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January 1, 2021
Question

Taxes owed

  • January 1, 2021
  • 1 reply
  • 0 views

How come I owe fed taxes right after I downloaded the 2020 Tax software and transferred last years info into it? I have not entered any other info. How come this would be? I also did an amended return in 2019. Which tax file do I transfer into 2020 Turbotax? I am assuming the 1040X?

1 reply

VolvoGirl
Employee
January 1, 2021

Do you owe for the first time homebuyers Credit?  That's the only thing I can think of right away.  Yes you should transfer from 1040X file.

January 1, 2021

or are you seeing a $1200 REFUND, which is the stimulus credit that will appear in the meter until you answer the questions in the last interview section