Richcpaman Posted February 8, 2018 Report Share Posted February 8, 2018 So... Today's banner ad at the top of Yahoo, for me, was from TurboTax. It has a picture of a W2, from "Coffee Shop" that has Box 1 & 2 with amounts in it. Covering up the rest of the W2 is a TurboTax box with "GREAT REFUND" "Thumbs UP!" and $3,052 as the federal refund. So... Of Course, I have to test it. Open up a new client 1040 in ATX, input the gross wages of $24,128, and Fed WH of $4,088. Single, Standard Deduction, claim your exemption... I mean this is a millennial working in a coffee shop, right? The ATX refund is only $2,495. Where do YOU think the difference of $557 is? IT would not be that TurboTax is lying, would it? Rich 1 Quote Link to comment Share on other sites More sharing options...
Possi Posted February 8, 2018 Report Share Posted February 8, 2018 Well, I don't know much but I know this much. You can tell TT that your health insurance was unaffordable and BAM, no penalty. Not just this year. I lost a client over that. Another client this year can't print her TT return without paying for it. "Free" isn't always free. Where in the world is that $557? I'm curious now, but no time to chase it. Quote Link to comment Share on other sites More sharing options...
Richcpaman Posted February 8, 2018 Author Report Share Posted February 8, 2018 1 hour ago, Possi said: Where in the world is that $557? I'm curious now, but no time to chase it. I can imagine several things, one being the AOC, but... do I think the numbers are made up? Yep. Rich 2 Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 8, 2018 Report Share Posted February 8, 2018 A quick trial and error got me almost exactly to the TT refund by using an IRA contribution of 10% of taxable wages. With the lower income and a $200 retirement savings credit, I come out to a refund of $3,055. A single person supporting themselves on $24K a year definitely has an extra $2K in reserve to contribute, right? Plus, the amount of FWT for that income is very inflated. Nice tricks by TT where the average person would never catch the deception! 1 1 Quote Link to comment Share on other sites More sharing options...
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