@SocMO wrote:
I have the same question. Doing a early assessment of my 2020 taxes, basic taxed owed was about $250, when I added both stimulus amounts (1st @ $2300 2nd @ $1100), my taxed owed jumped to $3614!! Here again, we, according to the stimulus program this distribution was to be untaxed as income, but it's being taxed as income otherwise I wouldn't see such a significant jump in now owing. So either we were lied to or TurboTax has a glitch in this programming. please explain.
I have seen this same issue from a few other users. This is not systemic problem but local to just a few.
First, check your actual federal tax return Form 1040 and look at several lines on the form.
You can view your Form 1040 at any time. Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
Line 30 is where stimulus payment you did NOT receive are entered as a tax credit. What is shown on Line 30?
Line 9 is your Total Income. Is the amount on Line 9 correct?
Line 15 is your Taxable Income. What is the amount shown?
Line 16 is the Tax on your Taxable income.
Line 24 is your Total Tax. What is the amount shown?
Line 33 is your Total Tax Payments. What is the amount shown?
Line 34 is your Federal Tax Refund
Line 37 is your Federal Taxes Owed
What amounts are shown for either the tax refund or the taxes owed?
