Can anyone suggest why TurboTax 2024 shows income to be at least $1,600 more than what it actually is?

[davidscott2001]

Canadian income sources are downloaded from CRA. Foreign pension/investment income is entered manually and scrupulously checked. A friend encountered an identical problem yesterday ...

[TurboTaxSusan]

You can take a look at the Detailed Tax Summary to try to see where this amount is coming from.

If you are still not able to resolve this issue, please contact our phone support team for more assistance. 

[davidscott2001]

Thanks Susan, that identified the error (mine). I'd entered foreign income as C$ equivalent, which was then multiplied by FX - should have entered it in original currency.

[sgarg15]

If TurboTax 2024 is showing income that is $1,600 more than your actual income, here are a few potential reasons and steps you can take to investigate:

1. Data Entry Errors: Double-check if all the income sources entered in TurboTax are accurate. An unintended duplicate entry or misreported figure could be adding to your total income.

2. Automatic Imports: If you used an automatic import feature to pull in your tax data from financial institutions or the CRA, verify that the imported data matches your actual financial documents. Sometimes, errors can occur during the data transfer.

3. Tax Forms and Documents: Ensure all your tax-related documents, such as T4s, T5s, or interest earned from bank accounts, have been entered correctly. Also, check forms for investment income like dividends (T5) or capital gains, which might not be as apparent as employment income.

4. Carryover Amounts: Look for any amounts that might be carrying over from previous years, such as capital loss carryforwards or unused tuition amounts that TurboTax automatically factors into the current year.

5. Software Glitches: It’s possible there could be a glitch in the software. Check for any updates from TurboTax that address known issues. Sometimes bugs can affect how income is calculated or displayed.

6. Review the Detailed Summary: TurboTax usually provides a detailed summary of income and deductions. Review this summary line by line to trace where the extra income might be coming from.

7. Consult TurboTax Support: If the discrepancy remains unclear, consider contacting TurboTax Customer Support. They can offer specific guidance on navigating the software and verifying entries.

8. Cross-Verify with Manual Calculation: If feasible, cross-verify the calculations manually or with another tax preparation software to ensure accuracy.

Taking these steps should help you understand why there is a $1,600 discrepancy in reported income. If it's an error due to any of the reasons above, correcting it should align the reported income with your actual income.