It depends. There are several possibilities as to why you owe on your tax return. You may have not had enough withheld in income taxes You may have been entitled to a credit in the past that you are no longer entitled to If this is a state return, there could be health insurance mandate and you need to answer those questions to ensure your health coverage is completeIn TurboTax, you can view your tax summary for your 2020 tax return by doing the following to help you determine why there is an overall tax amount due: Go into the black panel on the left and select Tax Tools. Then select Tools beneath Tax Tools. A "Tools Center" box will pop up, select "View Tax Summary" You will see a screen that gives a snapshot of your taxes based upon your input so far. Click on the black panel on the left bar and select Preview my 1040 This will allow you to review your overall line items on your federal tax return. Compare these amounts to your actual tax return for 2019 to help you determine why you have a tax liability this year After you review the above items, simply select "Back" in the black panel to get back to the interview forms.

Question

Trying to understand why I owe

Forum|Forum|5 years ago
March 7, 2021
1 reply
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TurboTax Deluxe Online

J

JotikaT2

It depends.

There are several possibilities as to why you owe on your tax return.

You may have not had enough withheld in income taxes
You may have been entitled to a credit in the past that you are no longer entitled to
If this is a state return, there could be health insurance mandate and you need to answer those questions to ensure your health coverage is complete

In TurboTax, you can view your tax summary for your 2020 tax return by doing the following to help you determine why there is an overall tax amount due:

Go into the black panel on the left and select Tax Tools.
Then select Tools beneath Tax Tools.
A "Tools Center" box will pop up, select "View Tax Summary"
You will see a screen that gives a snapshot of your taxes based upon your input so far.
Click on the black panel on the left bar and select Preview my 1040
This will allow you to review your overall line items on your federal tax return. Compare these amounts to your actual tax return for 2019 to help you determine why you have a tax liability this year

After you review the above items, simply select "Back" in the black panel to get back to the interview forms.

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S

SweetieJean

Employee

Did you get unemployment comp in 2020? As of right now, it's taxable, but you may not have had anything withheld. But also check for any data entry errors.