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Can you make a mistake doing your taxes with turbo tax? - Page 2

post #21 of 36
Thread Starter 
MY TAX RETURN WAS ACCEPTED! what does that mean??? that they accept the federal refund that I am claiming??? I went onto turbo tax by web, and it said that our tax return was accepted!!!! is that a good thing???
post #22 of 36
It just means that the govt received the return electronically. That means you will get the refund in the usual time. Basically, it's confirmation it was delivered.
post #23 of 36
I use Turbo Tax also and have never had a problem.
post #24 of 36
I just filled out our tax return using Turbo Tax and it said we owe $1500 even though DH earned the same amount as he did last year AND we have an additional dependent now. And last year we didn't owe anything. I double-checked everything I entered, so I can't see what the problem is.

Namaste!
post #25 of 36
Quote:
Originally Posted by dharmamama
I just filled out our tax return using Turbo Tax and it said we owe $1500 even though DH earned the same amount as he did last year AND we have an additional dependent now. And last year we didn't owe anything. I double-checked everything I entered, so I can't see what the problem is.

Perhaps your dh had less taken out of his paychecks for taxes this year. Have you checked the actual amounts taken out for state and federal?


Also, did your dh earn the exact same amount, or just really close to the same amount? If you were close to a tax bracket, and went over the tax bracket, the amount you owe can go up widely, even if your income just went up a little.
post #26 of 36
Well, what happened is that I got so mad at TurboTax that I just logged out and closed the computer. An hour later I went back and logged in and our $1500 bill had "magically" been transformed into a refund. I don't know how or why this happened, as I didn't change ANYTHING! I just logged out and later logged back in.

??????

Namaste!
post #27 of 36
Turbo Tax is great, but you still need to understand what you're doing. It keeps you from having to re-create the wheel, but you need to be able to read your tax return and understand what is on there. You need to have that same level of understanding if you do it on paper or if you hire a tax accountant. I've had friends hire tax accountants and end up paying in more than they thought they should and then they found an error on their return and got a refund instead.

I would suggest you first compare the two returns - this year and last year - side by side and see what lines have very different numbers. It could be simply that less money was withheld one year than the next. It could also be the addition of a child. We paid in $200 one year and got back $1500 the next, all thanks to the birth of our first child - there were no other changes to our deductions or anything like that.
post #28 of 36
I tried it this year, and it did clue me in onto a credit I didn't know about. So that's cool. But it didn't bring up our adoption credit -- I had to go digging to find it. And even with the new credit, the bottom line doesn't change for us. It just rearranges our credits. I'm still going to mail in our return, but it does seem to be a somewhat useful tool. Totally NOT worth the $20 to file state returns though. :LOL
post #29 of 36
Thread Starter 
ok what I don't get is... after you send it in through turbo tax... do you not hear anything until you get deposited money? will someone call me and let me know my return is correct? will I get the money anyway?
post #30 of 36
You just get the money. Same as when you mail it in.
post #31 of 36
In the last two years our taxes have been figured wrong. The first year I hand filed and I guess that we qualified for some other credit and they sent us more than what I figured on the tax form. The next year we e-filed through H & R Block and it was more than we were supposed to get. They just sent us a letter in the mail saying that we were going to be getting less and it was no big deal. Not sure if it always works that way, but we have never had any problems.

This year we are filing through TaxSlayer.com where both Federal and State returns can be filed for free if you qualify. Haven't finnished the form yet, but it seems fairly easy.
post #32 of 36
Quote:
Originally Posted by Chaka Falls
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.

This is not true. The IRS recommends keeping your finanical paperwork on file for three years (bank statements, bills, receipts if you are self employed or itemize, tax forms like W2's, 1099 Divs, 1099 Misc, 1099 INT).

However! If they feel like going back to 1922 to audit your great-great-great-grandparents return they are legally allowed to do so. There is no "statute of limitations" per se, they can go back as far as they like if they suspect something suspicious.
post #33 of 36
Thread Starter 
ok, I have another question.. about taxes and such..

how does this work? when we entered our info on turbo tax and e-filed, is all of that info emailed to someone in the IRS, then they check it, make sure it's correct and give us the money? is that how it works?
post #34 of 36
Also to the original poster....

I suggest looking for transposition errors. That is when you mistakingly flip two numbers around.

Maybe you meant to enter 32,000 and you ended up entering 23,000.00, inverting the 2 and the 3. Very common mistake in accounting.....
post #35 of 36
Quote:
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
Yes, just make sure you use it from this link so you will likely be able to file for free!
post #36 of 36
Quote:
Originally Posted by loving-my-babies
ok what I don't get is... after you send it in through turbo tax... do you not hear anything until you get deposited money? will someone call me and let me know my return is correct? will I get the money anyway?

You will get an email telling you if the IRS accepted or rejected your return. If they rejected it that means there was a mistake that needs to be corrected and then you can resubmit it by efiling it again. Once it's accepted you usually get your refund within 8-15 days. There is usually a chart on these sites that tells you exactly what date the IRS will send the funds that goes by the date the IRS accepts your return. The chart is also in a PDF file found here. You can also get your refund status here.
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