Question

If I paid any money I owed for 2020 taxes does that make my 2020 tax liability zero?

Forum|Forum|4 years ago
April 7, 2022
1 reply
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I'm trying to complete the Possible Penalty Exception section and I'm trying to answer the 3 questions but don't understand the first one.
"Was your 2020 tax liability zero? I filed taxes for 2020 and I owed money. I paid the money I owed for 2020 in full. Does that mean my tax liability was zero for 2020?

TurboTax Deluxe Online

M

MinhT1

No. Your tax liability does not come down to 0 when you paid it.

Your tax liability is the tax which is calculated on your taxable income and other taxes such as the AMT tax. It is shown on line 18 of your 2020 form 1040.

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