If you filed your taxes this year using TurboTax and you receive Social Security benefits, it’s worth taking a moment to double-check your return. A recent software issue in TurboTax caused some Social Security income to be miscalculated — specifically how much was considered taxable. While not all users were impacted, this glitch could result in inaccurate tax filings for retirees who rely on Social Security income.
Here’s what you should know:
What happened: A miscalculation in TurboTax may have incorrectly determined how much of your Social Security income was taxable.
Who it affected: Primarily individuals who entered Social Security income manually or used specific import methods.
What it could mean: If the error applied to your return, it may have led to either an underpayment or overpayment of taxes.
What to do now: If you filed with TurboTax and reported Social Security income, we suggest reviewing your return to ensure accuracy. If the error applies to you, you may need to file an amended return.
If you have any concerns, we’re here to assist. Even after taxes are filed it important to be proactive about getting things right.
