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April 2, 2025
Question

Y am I paying school taxes and I don’t see how much I’m owing although it says I owe

  • April 2, 2025
  • 1 reply
  • 0 views
I can’t see how much I owe in school taxes

1 reply

April 3, 2025

You shouldn't owe in school taxes, unless your scholarships exceeded your educational expenses.  There could be other reasons why you owed taxes, like:

 

  • You had additional income, received a bonus
  • You didn't have enough withholding
  • You had fewer deductions, you might not have contributed as much to your 401k
  • Your credits changed didn't pay child care this year, or one of your children aged out of the Child Tax Credit
  • You changed your filing status

You can access your personalized  information in TurboTax, review your entries

  • Open or continue your return.
  • Select Federal in the left menu.
  • Choose Federal Review.

If after reviewing your information, you still have a balance, use the TurboTax W-4 Withholding Calculator tool.  It'll help you find the right withholding so that you can better plan for your next tax return.  

 

Taxes for Grads: Do Scholarships Count as Taxable Income?