Yet Another Turbo Tax story

[Nashville]

Long-time friend's daughter passed her CPA exam 10 years ago, then launched into a totally different kind of occupation. She still has the same sharp acumen that enabled her to pass the exam.

Has bought TT for years and done her own return. Had some crazy stuff from investments this year, and engaged me to prepare their return.

Obviously, no problem with her keypunching W-2s and 1099-INT stuff into TT. But Tennessee has a special income tax on certain dividends and interest, including capital gains distributions on growth mutual funds. She and her husband also routinely have sales of property, including stock.

Guess who included 1099-B stuff in with her taxable dividends and interest on her Tennessee return? That's right - and has overpaid Tennessee $1400 over the course of last three years.

Seems like I always find money going behind Turbo Tax and self-preparers, unless it is strictly W-2 income and nothing more.

[Peachie]

Guess who included 1099-B stuff in with her taxable dividends and interest on her Tennessee return? That's right - and has overpaid Tennessee $1400 over the course of last three years.

Seems like I always find money going behind Turbo Tax and self-preparers, unless it is strictly W-2 income and nothing more.

JMHO. It's not always the software. Many times it's the inexperienced taxpayer that "thinks" they are qualified to do their own return. After all, your client input the data. Perhaps, they didn't understand Tennessee law. Not giving TT a heads up, but let's place some of the blame on the taxpayer. Perhaps, they didn't answer a question correctly since TT is more of a Q and A software. Had this happen to a friend of mine--we were in a discussion and I realized for her--she had given an incorrect answer to a question, resulting in a big loss. Thankfully, she was still within her three-year window. I'm just saying...

Peachie

[Nashville]

That's Exactly the Point

Of course it's the inexperienced self-preparer. It ALWAYS is the result of misinterpreted or missing data.

TurboTax does not make calculation errors. In fact, they have a written guarantee.
The TurboTax "error" is putting on commercials that suggest to the average citizen that with TT their return will be just like having it prepared by a CPA.