions you shouldn't be, filing in the incorrect status or generally fvcking up a tax return. You probably made a very common error and the IRS computer flaged you as soon as you filed, better hope that you don't in fact owe them money instead of getting a return. >>



But there isn't really any error to make. I didn't make that much, just around $2,000. I am only 17 so my only income is from a crappy little hobby store. I have no deductions and no dependants... so what could I have messed up? >>



If you really only made $2000, you should have gotten ALL your money back that you paid in federal taxes. No matter what.

 

[justint]

I really don't know anything about taxes, but I found it curious that when Turbotax printed out the instructions for mailing in my state tax returns, it made no mention of attaching W2 forms to my three state returns like it did with the federal.

I thought you always had to attach W2 forms to state and federal taxes?

 

[cipher00]

I thought you always had to attach W2 forms to state and federal taxes?

It varies by state. Why not just go completely digital and file electronically?

Anyway, TTax does a good job, imo, of taking what you tell it and filling out the form. It can't guess about every situation, of course, so the IRS might know something, perhaps maybe from another tax year, that TTax couldn't guess. If you have business income, that's a whole different story and the IRS loves that stuff. It might be that they're looking for paperwork they don't see yet. Or something. Time will tell.

Good luck.