1. How can I get a report or break down, on my tax return, to help indicate which income source is causing my tax underpayment.
OR
2. How to pinpoint, in my tax return, what is causing my tax underpayment?
Turbo Tax Deluxe 2024
Income from all sources is considered. Look at what is being withheld from each source and increase withholding to prevent underpayment.
As per Bsch477 the main reason for having an underpayment of taxes is not having enough withheld from your pay or not paying enough in your first three quarters of estimated taxes.
You can adjust this by filing a new W-4 with your employer, assuming you are a W-2 employee. This is especially important if you work multiple jobs or had fluctuating income because each job withholds your pay like it is your only job, often resulting in an underpayment of tax.
Click here for "Why Am I Getting an Underpayment of Tax Penalty?"
Click here for "Guide to IRS Tax Penalties."
Click here for "Underpayment of Estimated Taxes"
Click here for How Does TurboTax Calculate my Estimated Tax Penalty?"
I want to thank all for the info on this. I guess I can manually tear down my tax return and manually analyze where the problems are. Sadly, I am not a financial analysis and this endeavor would be a painful learning experience. Since Turbo Tax collects a ton of financial information I was hoping there was a reports page or functions to provide analysis. My question has been answered. No there is not.