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March 18, 2025
Question

Tax refund

  • March 18, 2025
  • 2 replies
  • 0 views

Looks like you have a balance due this year

$1,511
Total due Do this mean I owe 

    2 replies

    Employee
    March 18, 2025

    "Tax due" means that you owe----that is the opposite of getting a refund.   You will need to pay your tax due by April 15.

     

     

    If you owe tax due, you have to pay it yourself by the filing deadline on April 15, 2025.

     

     

     If you have federal tax due you can pay by mailing your payment with the 1040V voucher, (which has the address printed on it, having the payment taken out of a designated bank account, or you can pay directly on the IRS website. 

     

    https://www.irs.gov/payments

     

     

    https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212

     

     

    https://ttlc.intuit.com/community/tax-payments/help/how-do-i-pay-my-irs-tax-due-with-a-check-or-money-order/00/26403 

     

     

    To apply for a payment plan with the IRS

     

    Apply Online for a Payment Plan

     

     

    You must pay your state tax due using the state’s preferred method of receiving payment.  For most states that will be by making a payment to the state’s own tax website, or by mailing a check or money order.

     

     

    https://ttlc.intuit.com/turbotax-support/en-us/help-article/state-taxes/contact-state-department-revenue/L9qVToi02_US_en_US?uid=m6e06um0

     

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    LindaS5247
    March 18, 2025

    Yes, if you have a balance due, that means you owe money to the IRS or State for income taxes.

     

    You may owe taxes to the federal and/or state because your withholding is too low. You can adjust your withholding by submitting a new Form W-4 to your employer.

     

    You can use the TurboTax W-4 Withholding Calculator to help you find the right withholding when completing a new W-4. You can use this info to boost your refund or increase your take-home pay.)

     

    Some of the common reasons why you may owe federal taxes are:

    1. You had new sources of income.
    2. Your withholding is not enough.
    3. You had less charitable contributions.
    4. You had fewer medical expenses.
    5. You changed filing status (I.e. changing from Married filing jointly to single will cause a jump in your taxes).
    6. You had less mortgage interest.
    7. You have fewer tax credits, such as Earned Income Credit,, Child Tax Credit, American Opportunity Tax Credit, Lifetime Learning Credit)

     

    Click here for "How do I update and print a new W-4?"

     

    Click here for "Why do I owe taxes?"

     

    Click here for "Video: Why Would I Owe Federal Taxes?

     

    Click here for "Topic no. 202, Tax payment options"


     

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