TurboTax Ad on my Screen today

[Richcpaman]

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

[Possi]

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.

[Richcpaman]

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

[jklcpa]

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!