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I need how much accurate turbo tax soft ware ?

I need how much accurate turbo tax soft ware ?
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Answered in 7 minutes by:
11/1/2013
Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 704
Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
Verified
Thanks for using JustAnswer.com.

In my experience TurboTax is perfectly accurate as long as you follow all of the interview screens and enter the correct information. If you enter information directly to forms, there can be problems.

If there are additional questions, please reply to my answer so that I may assist you further. If this answers your question, please rate my performance between OK and Excellent Service so that I may receive credit for working with you.
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Customer reply replied 4 years ago

I agree with you but this is my first time using software last year for e filling , so I am confused I had earn credit for foreign income


Ok if are you familiar with turbo tax ?


I followed all the steps right I am sure and I got credit when I went to less common income then to foreign earned income and exclusion and I followed the steps make money out side US ? answered Yes , then I choose statement from my foreign employment , then I entered the money amount , does money comes from military or Us goverment sources abroad or Cuba I answered no , wages adjusment I left it blank because there us not , also for rest expenses like home , car, I left it blank , amount in cash I left it blank , then do you to exclude your foreign income I choose yes , working living outdide USA I answered no, the answer was you don't qualify ,then do you want to delelt form 2555 I answered no , then on the screen around 5000$ so what is the mistake I put all information accurate !! and this was for 2012 return and I got the money .


the problem I had talk with tax prepar expert and he told me that you shouldnot get credit for such foriegn income every thing with the turbo tax soft was smooth and ok , that the reason that I am confused .

Customer reply replied 4 years ago

are you still there sir ?


 

Sorry, just got on line.

If I'm understanding correctly, you we through the foreign earned income exclusion section in TurboTax, answered that you did not live and work out of he USA, and the program gave you a foreign earned income exclusion anyway?

If you have a copy of the 2012 Form 1040, let me know if there is anything on line 21 or line 47 of form 1040. If the foreign income exclusion was credited to your return it would show up on line 21, and any foreign taxes that you paid would show on line 47.

Thanks
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Customer reply replied 4 years ago

the income went line 7 and there nothing on lines 21 & 47


 


 

If there was nothing on line 21 or 47, you didn't claim any tax benefits from the foreign income exclusion and I think your Turbotax return was right.

However, I would call in December. They have just started staffing up with tax professionals that can talk with you on the phone for the 2013 tax season they will also help with questions from prior years. If there is a problem with the 2012 return due to accuracy issues with TurboTax, they can help fix the problems. To contact the tax professionals, you will need to go to this website and make sure you choose tax question for the reason of your contact.

Let me know if this helps
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Customer reply replied 4 years ago

I am not sure it but I followed turbo tax steps and I got credits in case if I realized that I have to return credits for 2012 by a mending them my return would IRS will charge me penalties or something is there different if I fixed before I audited .


 


ok let me tell you what I have , I have statements from my employer about income my job , I have job contract , what I need more do you think is enough .

YourTaxDefender
YourTaxDefender, Enrolled Agent
Category: Tax
Satisfied Customers: 9
Experience: I am an Enrolled Agent licensed to practice before the IRS; specialized in Tax resolutions.
Verified
When Turbo Tax asked you about excluding the foreign income and you stated yes, but did not work outside the US, you did not qualify to exclude the income. The form 2555 is for Claiming the Foreign Earned Income Exclusion, which you did not qualify for. Your tax home must have been in a foreign country, since it did not you; should have deleted the form 2555.

If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better (excellent, is ideal)…

HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question
YourTaxDefender
YourTaxDefender, Enrolled Agent
Category: Tax
Satisfied Customers: 9
Experience: I am an Enrolled Agent licensed to practice before the IRS; specialized in Tax resolutions.
Verified
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YourTaxDefender
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Satisfied Customers: 9
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