TurboTax said I was getting a refund of $4,047 but my downloaded tax return has 4 estimated tax payment vouchers or $2,140 I was not expecting. Why am I paying $8,560 in estimate taxes in 2024 when I am getting a refund of $4,047. This make no sense! Is there a system glitch? And, my interest entered for 1099-INT doubled too! Not good folks! HELP!!!
Turbo Tax is very conservative and doesn't want you to owe too much next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution. You can ignore them. You might want to adjust your withholding at work so you won't owe too much next year.
If you are receiving a refund or low tax due and TurboTax prepared the vouchers then your tax liability was probably reduced by credits. Your Tax Liability is the amount on 1040 line 24. It is the tax you owe on your income. But you might qualify for credits that can reduce your tax due or even give you a refund. Credits are on lines 27-31.
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