Will I be held accountable if I use Turbo Tax and there is a mistake?

Are you talking about the online verson?

I used the online edition, and at the end, they offered a download of a program to use in case of an audit. supposedly it’ll walk you through the audit process. However, financially, i think yes, you are responsible, since you said you yourself prepared it.

H&R Block offer the protection services, etc. partially because their people sign off as the preparer. With TurboTax, YOU are the preparer.

You are accountable no matter how you file your taxes or calculate them, even if someone else does them for you.

Yes.

Removed by me.

I want to second what Marina says. You, and only you, are responsible for the accuracy of your tax return regardless if it’s prepared for you or not. But I do believe TurboTax will help you with conflicts with the IRS if you use their product.

after this ringing endorsement…. Timothy Geithner
I would say definitely yes..laughed so hard, not many commercials since. Guess it’s not such a fine program after all?
poor Obama, he needs to find a better vetting staff!

oops…

You are always responsible for the correct amount of tax, no matter who prepares the return. In most cases, if the preparer or software makes a mistake, they are responsible for the penalties, but you still have to pay the tax.

But he says assuming he enters everything correctly, and that Turbotax makes the mistake in it’s calculations. While he is responsible for what he owes, can’t he get some restitution from Turbotax for it’s mistake? In fact, since this mistake would affect millions of people, wouldn’t Turbotax be on the hook for a lot? I don’t know. Do they guarantee that their product reflects tax law properly, or do we sign a waiver holding Turbotax free of liability should they make a mistake?

@free Obama’s team did vet the 3 people w/ tax problems….Killefer, Daschle and Geitner…..this is how the problems were discovered…...

They felt that their problems would survive the hearings. Geitner did…..Killefer and Daschle bowed out prior to the completion of the hearings…...

You are responsible for your taxes. That being said, I use Turbo Tax, and the way I understand it they will take responsibility for any errors and pay any fines or fees incurred by their error. The audit backup is an additional service for an additional fee.

You are accountable even if the IRS gives you incorrect information, which apparently occurs frequently.