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Is does not appear that turbotax is calculating our filing status correctly. Is there something wrong with the algorithm in your system?

Our final tax amounts are way off in your system compared to what we really should be paying in taxes.
6 Replies

Is does not appear that turbotax is calculating our filing status correctly. Is there something wrong with the algorithm in your system?

Your filing status?   Are you filing a joint return?   What do you see for the filing status at the top of your Form 1040? Were  you 65 or older at the end of 2020?   Do you think it is using the wrong standard deduction?   

 

What kind(s) of income did you enter?

 

 

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

 

 

 

 

2020 Standard Deduction Amounts

 

Single $12,400   (+ $1650 65 or older)

Married Filing Separate  $12,400   (+ $1300 if 65 or older)

Married Filing Jointly $24,800   (+ $1300 for each spouse 65 or older)

Head of Household $18,650  (+ $1650 for 65 or older)

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Is does not appear that turbotax is calculating our filing status correctly. Is there something wrong with the algorithm in your system?

I can see the 1040 but our info says filing jointly. I'm over 65 but my wife is not. We are not taking the standard deduction, but itemized. We have 2 W2's, a 1099INT, 1099DIV,1099R, stock sales, an my SSN income. It has us owing over $7,734 to Fed and $589 to MN state. It has our tax liability at over $15K on taxable income of just under %79K. This can't be right based on our last years return and what we figured out from doing both Fed and state tax in long hand.

Is does not appear that turbotax is calculating our filing status correctly. Is there something wrong with the algorithm in your system?

We cannot see your tax return.  Look at the 1040 lines 1-14.   The taxable income is on line15.   Starting at line 1, what line is incorrect?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Is does not appear that turbotax is calculating our filing status correctly. Is there something wrong with the algorithm in your system?

I can't see the 1040 either. Do I have to pay first to see the actual form? However, in the summary of income and deductions, everything appears to be correct, but the amount we own is much larger (several thousand $) than what we paid last year with comparable numbers. As I mentioned we also did the taxes by long hand and the difference in payment owed to the Fed is ($7,784-turbotax to $1,927-long hand via forms).  Last year we owed around $2,000 to Feds using turbotax. Something is off somewhere.

Is does not appear that turbotax is calculating our filing status correctly. Is there something wrong with the algorithm in your system?


@cantfindauserid- wrote:

I can't see the 1040 either. Do I have to pay first to see the actual form? However, in the summary of income and deductions, everything appears to be correct, but the amount we own is much larger (several thousand $) than what we paid last year with comparable numbers. As I mentioned we also did the taxes by long hand and the difference in payment owed to the Fed is ($7,784-turbotax to $1,927-long hand via forms).  Last year we owed around $2,000 to Feds using turbotax. Something is off somewhere.


Using the TurboTax online editions you can view your Form 1040 at any time. Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

Is does not appear that turbotax is calculating our filing status correctly. Is there something wrong with the algorithm in your system?

Just figured it out. We entered some wrong codes for line 12 that were on my wife's W2. Changed everything. Thanks for your help.

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