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Accuracy of Turbo Tax?

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MichelleCarmen

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Has anyone used Turbo Tax and if so, did you have any problems or did it all go smoothly?

The program says its calulations are 100% accurate, however, after I printed out my return to review it, it seems my long-term capital gains do not look right. Can TT be wrong? I checked my numbers over and over and still the TT results appear odd.

I know I'll probably have to manually change the numbers, but still I'm wondering how everyones' luck has been with the program.

Thanks.
 

April20

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Aug 1, 2008
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I''ve used it for the last four or five years with no problems. I caused a problem with bad data entry in my 06 return, which caught up with me last year, but it was easily fixed and not TT''s fault.

I had it import my short term capital gains directly from Fidelity this year and haven''t double checked their numbers yet. Did you do the import or did you manually enter the info?
 

MichelleCarmen

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I manually entered it. I have the 1099-S from the escrow agency and entered that info and also how much I purchased the property (raw land) for. The info was entered onto the Schedual D and looked right on screen, but when I printed it out, the figures were changed.

ETA - did the IRS charge you a penalty?
 

April20

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They did not. When I entered the data incorrectly, it didn''t create a short term loss form. It looked like I had gain of several thousand dollars when in reality I lost like 8 bucks. I filled out the additional form and added it to the forms I filed that year and sent it off with an explanation letter. A couple months later I got a letter from them saying that the discrepancy had been resolved with my additional information and the file was closed.

The forms I imported from Fidelity this year is for the same type transaction that I messed up on 06. I am really hoping the transport worked so I don''t mess it up yet again.
 

MichelleCarmen

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Hope all works out for you, April!

I figured out where I incorrectly entered the numbers so the cap. gains comes back as it should and I e-filed. Yeah! Dealing with taxes, after years of hiring a CPA, was very nerveracking. I''m so glad it''s overwith!
 

robbie3982

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Jun 28, 2006
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3,960
Turbo Tax definitely messed up my state taxes this year. DH and I moved from OH to PA last March and it wasn''t dividing our income correctly even though we triple checked that we had everything entered in correctly. We ended up filing our PA taxes through the PA site with the help of my dad. I''ve been using turbo tax for about 4 years now and I haven''t had any problems (that I know of at least!). I could tell that something was off this year when it told us we owed PA over $500 even though we both claim 0.
 
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