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hmanos
New Member

I entered the correct amounts for my income, but my return shows I owe millions in taxes when I have only a modest income. How can this be corrected?

Why does Turbotax show I owe millions in taxes when I have only a modest income/
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Cynthiad66
Employee Tax Expert

I entered the correct amounts for my income, but my return shows I owe millions in taxes when I have only a modest income. How can this be corrected?

Go back into all of your income entries in TurboTax.  Start with each W-2, 1099, and Schedule C.  Check to make sure that the entries are accurate.  You can also preview your return to see if anything is outstanding that you can address.

 

You can view your entire return or just your 1040 form before you e-file:

 

  1. Sign in to your TurboTax account.
  2. Open or continue your return.
  3. Select Tax Tools from the menu (if you don't see this, select the menu icon in the upper-left corner).
  4. With the Tax Tools menu open, you can then:
    • Preview your entire return: Select Print Center and then Print, save or preview this year's return (you may be asked to register or pay first).
    • View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu.

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I entered the correct amounts for my income, but my return shows I owe millions in taxes when I have only a modest income. How can this be corrected?

You typed an amount wrong.  Probably typed a comma instead of a decimal point or left the decimal point out.  Check you W2 box 1 and 1099 entries.

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