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IRS Letter Reporting Underpayment

dlcsacto

I just received a letter from IRS stating I have under paid my taxes. What I reported as my adjusted gross Income and my taxable Income are identical to the IRS calculation. So it appears that the only difference would be the tax rate which would appear to be a Quicken issue. As a result I am requireds to pay an additional $793.61 in taxes, penalties and interest. Please explain how this could have happened. When I went through inputing my tax information and did the check at the end there were no errors.

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Comments

NotACPA

Quicken doesn't calculate income taxes, so you're barking up the wrong tree.

dlcsacto

Your right. I should be talking to Intuit.

Jim_Harman

Your tax software's calculation is only as good as the information you give it.

Some things that would affect the tax calculation after it has calculated your taxable income are:

Single, MFJ, etc status
Alternative Minimum tax
Self employment tax
Net Investment income tax

cyberphile

Plus, you have to update TurboTax as they are released.