Question

Why TurboTax did wrong calculations on my tax return due to long term capital gains?

Forum|Forum|3 years ago
March 2, 2023
2 replies
0 views

Turbotax is grossly wrong in calculating my federal tax! I have been having long term capital gains in past 20 years, but only until 2021, IRS sent me a letter to point out the wrong tax calculations by TurboTax and refunded me a big check. For all those years, nearly 3 decades, I had been so relying on TurboTax, and I might had lost a lot of money by using TurboTax for all those cases where I had long term capital gains. I bet that million users probably have lost tons of money by using TurboTax software. Intuit, please fix your buggy software!

I bet that sooner or later there will be a class action lawsuit against Intuit for the aforementioned matter.

Thanks for your attention!

rjs

Employee

Duplicate post. See the reply to your other post of the same question.

https://ttlc.intuit.com/community/taxes/discussion/re-why-is-turbo-tax-calculating-an-incorrect-tax-amount-on-my-return/01/2923803/highlight/true#M1067295

J

john989Author

Your reply did not answer the question: Why Turbotax did the wrong calculations? Do you have any clue about it?

It makes the whole thing even worse that users simply cannot correct the tax calculations inside Turbotax. So, the way to correct the wrong tax calculations is either switching from Turbotax to some other software or doing everything manually.

fanfare

Employee

This is not a duplicate post.

It is a new thread not piggybacking on an old thread.

M

mrwnsing

TurboTax has not corrected the problem - IRS sent a refund and corrected tax calculation for tax year 2024 (I received an earlier one for tax year 2022). All of the input was verified and adjusted gross income/taxable income ties to IRS notice, but tax due was 6% less than TurboTax calculated.