I noticed on my federal return that my taxes owed are more than my tax liability minus my taxes paid. Why would that be the case?

Forum|Forum|2 years ago
January 27, 2024
2 replies
4 views

No text available

TurboTax Deluxe Online

DoninGA

Level 15

On your Form 1040 is Line 33 more than Line 24? If so, Line 24 is subtracted from Line 33 and you will have an overpayment of the tax payments for a tax refund reported on Line 34.

If line 24 is more than Line 33 then you will have taxes owed reported on Line 37.

Also, you may have an overpayment penalty reported on Line 38 and that would increase your taxes owed or decrease your tax refund.

BillM223

Level 15

Very often, the confusion is caused by the last thing that DoninGA referred to: an underpayment penalty on line 38 (1040), which is added to line 37 seemingly out of sequence.

If this is not the problem, please tell us what the values are lines 24, 33, and 34-38.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"