I e-filled my tax return yesterday and during the process, turbo tax told me that I owe $6 to the IRS. I took care of that by opting to direct debit to my bank account. After that, I submitted my file and shortly after was notified that my Federal Tax return was accepted by the IRS. However, I still don't know how much I am getting for my refund given that I paid thousands of dollars in taxes last year. Did I do anything wrong? Shouldn't I know by now how much I will receive in refunds just like last year? All that I see on Turbo Tax is the $6 that I owe, and there's nothing there about my refund.
If you had taxes owed on the federal tax return then you will not be receiving a federal tax refund.
Can you please expand on why that is the case? I paid thousands in taxes, for some reason I find out that I owe $6 dollars, which I already paid, and yet I won't get a refund?
You make tax payments (taxes withheld) on your gross income received from an employer throughout the year. These payments are just estimates on what you may owe at the end of the year on federal tax return. Actually you came out very well since your total tax liability was almost exactly the same as your total tax payments.
Look at your federal tax return Form 1040.
Your taxable income is shown on Line 15. The tax on your taxable income is shown on Line 16 and your Total Taxes are shown on Line 24.
Your total tax payments and credits are shown on Line 33. Subtract Line 33 from Line 24 and this will be the amount of taxes owed on Line 37.