topic Re: Turbotax Importing W2 Overstating Amount Owed in Get your taxes done using TurboTax

Turbotax Importing W2 Overstating Amount Owed

jhuddles — Mon, 09 Mar 2026 05:52:19 GMT

After importing a W2, our amount owed shoots to an unreasonable amount (claiming we'd owe +20% of total income in federal taxes when our total rate falls sub 15%). The W2 has been manually reviewed to be sure all numbers are correct after importing.

There seem to be issues from past years with income / amount owed getting doubled – Has this been looked into this year?

Re: Turbotax Importing W2 Overstating Amount Owed

MayaD — Thu, 17 Feb 2022 14:54:57 GMT

Did you have multiple W2s?

Most people see their refund go down/ amount owed increased, after entering a second W-2. This is because we start you off with the full standard deduction, which we subtract from the income you’ve entered so far. You don’t get this deduction with each W-2 you enter, just the first one. This means your second W-2 will appear to be taxed more.

For more information please check the link below:

ttlc.intuit.com

Re: Turbotax Importing W2 Overstating Amount Owed

jhuddles — Thu, 17 Feb 2022 15:01:19 GMT

It is based on multiple W2s, but after adding together existing withheld federal tax plus the additional amount TT now says is owed, it's this unreasonably large total % of income.

Re: Turbotax Importing W2 Overstating Amount Owed

JohnB5677 — Thu, 17 Feb 2022 15:54:49 GMT

I suggest you take a look at your actual tax return. It may give you some insight into the tax issue.

Preview 1040

To view your 1040:

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

Key numbers on your return:

Line 15 Taxable Income
Line 24 Total Tax
Line 33 Total Payments
Line 34 Overpaid (This is your refund)
Line 37 Amount you owe