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Level 1

Question

My husband and I made 5800 less than the year prior yet we are estimated to owe double what we paid in taxes last year. Doesn't make sense?

Forum|Forum|3 years ago
April 17, 2023
2 replies
4 views

No text available

TurboTax Live Deluxe Online

Level 2

no it does not if everything is the same from last year to this year, but it really depends on other variables as well. For example, number of dependent changes from prior to current.

Level 15

If you have a copy of your 2021 tax return you can do a line-by-line comparison. The line numbers in 2021 are the same in 2022.

You can preview your tax return by going to:

On the menu bar on the left that shows.
1. My Info
2. Federal
3. State
4. Review
5. File
Select Tax Tools
On the drop-down select Tools
On the popup menu
Select View Tax Summary
On the left sidebar
Select Preview my 1040.
Schedules 1,2&3 are included if you scroll down past your 1040.
To return to the entry screens press Back on the sidebar.

Some key numbers on your 1040 tax return are:

Line 15 - Taxable Income

Line 24 - Total Tax.

Line 25 - Withholdings.

Line 33 - Payments including Credits.

Line 34 - Overpayments.

Line 37 - Tax owed.

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