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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121256  
Subject: Re: Audit Defense Date: 3/29/2008 6:34 PM
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I noticed TurboTax (which I haven't used in a few years) now has something you can pay a small fee for, called Audit Defense. Anyone have any experience with this?

Not here. As with any such product, read the fine print:

http://turbotax.intuit.com/corp/auditdefense.jhtml

It looks pretty straightforward to me. It sounds like any other insurance situation. If you win you lose, and if you lose you win. To me it boils down to whether you anticipate you might get audited and, if you do, how difficult it might be to resolve.

The vast majority of inquiries have to do with the reconciliation of information documents (1099's, W-2's etc.). If you don't have any esoteric income items (any Schedule other than B) and don't itemize deductions, I don't see the point of worrying about an audit. If there is a problem it should be easily handled without representation. Even with itemized deductions, if everything was cash and your records are in good order, I don't see a big potential problem should IRS inquire.

Phil
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