Can you make a mistake doing your taxes with turbo tax?

[loving-my-babies]

and if so.. what happens if we made a mistake? will they contact us?

We filed our taxes last night using Turbo Tax by web. We entered everything right (we think) but our refund is HUGE compared to last year's.. so we're thinking there's something wrong with it. Turbo Tax says there were no errors, and before we e-filed it said everything looked good but how can you know for certain? will they call us from the IRS to let us know if we made a mistake? we also put our info for direct deposit, so would they let us know before they're supposed to deposit the money?

[cortsmommy]

I dunno but I always use Turbo Tax. Just check your numbers and if they look right then go ahead and send.

If the IRS catches a mistake then they'd audit you later.

[loving-my-babies]

but they actually deposit the money? how long does it take?

[Justice2]

I have used Turbo Tax for years and as long as you entered the #s correctly, it's always been accurate for us. They deposit it 10-16 days after the tax authority accepts the return. It's always been 10 days for us. I have never found an error with them. Last year, I even amended the prior years taxes due to some missed income and everything went fine. It's kinda nerve racking though, isn't it, the IRS is (to me) the scarriest federal agency out there!!

[loving-my-babies]

why? what can they do to you? LOL this is new to us, it's our second year doing taxes here since we lived in Chile before that

[mirlee]

Carmen, Turbo Tax garauntees that it will be correct. Unless you entered erroneous data, it is most likely correct. I have used Turbo Tax since it came out and have a pretty high regard for it. With all the tax law changes that continue to occur, there is a good likelyhood you were eligible for deductions you wouldn't have realized you were eligible for doing it the pen and paper way.

Since you e-filed, you will probably get a deposit within the next two weeks.

Congrats on being done. Some of us slackers are rather jealous.

[cortsmommy]

Yeah of course they deposit the money. It usually takes about two weeks I believe. I got a ton of money back last year because I had opened up a home business and I wasn't sure if it was right but I never got audited. I guess it was right. I hope it was right cause it was all long ago spent.

I think you only get it not accepted if you did somethign way obviously wrong.

Then you only get really looked at very closely if you get audited. So yeah I'd double check my figures and make sure you put in all the right numbers cause being audited could never be fun.

[annakiss]

Originally Posted by cortsmommy

I got a ton of money back last year because I had opened up a home business and I wasn't sure if it was right but I never got audited. I guess it was right.

This is how we felt last year too! But ours was due to capital losses and the new tax code. The money was nice, but I'd rather have National Health Care. But that's another thread...

I've always felt that quiver of uneasiness when filing with Turbo Tax, though I've only ever used Turbo Tax. I think it feels much better than trusting my own math and ability to figure the whole thing out. :LOL As long as your input is right, you should be all set.

[yoga]

The IRS has 3 years or so to decide to audit a person, don't they?

Not trying to freak anyone out...just saying. Not getting audited (yet) wouldn't mean much to me.

[Nemmer]

I've never done the Turbo Tax via web thing -- we have business, rental and adoption stuff to file, so I've always just done the pen & paper method. For those of you who have done Turbo Tax, how does it work? You enter your numbers as it asks? Does it give you a chance to review it before sending it? Like, if I want to compare it to what my paper figures are before submitting it? Sorry, these questions probably sound stupid. :LOL

[loving-my-babies]

yes, it is almost like an interview and you can decide how complicated you need it to be, or how basic you need it to be. It lets you print before you even file, or file by mail if you wish, so you can definetely compare with paper. this is how it didnt fit, dh's paper calculations were much lower than what turbotax said we're getting, but dh didn't know about earned income tax, which we qualified for last year, and that's giving us quite a big chunk of $$$.

[Mothra]

Go back and recheck each entry individually. We have used Turbo Tax for years and this was the first year it made a mistake. When calculating the child tax credit, it somehow entered a wrong number and showed us getting a return about $3000 more than we should have. The IRS bounced it back and we figured out the mistake and forced it to enter the correct number. If it did make a mistake, you can file an ammendment.

[Nemmer]

Thanks LMB, I'll have to try it out this year.

[shelbean91]

You're probably getting more this year b/c of your new baby being born in 04, assuming your sig is correct. We're looking at a ton more this year also, and I'm assuming it's b/c we have another dependant and dh never changed his withholding on his paychecks.

[Cheshire]

I love TurboTax, it's done a good job for us for the last five years (and we've had self-employment stuff and other complicated items to file).

As far as being audited -- there is a statue of limitations on certain things but if 10 years down the line the IRS finds out you earned money that you did not claim they can still come after you for it plus penalties and interest. I'm not sure on all the details but that one I know I've read about.

[thistle]

I just did ours on turbo tax but ours was pretty simple. We are just getting EITC AND Add'l child tax credit, We might have qualified last year, I'm not sure. It was just a lot more than I was expecting.

[annettemarie]

Do you think Turbo Tax would work for us?
Dh is a pastor so there are weird tax laws that apply.
Annette

[weebitty2]

Originally Posted by annettemarie

Do you think Turbo Tax would work for us?
Dh is a pastor so there are weird tax laws that apply.
Annette

if you use the online one (Turbotax), and choose to do the full form instead of the simple one, there's an entire section relating to clergy .

[annettemarie]

Hmmmmm- that's good to know!
Thanks!
Annette

[abranger]

last year we got our state refund deposited 3 days after we e-filed! the feds realized we had put the wrong amount for the (stupid in my opinion) midyear refund we got from W, fixed it and that deposit was in within a week

(i would laso rather have national health care ...)

Amy