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Before you submit your tax return to the IRS you will have an opportunity to print your tax return and supporting schedules. You will be able to see in the supporting schedules detail of the entries you made in TurboTax.
It could be that you had your tax refund from 2019 applied to 2020, that would result in your tax return showing more tax paid in than you entered in 2020. Also, you may have paid in too much social security tax that resulted in a credit for taxes that you didn't enter.
Nope to both of those possibilities. I didn't know there was a review step before the return is submitted to IRS. Will I be able to change something if I spot an error in that review?
Yes, you can edit. Be sure to double check your data entry for any typos, especially commas and decimal points.
Yes, as long as you do not file, you will be able to go back into the Federal interview section of the program to make any changes as needed.
In TurboTax, you can view your tax summary for your 2020 tax return by doing the following:
After you review the above items, simply select "Back" in the black panel to get back to the interview forms.
There are a few other sections you can review as well in your input to ensure there are not any additional payments included that do not belong on your return.
You can see if any overpayments were applied to 2020 by doing the following:
You can also review your input to ensure there are not any estimated tax payments entered that should not be.
Yes....but another perhaps better way to see what was "supposedly" entered for Federal tax withholding, and Estimates, and refunds from 2019 applied to 2020...etc..
After you pay for the software, go to the Tax Tools menu on the left side, and open it to find the Print Center...then save a PDF of your tax return...but make the selection to save a copy with all forms and backup worksheets.
Then open that PDF and look for the Tax Payments Worksheet in the Federal section of the PDF. That worksheet breaks down all your Federal (and State) payments by form type. You can then compare what taxes are shown on forms you have to what is shown in the worksheet and find the error (if indeed there was an error)...then go back and fix it.
As Roseann Roseannna Dana would say - Never Mind. I found the mystery amount as an automatic 10% Fed Tax withholding from Unemployment Benefits. Thanks for all the help.😬
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