Will the IRS or Intuit's app be more realistic for an estimate at w-4 tax withholding? Links attached?
I'm trying to see if I will need to pay back taxes this year because I added a few deductions. I used the IRS' site and it says I will owe close to $2,000. Here is the link to the IRS: https://apps.irs.gov/app/tax-withholding-estimator... When I used Intuit's website, it says I will receive a refund over $1,400. The link to intuit is here: https://turbotax.intuit.com/tax-tools/calculators/...
Which is more accurate?
- SumDudeLv 74 weeks ago
They should be close to the same if you entered the same data. ADDING deductions reduces the amount of tax owed. The easiest is to refer to your 2018 1040 and plug in reasonable numbers and look at the answer. If necessary you can modify your W-4 accordingly, even having extra taken out if necessary.
- STEVEN FLv 74 weeks ago
Given the same inputs, they SHOULD both give the SAME result.
- Wayne ZLv 74 weeks ago
There is no way to tell from this information.
Option 1) IRS is correct.
Option 2) Intuit is correct
Option 3) Neither are correct
The only thing that is obvious is that you entered the information differently in each calculator.
Though, to be fair, TurboTax's estimator was inflating refunds last year. Some people think that Intuit/TurboTax was trying to trick people into using their product by showing them an inflated refund but then lowering the refund back down when they actually input the data.
- PLv 74 weeks ago
It depends entirely on what type of tax breaks you have told each tax calculator you qualify for. You also might have left out a very specific detail that put one calculator off. You need to compare the detail summary reports and see where the numbers differ.
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- EvaLv 74 weeks ago
Either one is only as accurate as the information you put into it. If you put in exactly the same information, you should get the same answer on both sites. What do you mean by "added a few deductions"? If you meant allowances, then it's very likely you could owe.