If enough tax was paid in throughout the year, no additional tax will be due.
- In TurboTax Online,
- From the left menu, select Tax Tools.
- Select Tools.
- Select View Tax Summary.
- On the left menu, select Preview my 1040.
- Scroll down to Line 33, total payments. Compare this to Line 24, total tax.
- In TurboTax CD/Download,
- Go to Forms Mode.
- Select Form 1040 from the left menu under Forms in My Return.
- Scroll down to Line 33, total payments. Compare this to Line 24, total tax.
The IRS requires taxpayers to pay tax as the income is earned, either 100% of the prior year tax or 90% of the current year tax to avoid penalties and interest. (For taxpayers with adjusted gross income greater than $150,000, these percentages are 110% and 100%, respectively) The taxes are collected by the employer from wages and submitted on your behalf through the year.
