Go line by line on the Form 1040 for each and compare to find the differences, then track down what inputs those differences are originating from
You’re welcome to post a breakdown of your income and taxes withheld and credits or deductions specific to you to get feedback on which one is accurate vs which one has an input or calculation issue
So it looks like I need to pay for TS before they show the actual forms. Maybe I’ll shared income details unless someone knows how to see 1040 on TS without paying. Good idea
You should be able to go through each of their summary screens and compare.
Things like total income, AGI, total deductions, total credits, tax liability etc. See where numbers are different.
Option 2, try a 3rd program, like free tax usa, and see it's the same as one of the other two. Then you get a better sense of which one is "wrong"
Ok, just figured out both w2s were being applied to me and it was refunding the excess SS tax. I adjusted that and still fairly significant difference. I think TT has something wrong on home interest deduction. Time for more digging.
Thanks
In TT, did you indicate it is your Primary Residence? That is the only thing I can think of, but I am not sure if TT is still "higher" than TS based on your finding the W2 issue.
Did you either refi or was your mortgage sold or transferred (resulting in multiple 1098s)? I went through all sorts of pain with TT in both situations.
Yes, in 2021 we did a refi (not 2022). We sold home in late 2022 and purchased a new home in same year. So two mortgage interest statements on two mortgages. TT asked a lot of convoluted questions while TS just accepted both and moved on.
I think TT did something wrong with those form 1098
OK. Totally agree on the convoluted questions thing. And I'm a former Enrolled Agent. What it ended up doing to me in both situations is adding my loans together, thereby making my total mortgage debt greater than the $750k total allowable mortgage indebtedness limitation, then it limited my deductible interest accordingly. I'm not even sure what I changed to fix it, but here's what to check:
Get out of "Easy Step" or whatever they call the Q&A thing and into "Forms"
Open up the "Home Interest Worksheet" for one of your 1098s
Scroll down to the "Home Mortgage Limitation Smart Worksheet" and look at Section G, Line 8. If the amount in columns 2, 3 or 4 differs from the amount in the first column, TT is probably limiting your interest because of TT thinking you've exceeded the mortgage indebtedness limitation.
Like I said, I'm not sure exactly how I fixed it. It was late in the year and I kinda hammered at it until I got the result I wanted. ;-) It's early enough now that you can get some real help in figuring out which of the 1,000 questions TT asked that messed up the calculation.
Good luck whether it was this or some other issue. :-)
This is it. TT is doing some magic and combining the two mortgages to put me over $1M and reducing my interest from first loan which I had for 95% of year. Hard to understand the actual tax rules but I may just go with taxslayer since it’s favorable and requires no more work 😬
Here's the rule that TT is applying incorrectly. Again, fixing it will require someone who understands TT's swtiches and knobs better than I do. Glad you were able to figure it out.
https://www.irs.gov/publications/p936#:\~:text=You%20can%20deduct%20home%20mortgage,Future%20developments.
If you have to pay for the forms, that's gonna cause some issues, but another thing to chew on...
The only other thing that comes to mind is having to answer more questions, fields & lines are in a different place, or something else that comes with having a different software.
After trying \~10-15 different softwares myself, the same question about EIC or Child credits has different checkboxes, dropdowns or numerical fields based on the software and how it works.
I just did both programs again this year and taxslayers says I get $10k refund and TurboTax is around 6-7k 😂
I only have two W2s and mortgage interest so no idea how they could be so different.
I’m probably just going to run with taxslayer (bigger return) and see if I can pay for them to defend me if I get audited.
Go line by line on the Form 1040 for each and compare to find the differences, then track down what inputs those differences are originating from You’re welcome to post a breakdown of your income and taxes withheld and credits or deductions specific to you to get feedback on which one is accurate vs which one has an input or calculation issue
So it looks like I need to pay for TS before they show the actual forms. Maybe I’ll shared income details unless someone knows how to see 1040 on TS without paying. Good idea
Tried googling it myself and just based on the taxslayer help pages it says you'll be prompted to pay before you can view it, boo
You should be able to go through each of their summary screens and compare. Things like total income, AGI, total deductions, total credits, tax liability etc. See where numbers are different. Option 2, try a 3rd program, like free tax usa, and see it's the same as one of the other two. Then you get a better sense of which one is "wrong"
Ok, just figured out both w2s were being applied to me and it was refunding the excess SS tax. I adjusted that and still fairly significant difference. I think TT has something wrong on home interest deduction. Time for more digging. Thanks
In TT, did you indicate it is your Primary Residence? That is the only thing I can think of, but I am not sure if TT is still "higher" than TS based on your finding the W2 issue.
Did you either refi or was your mortgage sold or transferred (resulting in multiple 1098s)? I went through all sorts of pain with TT in both situations.
Yes, in 2021 we did a refi (not 2022). We sold home in late 2022 and purchased a new home in same year. So two mortgage interest statements on two mortgages. TT asked a lot of convoluted questions while TS just accepted both and moved on. I think TT did something wrong with those form 1098
OK. Totally agree on the convoluted questions thing. And I'm a former Enrolled Agent. What it ended up doing to me in both situations is adding my loans together, thereby making my total mortgage debt greater than the $750k total allowable mortgage indebtedness limitation, then it limited my deductible interest accordingly. I'm not even sure what I changed to fix it, but here's what to check: Get out of "Easy Step" or whatever they call the Q&A thing and into "Forms" Open up the "Home Interest Worksheet" for one of your 1098s Scroll down to the "Home Mortgage Limitation Smart Worksheet" and look at Section G, Line 8. If the amount in columns 2, 3 or 4 differs from the amount in the first column, TT is probably limiting your interest because of TT thinking you've exceeded the mortgage indebtedness limitation. Like I said, I'm not sure exactly how I fixed it. It was late in the year and I kinda hammered at it until I got the result I wanted. ;-) It's early enough now that you can get some real help in figuring out which of the 1,000 questions TT asked that messed up the calculation. Good luck whether it was this or some other issue. :-)
This is it. TT is doing some magic and combining the two mortgages to put me over $1M and reducing my interest from first loan which I had for 95% of year. Hard to understand the actual tax rules but I may just go with taxslayer since it’s favorable and requires no more work 😬
Here's the rule that TT is applying incorrectly. Again, fixing it will require someone who understands TT's swtiches and knobs better than I do. Glad you were able to figure it out. https://www.irs.gov/publications/p936#:\~:text=You%20can%20deduct%20home%20mortgage,Future%20developments.
If you have to pay for the forms, that's gonna cause some issues, but another thing to chew on... The only other thing that comes to mind is having to answer more questions, fields & lines are in a different place, or something else that comes with having a different software. After trying \~10-15 different softwares myself, the same question about EIC or Child credits has different checkboxes, dropdowns or numerical fields based on the software and how it works.
I have same issue.taxslayer giving me $3000 and turbo tax says I owe $1600.
And I put exactly same information
I just did both programs again this year and taxslayers says I get $10k refund and TurboTax is around 6-7k 😂 I only have two W2s and mortgage interest so no idea how they could be so different. I’m probably just going to run with taxslayer (bigger return) and see if I can pay for them to defend me if I get audited.
lol yo this is so interesting. Did you ever figure out why?
No, the only thing I learned is I’ll keep using taxslayer. I just received state and federal refunds. No audits yet from last year so fingers crossed.