Hi - Inquiring as to why my returns are so so low. Alarmingly low, i have not changed the way that i file in anyway. Something just doesn't seem right.

Forum|Forum|2 years ago
February 2, 2024
8 replies
77 views

In need of assistance !!

TurboTax Live Basic Online

xmasbaby0

Level 15

You posted your question from a version of online Live software. If you are really using that “Live” software you can get help from your “expert.”

You are posting from TurboTax Live. You can arrange for the Live help with your questions from 5 a.m. to 9 p.m. Pacific time.

https://ttlc.intuit.com/questions/4124827-how-do-i-connect-with-a-tax-expert-in-turbotax-live

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CatinaT1

Level 15

Is everything been entered correctly?  You can view the tax return to see what has been entered.

Down the left side of the screen, click on ‘Tax Tools’.
Click on ‘Tools’.
Under Other helpful links, click on ‘View Tax Summary’.
Down the left side of the screen, click on ‘Preview My 1040’ to see the actual tax return that you prepared.
Down the left side of the screen, click ‘Back’ to return.

These are the most common things that effect your refund or balance due:

The amount of federal and/or state withholding;
Income based credits, such as the Earned Income credit;
Tax bracket changes
Change in Filing Status;
Change in dependents claimed;
No longer have a child, under age 17, to claim the Child Tax Credit
Self-employment income generates a self-employment tax as well as income taxes.

Here is a TurboTax Help Article that will give you more information.

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TuckerdogAVL

Level 6

I have the same question!!!!! Married, joint. These are all approximates: Last year we had taxable income of $15700. We paid $2500 in Taxes. This year, 2023, on Line 15, in the final review shows taxable income of $40000. And our taxes due are $700 Federal (and state is $1500 which makes sense). Huh? Now... the difference is the majority of the additional income this year is the sale of stock. I kept the sale within the 0 range. So, is the reason I'm seeing this low federal amount due because even though the total Line 15 shows the stock sales, even though this amount shows the capital gains they are backed out since they were within the 0 threshold? And the program just ignores this line item? Line 7 shows the capital gains and I will be attaching Schedule D as required (it states "if" required but I assume it is as the box is unchecked).