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They Thought ChatGPT Would Give Them Sound Tax Advice, But After Trying It, They Warn: Stick To Your Tax Software Or A Qualified Tax Advisor
Yahoo Finance· 2026-02-16 21:01
Core Insights - The reliability of AI-generated tax advice, specifically from ChatGPT, has been called into question due to inconsistencies and inaccuracies in responses [2][3][4] Group 1: User Experiences - A Reddit user reported receiving three different answers regarding simplified employee pension contributions and Roth IRA eligibility, highlighting the confusion and potential risks of relying on AI for tax advice [3] - Users noted significant math errors, such as a calculation of $26 million in taxes owed on a $2 million income, illustrating the unreliability of AI in tax calculations [5] Group 2: Professional Opinions - Tax professionals expressed skepticism about using AI for tax advice, emphasizing that AI lacks a true understanding of tax law and operates on probabilistic predictions rather than deterministic reasoning [6] - Real-world consequences have been observed, with clients presenting AI-generated tax returns that were subsequently rejected by the IRS, indicating potential legal and financial repercussions [4]
X @The Economist
The Economist· 2025-06-29 18:39
Whereas tax advice was once dispensed by a well-dressed fellow in a wood-panelled office, today it arrives through bespoke algorithms https://t.co/RT2XynAbYI ...