topic Tax Year Prior to 2020: Why do I owe money in Get your taxes done using TurboTax

Tax Year Prior to 2020: Why do I owe money

teabarlow22 — Thu, 18 May 2023 15:22:02 GMT

Re: Why do I owe money

WKins2 — Wed, 05 Feb 2020 16:40:42 GMT

I am assuming you are wondering why you owe taxes.

There are several factors that go in to determining the taxes an individual owes.

Your income could have increased which might have:

Put you in a higher tax bracket,

It could have reduced or eliminated some deductions or credits

The tax laws changing year to year will determine the amount of taxes that need to be paid as well.

If your income decreased that sometimes can reduce your refund due to you not having enough earned income to receive the deductions or credits you did before.

To see what had changed between last year and this year, please print off your 2018 and 2019 return and compare them. This will help you determine what has changed.

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Re: Why do I owe money

Caddygirl62 — Fri, 21 Feb 2020 02:15:36 GMT

I paid $468 why do I still owe money

Re: Why do I owe money

DMarkM1 — Sun, 23 Feb 2020 16:10:54 GMT

When you mention you paid $468 was that your quarterly estimated payments? Those payments are estimates only and sometimes will not completely cover your tax liability, but does help avoid any penalties. Income that increased more than you estimated would be a reason your estimated tax payments may not have covered your actual tax liability for the year.

Re: Why do I owe money

Caddygirl62 — Sun, 01 Mar 2020 01:49:45 GMT

no that was what I owe I paid it in full now it’s saying I owe $253 ??

Re: Why do I owe money

xmasbaby0 — Sun, 01 Mar 2020 01:56:56 GMT

Do you mean that you are seeing on your TurboTax account that you owe tax due---but you paid it?

TT does not update after your return has been accepted. Your account will always show the result of the return you prepared using the software. TurboTax never knows if you received your refund —or if how, or when you paid tax due. Your proof of paying tax you owed is your own bank/credit card records.