My wife was unemployed for part of 2019 and not enough money was withheld from her unemployment payments, so we therefore had a large Federal Tax payment that year. Additionally, Turbotax recommended that I pay estimated taxes of $9000 during 2020, which I paid the full amount before the end of 2020. Additionally, we took the standard deduction these years, and both my wife and I (empty nesters) have the maximum standard amount withheld per W4's.
BUT, Turbotax is telling me I owe nearly another $3000 dollars for 2020. WHY? It is a very simple return. We don't have any other income. And, I stated above, we filled out our W4's to withhold the maximum standard amount. If I have to pay an extra $3K now, after paying an estimated $9K over the year, I'm terrified about next year's taxes, as I don't understand what happened to such as simple return.
(I have purchased the CD/Download Deluxe or Premium versions [this year only needed Deluxe] for the past 20+ years. I did not see a warning that I would not be able to use the Tax Experts advertised on TV if I used this method instead of the Online version.)
