More TurboTax woes - Minnesota stops accepting returns (edit - now all state filings)

NASDAQ: INTU
Just a thought . . .time to short this sack of rocks?? I'm sure that by the time my trade was made the price would already have taken its hits.
 
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UGH__I'm in MN and use TT. Apparently some have complained that their returns are filed according to the software, BUT they have not yet filed. Yet somehow, the returns filed wit the state. The state suspects fraud. Waiting to see if these are online returns or from personal PC's
 
Wow! I actually went back to check the link and make sure it wasn't an Onion story. It will be very interesting to watch all this. And too, there's a huge issue with tax fraud at the federal level. But I think the weakness there is less TT than IRS.


I'm also glad to live in a no tax state. Part of the plan.
 
I remember hackers claiming people's refunds last year, so I am not surprised. [-]I assumed having no refund, we always owe fed and state by design, meant we had no exposure to this hacker angle.[/-] Evidently false. Sad though...
 
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Midpack said:
I remember hackers claiming people's refunds last year, so I am not surprised. I assumed having no refund, we always owe fed and state by design, meant we had no exposure to this hacker angle. Sad though...
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I'm not sure that's true. If you've paid withheld or estimated taxes, someone could still claim a refund, no? Although you'd think taxes paid would have to match IRS records before issuing a refund so I don't see how this fraud can work period.

One article I read they "corrected" the return and issued a higher refund. Hopefully they treat it as a flag now instead.
 
Midpack said:
I assumed having no refund, we always owe fed and state by design, meant we had no exposure to this hacker angle.
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Don't be so sure.

Whether or not you are due a refund has no meaning to the hackers who file fraudulent returns - they create their own refunds. And even if you did have a refund coming, that loss almost certainly pales in comparison the world of hurt you'll be in as a result of having your identity stolen. That's where the real loss shows up...
 
Many states allow a person to file online for free via a state system. You do have to re- enter your data, but it saves paying turbotax for state filing, and also would avoid this issue.
 
timo2 said:
Many states allow a person to file online for free via a state system. You do have to re- enter your data, but it saves paying turbotax for state filing, and also would avoid this issue.
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My state charges to eFile, so I use snail mail for state. I guess they were unintentionally doing me a favor...
 
Midpack said:
My state charges to eFile, so I use snail mail for state. I guess they were unintentionally doing me a favor...
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It's still a big problem on the Federal level. I'm hoping our eFile PIN is doing its job of protecting us.
 
audreyh1 said:
It's still a big problem on the Federal level. I'm hoping our eFile PIN is doing its job of protecting us.
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Imagine if the IRS were to take the same stance as MN? Wow...
 
Maybe this is the year to try a different tax program after all :facepalm:
 
So Intuit is claiming that information for fraudulent filing of state returns did not come from them, but came from outside their system?

And somehow it doesn't affect filing of Federal returns?

I am confused!
 
audreyh1 said:
So Intuit is claiming that information for fraudulent filing of state returns did not come from them, but came from outside their system?

And somehow it doesn't affect filing of Federal returns?

I am confused!
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Apparently, so is Intuit. Conspicuous silence on this at their website.

Edit - this post at WSJ blog has some background TurboTax Halts State E-Filing Amid Data-Breach Probe - Total Return - WSJ
After a preliminary examination with Palantir Technologies, which provides security and antifraud services, Intuit said it believes the fraud didn’t result from a breach of Intuit systems and that “the information used to file fraudulent returns was obtained from other sources outside the tax preparation process.” It said the examination is continuing.
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A few more details there.
 
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This scam that involves 'filing for your refund before you can' has been going on for several years now. All the criminal needs is your social security number and other PII. similar to what was just stolen in the Anthem hack.

IIRC, It hasn't been specifically a turbotax thing, just any sort of electronic filing. before that, they would just snail mail in the documents before you, IIRC
 
Simply snail mailing the refund check to the taxpayer's address of record would also largely resolve this problem.
 
timo2 said:
IIRC, It hasn't been specifically a turbotax thing, just any sort of electronic filing. before that, they would just snail mail in the documents before you, IIRC
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In the present outbreak, only TT has been identified as a problem. So, this could be different.

In past years, most of these tax prep software companies used third-party providers to actually submit the returns to the IRS and states for efiling. I wonder if the problem is with a contractor that Intuit is using, rather than with Intuit's internal system. Probably not: Intuit would have hopped on that excuse like a hobo on a porkchop.
 
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