Often you owe more because you had less taxes withheld from your wages than in the previous year. You can compare your federal withholding this year to last year by looking at line 25 on your Form 1040. Otherwise, you will need to compare the line number amounts on your Form 1040 this year to last year to see what has changed.
To view your form 1040 and schedule 1 to 3:
- Choose Tax Tools from your left menu bar in TurboTax Online while working in your program
- Choose Tools
- Choose View Tax Summary
- See the Preview my 1040 option in the left menu bar and click on it
- Choose the Back option in the left menu bar when you are done
When you go through your state tax return, look for the rent deduction or credit in the deductions and credits section. I can't be more specific without knowing what state you are filing for.
You should enter your timeshare cancelled debt if reported on Form 1099-C. It may be taxable if it was a secured debt.
You don't make any entries for your 401-K outside of what is reported on your W-2 form, unless you took a distribution from it. That would be reported on Form 1099-R. If you or your spouse made an IRA contribution, you do need to add that in TurboTax.
The best thing you can do to lower your tax would be to make a traditional IRA contribution as is allowed based on your income. It may be limited since you have a 401-K plan with your employer.
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