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April 3, 2021
Question

I do not recall seeing the line to input Federal taxes withheld.

  • April 3, 2021
  • 4 replies
  • 0 views
My prelim Federal tax due is $3002 but I had $2360 withheld. When does that figure get input

4 replies

Employee
April 3, 2021

They are recorded when you enter your W-2 and 1099 forms in Federal > Wages and Income.

VolvoGirl
Employee
April 3, 2021

Check your return and make sure it's there.  W2 withholding should be on 1040 line 25a and 1099 withholding on line 25b.  If it's listed it has already reduced your tax due and you still owe 3,002 more.  

KathrynG3
April 3, 2021

Yes, @SweetieJean and @VolvoGirl are correct. When a taxpayer has not paid in at least 100% of the prior year or 90% of the current year income tax, the IRS is allowed to charge penalties and interest for the amount under withheld.

 

You may want to adjust your withholding for 2021 for the federal and for any state taxes to make sure you have enough taxes taken out going forward. 

 

For other ideas, see: 7 Best Tips to Lower Your Tax Bill

How do I update my 2020 withholdings and print a new W-4?

 

@lharv124-comcast

Employee
April 3, 2021

Also be sure you didn't make any data entry errors, such as a misplaced comma or decimal.

VolvoGirl
Employee
April 3, 2021

Do you have W2 income?  Did you enter the withholding box 2 on the W2 entry screen?  Here's a screen shot