USA Retired Insurance Agent. Residual income from policy renewals.


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I am a retired insurance agent (independent contractor) receiving social security payments. I made quarterly estimated tax payments to the IRS as I have done prior to retirement. I am using Turbo Tax to prepare my tax return. After entering my 1099-MISC income and answering NO to the question "did the insurance policy renewals involve work that is like my main job?" because I am retired, Turbo Tax is showing a federal tax refund exceeding the total amount I paid in quarterly estimated tax payments. Does this seem correct?
 

Drmdcpa

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Not unless you also had withholding or you are getting a refundable credit.

You need to be careful about which box the 1099 is reporting.

Turbotax tends to give people a false impression that they can prepare their own returns no matter how complex.

I am personally tired of fixing errors made by those misled by Intuit, Inc.
 
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Not unless you also had withholding or you are getting a refundable credit.

You need to be careful about which box the 1099 is reporting.

Turbotax tends to give people a false impression that they can prepare their own returns no matter how complex.

I am personally tired of fixing errors made by those misled by Intuit, Inc.[/
Not unless you also had withholding or you are getting a refundable credit.

You need to be careful about which box the 1099 is reporting.

Turbotax tends to give people a false impression that they can prepare their own returns no matter how complex.

I am personally tired of fixing errors made by those misled by Intuit, Inc.
 
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The IRS always holds the taxpayer responsible for the accuracy of the return, not TurboTax. If something seems amiss, then it probably is. It is time to consult your local CPA or enrolled agent for professional advice. All during your working life, the public consulted you about insurance, because you were the expert who was able to discuss financial and life factors that were many years in the future. Consider that TurboTax and other software is no more than like having a "paper shuffler" or clerk. Off-the-shelf software is not and can never be an expert system. I strongly suggest a face-to-face consultation.
 

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