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Get your taxes done using TurboTax
You are confused. Paying your 2023 tax due, does not create a refund for 2024 for you. You simply owed $5K for 2023 and paid it in 2024.
TurboTax does not "think" you still owe $5K. TT never knows if you paid your tax due and does not use that for any of the calculations that were done for your 2024 tax return.
You do not enter anything about that on your 2024 tax return.
If your refund is only $20, it is because instead of owing a lot for 2024, you had enough tax withheld in 2024 to get a small refund. The amount of your refund for 2024 has nothing whatsoever to do with the tax you owed last year.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
‎January 28, 2025
8:07 AM
1,879 Views