Question

Turbotax Importing W2 Overstating Amount Owed

Forum|Forum|4 years ago
February 17, 2022
1 reply
0 views

After importing a W2, our amount owed shoots to an unreasonable amount (claiming we'd owe +20% of total income in federal taxes when our total rate falls sub 15%). The W2 has been manually reviewed to be sure all numbers are correct after importing.

There seem to be issues from past years with income / amount owed getting doubled – Has this been looked into this year?

TurboTax Self Employed Online

M

MayaD

Did you have multiple W2s?

Most people see their refund go down/ amount owed increased, after entering a second W-2. This is because we start you off with the full standard deduction, which we subtract from the income you’ve entered so far. You don’t get this deduction with each W-2 you enter, just the first one. This means your second W-2 will appear to be taxed more.

For more information please check the link below:

ttlc.intuit.com

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J

jhuddlesAuthor

It is based on multiple W2s, but after adding together existing withheld federal tax plus the additional amount TT now says is owed, it's this unreasonably large total % of income.

JohnB5677

I suggest you take a look at your actual tax return. It may give you some insight into the tax issue.

Preview 1040

To view your 1040:

On the menu bar on the left that shows.
1. My Info
2. Federal
3. State
4. Review
5. File
Select Tax Tools
On the drop-down select Tools
On the popup menu
Select View Tax Summary
On the left sidebar
Select Preview my 1040