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tborden2009
New Member

I filed my taxes and was expecting a refund of 7600, I payed the fees with a debit card and now it says I will get 7502 back. Why is this?

 
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CarolynM
Level 1

I filed my taxes and was expecting a refund of 7600, I payed the fees with a debit card and now it says I will get 7502 back. Why is this?

Because we have a pay as you go tax system, even if you are receiving a refund, you may owe underpayment penalties.

To determine how TurboTax calculated your tax return, 
·       Go to Review
·       Scrolls down to explain how
·       Click How Did You Calculate

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1 Reply
CarolynM
Level 1

I filed my taxes and was expecting a refund of 7600, I payed the fees with a debit card and now it says I will get 7502 back. Why is this?

Because we have a pay as you go tax system, even if you are receiving a refund, you may owe underpayment penalties.

To determine how TurboTax calculated your tax return, 
·       Go to Review
·       Scrolls down to explain how
·       Click How Did You Calculate
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