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May 9, 2020
Question

"Federal Taxes You Owe" over $1000 too high

  • May 9, 2020
  • 4 replies
  • 0 views

Based on my taxable income, the 2019 tax tables say that the taxes I owe should be $64,264.36.  But desktop version of TurboTax is showing that I owe $65,390.  My refund should be $1,000 higher than what TurboTax is filing.  Why?  And how do I fix this?

    4 replies

    DoninGA
    Employee
    May 9, 2020

    How much is your taxable income as reported on the Form 1040 Line 11b?

     

    Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

    May 9, 2020

    maybe 2210 penalties for underpaying taxes or maybe alternative minmum tax.   we can't see your return so must guess

     

    fanfare
    Employee
    May 10, 2020

    In a great number of tax returns, the tax table is just not applicable directly to your AGI amount.

    Turbotax calculates your tax. That's what you're paying for.

    May 10, 2020

    Look on Line 24 on page 2 of the 1040 it could be a penalty.