100% Accurate Calculation Guarantee

Forum|Forum|2 years ago
May 23, 2023
3 replies
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How do I make a claim for the 100% Accurate Calculation Guarantee when Turbotax incorrectly calculated penalty and interest on my return for 2022. I do not have a notice from IRS nor do I expect to receive one.

VolvoGirl

Employee

If you didn't get a letter from the IRS how do you know line 38 is wrong?

The amount Turbo Tax calculates on your 1040 line 38 is only an estimate. Turbo Tax can not figure it accurately because they don't know exactly when the IRS or state will get your return and tax due payment. It's very common and normal and expected for the IRS or state to bill you for more or send you a refund.

You might have been able to eliminate it or at least reduce it. You go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. It's from 2210.

Critter-3

The accuratcy guarantee doesn't cover the estimated underpayment penalty mainly because the calculation is based on the data entered by the user. The fed/state retain the wait to calculate penalties + interest based on the info they have on file and the timing of the balance due and estimated payments being made.

DoninGA

Employee

If you are referring to the Estimated Tax Penalty on your Form 1040 Line 38, that is based on the tax payments you reported on your tax return. The Underpayment of Estimated Tax penalty is calculated where the tax payments were not spread out over the tax year.

rick139Author

I have received several replies, but no one has answered my question. "How do you file a claim on 100% Accurate Calculation Guarantee."

I do not have an IRS notice because this is not an IRS issue. I received bad advice from TurboTax resulting in me having to pay penalty and interest which I did.

Can someone please inform me how to submit this claim on the TurboTax guarantee.