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March 2, 2022
Question

My federal return shows I owe taxes, but where can I find out why I owe that?

  • March 2, 2022
  • 1 reply
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1 reply

March 2, 2022

There are multiple ways you can review your return to see why you owe taxes:

 

The first option is to preview your return. To preview your return, please follow the steps below:

  1. Open or continue your return.
  2. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
  3. With the Tax Tools menu open, you can then:
    • Preview your entire return: Select Print Center and then Print, Save, or Preview This Year's Return (you may be asked to register or pay first).
    • View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu. This option is free and you can Preview your return before you file.

In the Preview my 1040 method, you can review your return and see how the calculations are being done. You can scroll down and look at Line 24 which will show you the total tax liability you have. Then Line 33 will show you what you have paid so far through W-2 Tax withholdings, and different credits. The difference between these 2 will flow to line 37 and that is what you owe.

 

 

Another method is to click on  the amount on top left next  in grey next to the heading which says "Federal Tax Due". If you click on that amount a new pop up from the right side of the screen will come. That will also show you what your tax liability is in the "Your Taxes" section and then there will be another section for "Taxes you've paid" which will show you what you have already paid during the year and the remaining balance is what you will owe.